Rents are going up in Orlando, and that’s good for your ROI. You should be earning more every month.
Your property values are also increasing, as you’ve likely noticed.
This doesn’t mean you should sit back and let the market work its magic on its own. You need to be proactive about making the sorts of improvements and upgrades that will ensure your Orlando investment properties continue to earn you money in the short and long term.
Rents and values aren’t the only things on the rise. Costs are going up too, for just about everything. So, we’re focusing on those cost-effective renovations that will add value to your rental property without costing you too much now.
Orlando Tenants Want Technology
More and more tenants are working remotely. That means they’re looking for high-speed internet. Tenants have also become increasingly more interested in smart home technology features such as thermostats and appliances that can be set, adjusted, and turned on by an app or a remote device. Video doorbells are extremely popular, especially in single-family suburban homes.
You don’t have to provide all the best technology to your tenants. But, by upgrading your home to the point that it’s compatible with the types of tech tenants are looking for, you’ll increase value and attract tenants faster.
Get a Lighting Upgrade
Lighting is important in the kitchen and the bathrooms as well as outside the home. Look for overhead lights that are bright and energy-efficient. New fixtures will make the room look new, especially in the bathroom where your tenants are likely getting ready for school, work, or other activities.
Exterior lighting is especially important for security and safety purposes. Consider installing a motion-activated flood light on the outside of the property, near the front door and windows.
Landscaping Leads to Better Curb Appeal
Good curb appeal will always raise the value of your property. An attractive home is welcoming, pretty, and inviting. You’ll earn more rent and attract better residents when the lawn is mowed and watered and the bushes and trees are trimmed.
Tenants will be looking for landscaping that’s attractive but also low-maintenance.
You don’t have to invest thousands of dollars in fountains and sculpture gardens, but you do want to make sure the exterior of the property is appealing. Power-wash the property every couple of years. Hire professional landscapers to take care of the yard, and roll that cost into the rental amount.
Hard Surface Floors for Orlando Rental Homes
Carpet isn’t as popular as it once was, especially in a climate like Orlando, where you don’t necessarily need the extra warmth and insulation that carpet can provide.
Some people still prefer carpet for bedrooms. But, hard surface flooring (at least in the living room and common areas) is growing more and more popular among rental property owners. It’s not terribly expensive, especially if you work with a faux hardwood finish or a high quality laminate. It’s easier to maintain and your tenants will appreciate fewer allergens and stains.
You don’t have to spend a lot of money, but what you do spend will more than pay for itself when you attract good tenants quickly, thereby reducing your vacancy rate. You’ll also be able to charge more rent and increase the value of your home.
Often, the right upgrades and renovations depend on your property. We can make some recommendations that are specific to you. Contact us at Park Avenue Property Management. We lease, manage, and maintain residential rental homes throughout central Florida, including Orlando, Lake Buena Vista, Kissimmee, Celebration, Maitland, Altamonte Springs, West Palm Beach, and Tampa Bay.