Updating your rental property is one of the best things that you can do to keep your tenants happy and also protect the value of your investment.
Sadly, many landlords put rental property upgrades on the back burner, or they make updates without informing their tenants, and those updates do more harm than helping the landlord-tenant relationship.
Thankfully, rental property updates don’t have to be a problem, especially when you follow these tips.
Tips For Updating Your Rental Property
The best time of year to make updates to a rental property can depend on various factors, including the type of renovations or updates you plan to undertake, local climate, and market demand. However, here are some general considerations:
- Spring and Summer: These seasons are often considered ideal for renovations, especially for exterior projects like painting, landscaping, and roof repairs. The weather is typically more predictable, and tenants may find it more convenient to deal with outdoor renovations during these months.
- Avoid Peak Rental Seasons: In some regions, there might be peak seasons for renting properties. Avoid making major updates during these times to minimize disruption to tenants and maximize rental income.
- Off-Peak Months: Consider scheduling renovations during off-peak rental months when demand is lower. This might give you the flexibility to complete the work with minimal impact on occupancy.
- Plan for Vacancies: If the renovations are extensive and might require tenants to temporarily relocate, plan for this and schedule updates during periods when it’s easier for tenants to find alternative housing.
- Consider Interior Updates in Winter: While exterior renovations might be challenging in winter, interior updates, such as painting or flooring, can be done during colder months without major weather-related disruptions.
- Check Local Regulations: Be aware of any local regulations or noise restrictions that might impact your ability to carry out renovations during certain times.
Ultimately, the best time for updates depends on your specific situation and the nature of the renovations. It’s always a good idea to communicate with your tenants, provide advance notice, and ensure that any disruptions are minimized.
Contact Rent Portland Homes
For more information on the best time of year to update your rental property, or to learn more about the property management services that we can offer you, contact us today by clicking here.