5 Of The Most Common Problems Affecting Rental Properties Value
The average American pays around $1,326 a month in rent. Single-family houses can average $2,018 a month. Obviously, rent prices vary greatly, depending on the location and size of the unit. However, all things considered, rental fees are getting up. For landlords, it’s good news. Yet that doesn’t necessarily mean that their property value increases too. In fact, the rental costs increase reflects the high demand on the real estate market. But landlords face challenges that can affect the value of their properties and their overall rental venture.
Below, we’ve listed some of the most common issues that can damage your rental value and put off tenants.
#1. Faulty air conditioning
As a landlord, it is your responsibility to arrange for yearly maintenance on all A/C units in your rentals. Failure to keep up with the servicing appointment can increase the risk of breakage and loss of performance. For your tenants, this may show in different ways:
- Ineffective air conditioning, unable to cool down or heat the room
- High energy bills
- Indoor air pollution, when the unit releases particles
- Anomalies on the condenser units (mold, ice, etc.)
Tenants are unlikely to stay if repairs can’t occur when needed. Additionally, visible signs of damage are an obstacle to finding new tenants.
#2. Beware of old mattresses
Tenants often prefer a furnished rental that can save furniture costs. However, they expect durable, reliable, and clean furniture. As a rule of thumb, mattresses need regular replacing for comfort and hygiene. With COVID risks on the rise again, landlords must consider sanitizing furniture between tenants. Mattresses can harbor health risks, including bacteria and bedbugs. We recommend replacing old mattresses and seeking professionally guaranteed bedbugs control and treatment for newer models. A bedbug infestation can keep your rental off the market for a long time.
#3. Window replacement and upgrade
Double glazing windows can provide insulation both from external temperatures and sounds. However, old windows are less effective in keeping the cold air or the traffic noise out. Tenants visiting rentals are quick to spot issues:
- Condensation between the glass panels
- Sounds of traffic despite the windows being shut
- Cold air around the window
Failure to replace your windows will inevitably turn tenants away.
#4. A leaky tap
A water leak can be tough to fix. However, leaky faucets are an easy problem to have. More often than not, limescale buildups can affect the mechanism. You can consider clearing the limescale or installing a new faucet, and it is an inexpensive repair.
A leaky faucet can increase your tenants’ water bill significantly. It can also be noisy, keeping them awake at night.
#5. Uninspiring decor
While tenants appreciate they are not allowed to redecorate their rentals, they expect the place to be homely. A landlord can significantly improve their rental business by:
- Refreshing the paint between tenants
- Opting for a trendy neutral color palette
- Regularly refresh the paint for long-term tenants
- Discuss color palette suggestions for and with long-term tenants
These little attentions to the decor can go a long way in elevating your rental.
Is your rental struggle to keep tenants interested despite the location and amenities? It’s worth considering whether existing issues with the property are affecting tenants.