Because of the presence of online platforms such as Airbnb and Agoda, it’s already very easy to advertise a rental property to possible tourists and backpackers. On such pages, all that the users do is input their destination and rental units within it appear on the screen. Business-minded individuals who have a little cash to spare can really benefit from investing in different types of properties for rent.
Of course, once the property is in place, the owners should not stop finding effective ways to increase their rental rates. In this article, we present some ways on how rental rates can be marked up without the guest or tenant complaining.
Choose a location that’s really booming or about to boom
It’s no secret that the price of a rental property depends a lot on where it is located. Is it near a train station? Is it within the heart of the city and surrounded by tourist attractions? Is it accessible to major destinations within the community? Is it near the community’s most famous shopping centers?
For sure, the price of acquiring properties of such caliber is also going to be really high. The investor or would-be owner will really have to shell out a big amount, sometimes to the point that they hold their other major purchases on hold. But because the renting price will also be a bit higher, the returns on investment can come faster. When ROI comes early, talks about improvement and expansion can also commence early.
Equip the property with useful technology items
The Internet of Things (IoT) refers to those physical objects that have their own IP addresses that allow them to connect to the Internet. Cellular phones, high-tech printers, speakers, and many other devices are great examples.
Because IoT really makes lives easier, it is totally not a surprise that more than 26 billion devices are currently in use globally in all types of residential properties. Rental property owners can add to this in order to make their properties more attractive to potential renters. Because people now are so accustomed to Internet-infused living, their temporary homes shouldn’t deviate so much from it. It is only when it has reached the same level of sophistication as what the guests are already used to can a rental property claim that it is indeed their guests’ home away from home.
Whether or not the place looks good will have a significant bearing on how handsomely it’s going to be priced. So, rental property owners must never forget to keep their properties clean, maintain its structure, and renovate whenever they can. Not only will this increase the rental price, but this will also keep the layout and structure of the place up to date.
The value of all real estate properties, perhaps except land, depreciate over time. But this doesn’t mean that the rental price of the house or apartment units should go down with their assessed value. With proper upgrades such as the ones discussed here, the price can be maintained or even raised.