As a rental property owner you understand that tenant turnover can be very costly. Every time a tenant moves out there will be a period of loss rent, repair cost for the vacated unit as well as cost associated with finding a new tenant. As a landlord it’s in your best interest to retain good tenants as long as possible and to do that you need to provide your tenants with comfortable and convenient living arrangements. Here are a few items every rental property owner should consider for their property.
Create a place for your tenants to store personal items they don’t want to keep in their apartment. Often you can build several storage bins in the homes basement and assign one for each apartment. If you decide to use a common area like the basement, make sure each bin has a door and the tenant has the ability to lock their items away. This type of system does not need to be very fancy and can often be done with 2×4’s, plywood and a pad lock.
On site laundry is a big plus for many tenants, especially during Boston’s cold winter months. On site laundry can include providing a washer and dryer to each tenant or just providing a washer and dryer “hook-up” for each tenant to access. In either case you will need to hire the services of a plumber an electrician. If your tenants pay their own utilities then you’ll want to make sure your contractors are making electrical, gas and hot water connections with each separate unit. If you happen to pay utilities for your tenants then you should consider the added cost to adding this service in comparison to the added value. You may consider adding a couple coin operated machines in this case.
Yard space, a terrace, patio, and roof decks are all value added items here in the city. Any type of personal and private outdoor space you can provide your tenants is going to bring higher rents and longer term tenants.
Off street parking in Boston can go for big money. If you have land attached or near your rental property that can potentially be converted to parking spots, this could be a real nice opportunity to earn some extra cash. We often meet landlords that spend a few thousand dollars leveling, paving, and marking out 2 or 3 parking spots, which they turn around rent for $150 per month. Before a full year is over the spots have paid for themselves and everything going forward is profit.
Intercom & Alarm Systems
Safety and convenience is the name of the game. There are so many different types of intercom and alarm systems out and the prices are really responsible. If your rental property has more than 2 living levels, consider investing in an intercom system. Many of them allow tenants to “buzz” guest in and some of them come with video capabilities so the tenant can view the individual at their door. Alarms systems are always a good idea. Anything to make you tenants feel safer is a good investment.