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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 January 10, 2025
Having clear communication with your tenant is essential for maintaining a healthy landlord-tenant relationship. By being transparent in all relevant interactions, landlords can prevent misunderstandings while resolving repairs and disputes efficiently while improving tenant satisfaction. Having good communication with your tenant is beneficial for landlords too. Effective communication also protects your investment property. Remember that while your tenant is living in the property, landlords need to take care of the repairs. Below are the three best things to do during tenant communications. Prompt Responses Addressing tenant concerns quickly is essential for building trust and maintaining a positive relationship. Tenants feel valued when landlords respond quickly, knowing that their needs are being prioritized. Building this trust not only enhances your tenant’s satisfaction it lowers the possibility of conflicts or misunderstandings to arise. This ultimately creates a healthy and successful rental experience for you and your tenant. Some of the most common inquiries will oftentimes include repair requests, among others. As an example; if your tenant reports a leak under their faucet and the repair is delayed, this can be damaging to your landlord-tenant relationship, as well as your property. If left ignored, that leak can result in hundreds of dollars in water damage and a vacancy . Which can further affect our bottom line negatively. For landlords with multiple properties, this can become difficult to keep track of. A property manager can help with scheduling repairs and communicating with your tenant on your behalf. Document Everything Keeping a detailed record of all interactions with your tenant is an important element when managing a property. There are many choices for documentation including email, text, or written notices. Although many property management companies and landlords have opted to use apps or dedicated tenant portals to log communications. A great example, for instance, a tenant may claim they’d reported a repair issue that was never addressed, if everything is to be documented, both you and the tenant would have a copy of the request. Maintaining transparency with tenants. Having thorough documentation ensures agreements and requests between all parties are clearly tracked. Documenting communications with your tenant provides landlords with a foundation for addressing misunderstandings, or disputes if and when they arise. Provide Regular Updates Regular updates show tenants that their landlord is organized and has an attentive approach to managing their property. Giving tenants ample time for maintenance, inspections or policy changes is a simple way to build trust with your tenants while showing your professionalism. Giving tenants advanced notices reassures them that you’re aware of how changes can affect them and you understand that time might be needed in order to adjust. Surprises are best kept for birthday parties. Proactively notifying tenants of changes helps clear the communication channels and minimizes disruptions which helps tenants feel valued and satisfied. These small yet consistent efforts can contribute to a positive tenant stay, which can encourage lease renewals and long-term tenancy. Additionally, having a good relationship with your tenants can give you a great reputation which can provide you with leads when looking to fill a vacancy . It cannot be understated the importance of communication for a healthy landlord-tenant relationship. Even if your tenant may not agree with some of the decisions a landlord needs to make, by giving your tenants ample time to process the change tenants generally are more accepting of said change. If you’re having trouble communicating with your tenants 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 January 2, 2025
Keeping tenants safe, translates to happy and long-term tenants. Read to discover 5 Inexpensive ways to keep your tenants safe.
By Dustin Edwards December 26, 2024
Owning a rental property near the beach offers an undeniable charm, with amazing ocean views, refreshing sea breezes, and year-round access to beach activities. Unfortunately, the winter season presents many unique challenges for landlords. Which if left ignored can result in higher turnover rates and additional maintenance to your rental property. Below we’ve compiled a short list of five unique challenges for beach properties in winter and ways to help deal with them. Coastal Humidity Coastal humidity is challenging year-round, as it may cause issues like mold, mildew, and accelerated wear from the salty air. Unchecked moisture can lead to accelerated corrosion on surfaces and even structural damage if left unchecked. For this, it's good practice to have regular inspections and preventive maintenance to protect your investment. Although, during the winter season, the coastal humidity can feel worse for your tenants. To help with this, consider installing a dehumidifier and ensure the property is properly ventilated. This is also a great time to seal any leaks or drafts to prevent excess moisture into the rental property. Many tenants resolve this issue by using the HVAC system more frequently which can add unnecessary wear and tear to the system. Coastal HVAC systems oftentimes have a shorter lifespan when compared to their inland counterparts. The humid and salty air can cause corrosion that reduces their efficiency which puts more strain on the HVAC system. During the winter season, excessive heater use may reveal wear and tear caused by salt exposure. For this, regular servicing is even more important in preventing breakdowns, maintaining reliable performance, and providing tenant satisfaction . Holiday Tourism During the holidays, Long Beach , much like many coastal cities, receives an influx of tourism. While necessary for many small businesses, holiday tourism can be a hindrance to some tenants, depending on the location of the rental. With tourists, comes increased noise levels from cars and people. To help alleviate this, you should consider installing proper noise insulation and soundproofing. This can be a significant investment especially for soundproof insulation as this needs to be done with exposed wooden studs. Alternatively, noise-reducing windows and paint can be used to mitigate some of the noise from holiday tourism. Additionally, parking may become a nightmare especially when parking spaces are limited. This can leave long-term tenants frustrated. While adding dedicated parking to your rental may be impossible for some. For rental with dedicated parking, ensure that your tenant’s space is protected from people who steal parking spots from local residents. Outdoor Maintenance Outdoor spaces are important for beach properties, although they demand extra care during winter. This is due to how marine layers can damage beach rental properties . Sand and debris can accumulate and make patios, walkways, and entryways less inviting. While heavy rainfall may damage furniture, railings, or fences. Regular cleaning and maintenance keep these areas safe and appealing for tenants. The sand and salt can cause premature corrosion on items left outdoors. Pests Winter can drive wildlife like seagulls, rodents, or even raccoons to seek shelter in warmer areas such as your rental property. During the winter, pests can create unexpected challenges for beach properties. Seagulls can be incredibly noisy, while rodents seek a warm and dry shelter. Additionally, the added humidity can weaken wooden structures inviting ants, termites, and roaches. To help prevent pest problems during the winter season, landlords should focus on maintaining proper cleanliness and sealing any exposed entry points. Consider hiring a professional to inspect and identify potential gaps, cracks, and openings where pests may gain entry to the rental property. Also, be sure to keep trash bins closed and far enough away from the rental to keep hungry pests away from the home. Increased Utility Usage The winter months bring with an increased use of heaters and other appliances. This can strain older systems causing them to work less efficiently which can elevate the rental’s energy bill and lower your tenant’s satisfaction. This can be tricky to resolve as other than preventative maintenance when systems begin to fail a replacement is required. However, when the system inevitably fails, you should not only replace the unit or system, you should upgrade the system to an energy-efficient system. This can not only ensure reliable performance but it can also lower the overall utility costs for you and your tenant. Proactive improvements help to maintain tenant comfort while also keeping your property competitive in the rental market. Winter presents unique challenges for beach properties, though with proper care, landlords can maintain their investment while keeping tenants happy. Which can ultimately improve your bottom line. If you need to address unique winter challenges 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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