Are you searching for ways to add more value to your Portland Oregon rental property? If so, you come to the right place!
In 2020, there are a wide variety of ways that you can add value to your investment property and one of the very best options is to consider is adding a storage unit to your property.
Storage Units Are Easy To Install And Offer Your Tenants ROI
The good news about adding extra storage space is that if you own a single-family home, duplex, or a small apartment building in the Portland area, you can easily purchase a prefabricated building that can be used for your tenants to store their excess belongings.
Yes, adding a portable storage building, or shed, to your rental property will come with an upfront cost but the reality is that the upfront cost is worth it.
When you consider that you’re offering your tenant the benefit of being able to store their belongings on the property it’s a win-win situation for them because they will no longer have to drive to an outside storage location when they need their stuff.
What’s even better is that since they were already paying any outside company to store their items you can now charge them a comparable fee for the convenience of storing their items on site.
Thanks to the popularity of tiny homes and accessory dwelling units, more companies than ever before are building prefabricated buildings across the state of Oregon. You can easily order one online then have it shipped to your property within weeks rather than paying a contractor thousands of dollars to build a storage building for you from the ground up.
Works For Single Family Homes And Small Multifamily Properties
Although many people tell you that a portable storage building is only a good idea to add to a single-family property, the reality is that you should also be considering adding a portable storage building to a property if you own a small multifamily property like a duplex, condominium or town home.
Most renters who live in properties where they are also able to store their items will be more inclined to become long term renters because when they have all of their belongings stored at the property and will be less inclined to look for rentals elsewhere.
Once you choose the right portable storage building, the next step is to determine how much money you should charge your tenant every month to store their belongings in the building? The answer to this question depends upon the location of your rental property and the demographics of the tenants that you are currently renting to.
Ideally, you should charge the last than $55 to $75 per month for storage because this will help you to pay off your portable storage building faster while you charge your tenant a rate that’s comparable to what they may currently be paying for their existing storage unit.
What Other Things Can You Do To Add More Value To Your PDX Rental Property?
Besides adding a portable storage unit to your Portland Oregon rental property, some of the other things that you can do to add more value to your property include the following:
- Updating the property’s curb appeal
- Renovating the interior of the property
- Improving the kitchen and bathrooms
- Adding more closet space
- Power washing the exterior of the property
- Investing in new appliances
- Adding new tech upgrades like Wi-Fi light bulbs and a doorbell camera.
We’ve offered you a lot of ideas that you can use to add more value to your Portland Oregon rental property.
One of the last ideas that we can offer you is to offer your tenants free Wi-Fi and cable. Offering this will save your tenants at least $100 or more per month and it will make them more inclined to renew their leases with you when they come up for renewal because they will actually be saving money by renewing their lease rather than looking for rentals elsewhere.
Contact Rent Portland Homes
To learn more things that you can do to add value to your Portland Oregon rental property, or to speak with us about our Property Management Services, contact us today by clicking here to connect with us online.