Blog Post

What is Your Rental Competing Against?

Dustin Edwards • July 19, 2022

Amenities Can Be A Deciding Factor for Tenants

When looking for a new residence, one of the biggest questions people have to answer is if they want to rent or buy. Renting options (such as apartments) provide them with greater flexibility, especially if they’re only planning on living in the residence for a short period of time. Additionally, they may not have the financial stability to buy. On the other hand, buying options (such as condos and houses) allow them to have a place of their own, which is especially helpful if they’re looking for long-term housing or want greater independence from overseers. 


Given these benefits of buying, it’s important to equip your rental with benefits that can sway potential occupants. Below are some options to take into consideration. 


What Modifications Would You Allow with Your Long Beach Rental?

For starters, it’s important to recognize that ownership is about more than having a place to call your own. It also comes with many additional benefits, such as having full autonomy over furnishings, remodels, painting, and flooring. These elements allow individuals to feel more at home in their space because they had a hand in designing it. 


As a landlord, consider offering more freedom for your tenants to make the apartment their own. One of the easiest ways to accomplish this is by allowing them to paint and install decor. These are simple modifications that can really transform a space and give it the personality your residents are looking for. Furthermore, you can use this as a selling point for future residents, giving them the option to repaint the walls a color they prefer or offer to revert it to its original format. 


While there are some costs associated with repainting, keep in mind that often after a long term rental you would have to repaint anyway and allowing that freedom of choice just might get you a tenant who stays longer in your rental.


Negotiations to Engage Happy Tenants

Rules tend to be much more strict for apartments, as property managers hope to keep the space in a transitory condition for future tenants. However, condos and houses do not often face this same level of regulation, as the Homeowners Association (HOA) usually only controls exterior aesthetics (i.e. outside painting and yards) and behavior (partying, noise levels, etc). 


While rules are an important and necessary part of managing a rental, consider providing your tenants with the option of negotiating terms that they may not initially be comfortable with. For example, if your standard rental agreement has a no pet rule but a potential renter owns a cat, allow them to present a list of reasons why they should be allowed to keep their pet. Then, perhaps you can reach a compromise with them that has them put down a pet security deposit as part of their rental agreement. In this example, both parties win and the tenant feels like they have a bigger voice in the decisions of their residence. 


Other times, negotiations may not present a solution that is accepted by potential occupants, and that’s alright. It’s impossible to please everyone, but allowing greater leeway when it comes to rule enforcement can make all the difference. 


What Amenities Does Your Rental Offer?

Having a wide range of amenities can easily convince potential renters to choose your rental over buying, especially if these amenities would cost them hundreds or thousands of dollars to get on their own. 


Common amenities include air conditioning, new and updated kitchen appliances, furnishings, and in-unit washer and dryers (as being able to clean your clothes in your own space feels much homier than going downstairs to a laundry room or having to trek to a laundromat). In condos and houses, buyers would need to purchase many of these items on top of the cost of the residence itself. 


Less common amenities that will really stick out to potential occupants are garages, pools, cable and/or Smart TVs, and Wi-Fi. Again, these are additions that buyers would need to purchase themselves but are even less likely to because they often come at high costs. 


Maintenance 

A major positive of living in a rental is knowing that your landlord has to take care of all maintenance issues from leaky faucets to burnt out lightbulbs. Although individuals enjoy having greater autonomy over their residence, nobody enjoys dealing with maintenance issues and would be happy to have someone do the work of calling in repairs for them. As such, this should become a major selling point when attracting potential renters. Remind them of how tiring and annoying maintenance is and that these worries and inconveniences would be a weight off their shoulders if they lived on your property. 


No matter what, having the option to buy a condo or house is always going to be a major cause for competition against renting. Nevertheless, you can really make your property stand out by implementing these recommendations. For more property management strategies we invite you to call us today at (562) 888-0247 or fill out our
Owner Application online.

Share this post

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 .
Show More
Share by: