Do you own an apartment building in Portland Oregon? If so, you know that it’s an excellent way to earn passive income but one of the keys to success with owning that property is increasing its value.
Thankfully, increasing the value of your apartment building is easy, especially if you follow these simple tips:
- Resolve problems quickly – If a tenant has an issue with neighbors, other tenants, or maintenance, those issues must be resolved immediately or else the tenant may become dissatisfied and immediately look for another rental when their lease expires.
- Make improvements – Don’t wait until things break to make improvements to your property, your tenants will stay longer and appreciate the building more if you make improvements while they live there.
- Add energy-efficient appliances – Let’s face it, energy bills can skyrocket in Oregon, especially during the winter and summer months. This is why you should consider adding energy-efficient lighting and appliances because this will help your tenant to pay less money in energy costs each year.
- Add more amenities to the building – Does your apartment building have a laundry room or conference room? If not, you should add more amenities because these extra features will help to keep your tenants longer and make your property more attractive to future tenants as well.
- Improve curb appeal – Has it been a few years since you last improved the look of your rental property? If so, another thing you can do to reduce tenant turnover is to improve the look of your apartment building because tenants who like where they live will be more inclined to stay and encourage their friends to apply for units there as well.
- Reach out to your tenants more often – Last of all, but most important, another way to reduce tenant turnover is to reach out to your tenants more often just to let them know that you appreciate them and are interested in making sure they are happy.
- Hire a property manager – Last of all, but most important, another excellent way to boost the value of your apartment building is to hire a property manager. This will ensure that your property is professionally managed/maintained and make it more appealing to potential buyers.
Contact Rent Portland Homes
Are you ready to increase the value of your Portland Oregon apartment building in 2022? If so, contact the Rent Portland Homes property management team today by clicking here to connect with us online.