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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 • April 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 November 18, 2024
Be aware of these 3 common issues when the rainy season arrives at your rental property.
Cold weather can come fast and strong so it's best to ensure your property is ready for this climate
By Dustin Edwards November 12, 2024
It's important to prepare your rental properties for the colder weather. Although we don’t need to prepare for snow and freezing temperatures, we do need to prepare for the cold and rain. By ensuring your rental is cozy inside and prepared for the fall season , you can not only reduce energy costs for your tenant but also maintain your rental property value. Today, we’ll go over three signs your property is ready for this upcoming cold weather.  Sign #1 Proper Weatherproofing During the colder seasons, it's much easier for a tenant to notice any cold spots in your rental. Well-insulated doors and windows can not only help maintain the warm temperature but also prevent it from lowering. It can also prevent cold spots and drafts, which can help with tenant satisfaction . Doors and windows should be properly sealed and insulated to prevent drafts and maintain proper temperatures. A visual inspection of the weatherstripping around doors and windows to ensure they’re intact is a great place to start. If damaged, consider replacing them, as trying to seal gaps can be tricky and rarely lasts. Other seals should also be checked, as well as any areas that need to be caulked in order to keep cold air out. Insulation during the summer helps keep the cool air in, and during the winter, insulation in the halls and attics helps retain desired heat. Hot air rises, and if there isn't adequate insulation in the ceiling, heat will continually be lost. Luckily, adding insulation to an attic is not uncommon and typically only requires a day or two for installation. Sign #2 Energy Efficiency Measures During the winter, it's not just the cold you need to keep in mind. As days are much shorter, there is less sunlight to keep the rental warm and more hours of darkness. For this reason, it's a good idea to keep energy efficiency in mind when preparing for the cold weather. Energy-efficient lighting or smart lighting helps reduce overall costs since your tenant will likely use electricity to keep warm. Ensure your outdoor lighting is rated for external use, as this can provide crucial illumination during longer nights. Draft guards on doors and windows help reduce the load on your rental’s HVAC system which can significantly improve its lifespan. This is also a great time to replace filters and clean the ductwork in your rental to improve energy efficiency. Additionally, consider installing an insulative film on older windows, which helps retain heat and keep rooms warmer without the need for extra heating. If your rental has a programmable thermostat, ensure it’s in working order, as this can help tenants manage an energy-efficient heating schedule more easily. Sign #3 Property Exterior Southern California is a great place to settle down, and while we don't need to worry about snowfall or deep freezes, ensuring the exterior of your rental property is ready for the cold weather is important. With our cold season mainly bringing with it rain, inspect your rental property’s rain gutter system . Remove debris from drains and check for leaks or signs of wear and tear. Walkways should be clear of debris and well-lit. This may require you to prune and trim trees and bushes that may leave behind leaves. When combined with rainfall, a single wet leaf can cause someone to slip and hurt themselves. Consider adding non-slip mats or tape to areas where people may have tripped in the past. Much like during the hotter weather, it's important for your rental to be ready for fall and winter. By keeping your property ready for any weather Southern California has to offer, you ensure your rental property and tenants will provide steady rental income every month. If you need help preparing your rental for the cold weather or if you need help managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
By Dustin Edwards November 4, 2024
Owning a rental property in a beach city like Long Beach, CA , offers a number of advantages, like great weather and a strong real estate market. However, the cold ocean breezes can pose some challenges for landlords and tenants, making it convenient for property managers . Although the weather is generally great, these ocean breezes can sometimes make properties drafty and uncomfortable during the fall and winter seasons. Today we’ll go over four measures that can improve tenant comfort and protect your investment from the cold ocean breezes. Weatherproofing Againsts Drafts Drafts are caused by gaps between doors and windows which can make a rental feel colder than it is. This leads to unnecessary energy use and tenant discomfort. Sealing these gaps is not difficult and quite doable for a landlord who doesn’t mind getting their hands dirty. Replacing worn weatherstripping and adding fresh caulking to seal minor gaps blocks air from permeating the property. For additional protection from drafts, you can provide your tenant with inexpensive door sweeps. Improve Heating Efficiency Having efficient heating is crucial to countering the cooler ocean breezes while keeping costs low. Schedule regular maintenance for your HVAC system , such as replacing filters, cleaning vents, and cleaning the compressor to keep it running smoothly. This not only provides more efficient heating, it also extends the life of your HVAC system. Installing a smart thermostat is another way for tenants to adjust heating schedules efficiently. Protect Outdoor Spaces Outdoor areas such as patios, balconies, and even porches can oftentimes be exposed to the coastal breezes. This can be an issue in the long run, especially for rentals next to the beach , as the wind can carry sand and salt, which can accelerate the deterioration of metals, wood, and paint. This can be mitigated by adding windbreaks to the property, such as lattice panels or outdoor curtains, to create a more comfortable and functional outdoor space. Exterior finishes will require more frequent maintenance. This includes resealing wood and metal surfaces. As well as repainting is important to protect against wear from salt, sand, and moisture. Wind Mitigating Landscaping Much like with the curtains and lattice previously talked about, the landscaping can also be used as a windbreak. For example, planting wind-resistant shrubs or trees alongside exposed areas creates a natural barrier. This helps reduce the impact of the gusts of wind hitting the property. Many native plants thrive in coastal climates while also requiring minimal maintenance. While expensive, the results can greatly improve your rental’s longevity and curb appeal. Alternatively, you can strategically place planters to provide protection. Durable Furniture Furniture and fixtures exposed to the cold coastal breezes need to be able to withstand that wear and tear. Choose resilient materials such as treated wood, powder-coated metals, and outdoor-rated plastics. These are less prone to being damaged by the salt or wind. Furniture that is lightweight should be secured or anchored in place to prevent it from being blown away. By investing in durable furnishing, you can provide tenants with a comfortable and functional outdoor space for years to come. Protecting your beach city property from the cold ocean breeze doesn't necessarily require extensive renovations or investments. Try to focus on any relevant feedback from your tenant, this can help you pinpoint what part of your rental needs attention. If you need additional help protecting your rental property from the cold ocean breezes or if you need help managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
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