Rental properties in New Orleans can be good investments. Unfortunately, many owners leave potential profits on the table because they don’t do anything to increase rental property value. They do the bare minimum for maintenance and only collect rent. While some improvements might require an investment from the property owner, they can be worth it in the long run.
What can you do to increase the value of your rental properties? This post will cover a few options.
Tips to Increase Rental Property Value
Energy Efficient Upgrades
Try to make your properties as energy efficient as possible. Energy-efficient features can be more attractive to tenants and allow you to increase rents. It can also save money for landlords in buildings that have common spaces. Making the building more efficient can also be a selling point when it comes time to sell your rental property. Energy-efficient lights and windows can be valuable upgrades. New air conditioners can also make a big difference in New Orleans due to the heat and humidity.
Enhance Landscaping
Landscaping can make a difference for any home. Better landscaping can improve the appearance of the property from the outside. A more attractive exterior will add value for both tenants and potential buyers. Depending on the property, creating usable outdoor space can also add value. An outdoor common area with benches or plants can be attractive for larger multi-unit buildings. With single-family homes, features like decks and outdoor kitchens can increase value.
Strategic Remodeling
Remodeling your rental properties can be another way to increase value. By doing so, you can make rental units more attractive to tenants. It can allow you to increase rent and keep vacancy rates down. Some remodeling projects offer more value than others. For example, a light remodel of the kitchens or bathrooms can go a long way. Adding new, more attractive light fixtures is an inexpensive way to increase rental property value significantly.
Amenities
Better amenities can also help you attract tenants and increase rental property value. The previously mentioned outdoor space can be one of the most attractive amenities. Improvements to parking lots and garages can also go a long way. Adding innovative home features can add value. For rental communities, features like gyms and pools are popular. Also, consider lockers or a system for receiving Amazon orders.
Property Management in New Orleans
Effective property management is one of the keys to maintaining and increasing property values. Click here to contact the team from Redfish Property Management if you need help with your rental properties. We can help with everything from tenant screening to maintenance. Reach out now to learn more.
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