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5 Rental Property Upgrades that Can Help Your Tenant Save Money and Help You Attract the Best Long Term Tenants

Dustin Edwards • Apr 17, 2020

Help Your Tenant Save Monthly

Rental Property showing Savings in Jar
When many property owners think of upgrades they often think of the visually appealing items such as a kitchen or an essential replacement such as a roof or air-conditioning unit, but there are many other upgrades that can be done to a property that are far less expensive and have a benefit. With the rental market always being competitive for the best tenants we challenge our property owners to consider property upgrades that can help the tenant save and attract long term tenants.

Property Upgrade #1: Smart Thermostat

The variety of smart thermostats on the market today is incredible. Smart thermostats can operate from your phone and provide a level of control for your energy consumption that has not previously been available. These thermostats can truly optimize energy based on when people are home (or not home) to optimize heating and cooling needs. This all sounds great but how does this help you with your monthly rental income?

Today’s renter often looks for differentiators in properties beyond the location. With rents constantly increasing they look for ways to save and a smart thermostat gives your tenant the ability to save ~$180 annually. While saving $15/month might not sound like much it does add up over time and with many properties appearing “equal” saving that little bit extra can mean a tenant stays longer helping to increase your yield over time.

Property Upgrade #2: Tankless Water Heater

When you are managing 100’s of properties for clients you truly get an understanding of how often a water heater fails. Yes a traditional water heater should last 10 years but that is not always the case. For new construction you will see the standard has become tankless water heaters, but when it is time to replace your unit water heater at your property you still have a choice. A tankless water is more expensive to install initially; however, it offers the opportunity for an individual to save ~$100+ annually. This is another one of those ~$10+ a month savings that a tenant can see as an added benefit.

Property Upgrade #3: Including a Washer/Dryer

When you own a residential multi-family building (i.e. 2-4 units) there are ways to show value to tenants where you can make an incremental amount of revenue. For a 2-4 unit property you could have a coin (or credit card operated) washer and dryer unit. Many professionals recommend leasing the machines as it allows you the opportunity to keep newer units in your building that have less downtime and hassle. The incremental revenue will likely be small, $15-$50/month on a residential multi-family, but it is a value add to tenants that can keep them in your building longer as it saves them time from going to the local laundromat and you might be able to charge a bit less than commercial rates to help them save.

Property Upgrade #4: 240 Volt Charging for Electric Car

There is no doubt that electric cars will continue to become more and more prevalent. While the automakers have made it easy to use a traditional 120volt connection the downside is that charging times can be quite a bit slower. An upgrade to your home that can help attract top tenants is to install an EV Charger at your property that provides for 240 volt charging. There are indoor/outdoor models which would give you the flexibility for a variety of installation options. When tenants realize that your property allows them to charge quickly and to avoid finding a charging station they will be happy to keep renting your property.

Property Upgrade #5: Drought Tolerant Landscaping

In Southern California we traditionally are in near drought conditions and in different years have experienced drought guidelines where we have all been asked to cut back on our water usage. Optimizing water usage by installing drought tolerant landscaping is a great way to support the environment and it can even help your tenant save on their monthly water bill.

Consider that in Long Beach the average household using 10 units of water each month would be billed $51.09. With each unit of water being 748 gallons and sprinklers running for an hour using ~1020 gallons you could see how a low water usage landscape could help save water and save a bit on the monthly bill for your tenant. Especially if you haven’t updated your landscaping in quite some time consider installing features that use a low amount of water. We aren’t suggesting that you have to go with a complete desert landscape but we are suggesting that you take into consideration plants and even a reduction in grass that can help overall water consumption.

It seems that each year different upgrades can help attract the top tenants. When you want to find out which upgrades are truly best we invite you to call us today (562) 888-0247. If you want to have a quick check to see how much your property could fetch in rent we invite you to fill out our Free Rental Analysis where we can show you how your property will fair against the competition.

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By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
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