Do you own a Portland Oregon Rental property? If so, your goal should be to rent your property for top dollar, but the reality is that it’s possible that you are renting your property for less than what you could be renting it for.
The good news is that it’s still possible to turn things around and start renting your property for what it’s really worth, especially when you follow these tips.
Do A Comparable Analysis Of Other Rentals In The Area
The first step to renting your property for top dollar is to do some research online to find out what other “comparable” properties in the area are renting for.
To get started, just go to Google.com to type in the PDX neighborhood where your rental is located or use a website like Zillow to do a comparable analysis of homes that may be renting nearby to determine if you are charging the correct monthly rent for your PDX rental property.
A word of caution though, before using comparable from websites like Trulia or Zillow, make sure that you verify the date that the data was posted because, some websites only update their rental listings and data every 30 to 90 days, instead of in real-time.
Once you find out what other similar, or comparable properties in the area are renting for, you will be able to determine if you should raise your rent to be in line with what other landlords are asking for their properties or keep your rent the same.
Note – Thanks to statewide rent control in Oregon, you can now only raise the rent by 7 percent per year in addition to inflation.
Offer More Value to Your Tenants
Besides setting the correct rent, another way to get more ROI from your Portland rental property includes the following:
- Add more amenities like a washer and dryer to the rental property, or consider adding a laundry room if you own a multifamily property.
- Offer Wi-Fi and cable as part of your tenants monthly rent.
- Add an onsite storage facility or dog run. Anything that adds value to your tenant’s life is worth the investment!
- Update the kitchen and bathrooms. These are the areas where people typically spend the most time so it’s best to focus on improving them if you want to attract the most qualified tenants.
- Add a doorbell camera, NEST Thermostat, wi-fi light bulbs and any other high tech updates that your tenants may know and enjoy.
- Offer additional services to your tenants like landscape maintenance, house cleaning and laundry for those tenants who may not have time to take care of those tasks themselves.
Additional Ways To Get More ROI From Your Portland Oregon Rental Property
Tidy up the front
Realtors will tell you that giving your home curb appeal is one of the most effective ways to make it attractive for buyers. That’s also true for renters. Here’s what to do:
- Mow the lawn.
- Trim back the part of the lawn that overlaps the driveway and walkway.
- Clean the driveway and walkway with a pressure washer.
- Tidy up the garden and hardscape.
- Plant some trees and flowers.
You might consider painting the house, but if that isn’t in your budget, at least paint the front door. It’s the first thing people see, and it makes an instant impression.
Darkness makes a room feel like a dungeon, but light opens it up and makes it feel welcoming. Add light to dark rooms by replacing small, outdated sash windows with larger sliding or casement ones.
Home Advisor’s 2018 average cost estimate for window replacement is lower than you might expect, about $500.
If the rental property is a brick building, or if there is some other circumstance that drives the cost of modifying windows out of your budget, you might consider placing a few mirrors in strategic places to augment light. Renters can always remove them after they’ve signed the rental agreement and moved in.
Paint the interior and exterior
Painting is the easiest and most effective way to transform a property from shabby to scintillating, thus raising the rental price. Pay attention to both the interior and exterior of the property.
Outdoor colors that blend with the surroundings make a property feel more inviting and comfortable. Inside, it’s all about light. Don’t try to be an interior designer, because your tastes might not match those of your prospective renters. Keep the interior colors neutral and clean.
Get the property professionally cleaned
A rental property should look and smell clean. The bathrooms, kitchens, walls, and floors should be spotless when you’re showing the property.
Odors left by your previous renters must also be gone.
A coat of paint covers most odors that have accumulated on the walls, but sometimes it takes more than that.
Check for mold and be ruthless about eradicating any that you find. Sometimes, that involves replacing drywall.
Open the windows and leave trays of baking soda in inconspicuous places to absorb any smells left by the previous tenant.
Do not spray fragrance to cover the odors. Many people find them offensive, and some people are even sensitive enough to get sick.
Contact Rent Portland Homes
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