Property owners and property managers are in the business to make a profit, so they develop many means and processes to ensure there is an increase in rents from their apartment units. An increase in apartment rents translates into an increase in profit.
The following are ways of increasing apartment rents;
1. Buy Properties Wisely
There is more profit to be made when you buy properties wisely, even more than when you are selling. Imagine buying an apartment worth $1,000,000 for around $800,000 you already made a profit of $200,000 before putting the apartment up for rent. There is definitely more profit in buying sensibly.
2. Add a New Bedroom to that Unit
You can transform that extra room in the apartment units into a bedroom. This increases the rent the apartment commands in the market. Imagine turning a two bedroom apartment into a three bedroom apartment, the increase in rent will be substantial.
3. Upgrade the Apartment Amenities
The more luxurious the apartment amenities installed in your apartment are, the higher the rent the apartment commands. Renters tend to want to readily pay more rents for apartments that are fitted with highly sought-after state-of-the-art apartment amenities, such as gas or wood-burning fireplace, in-unit washing machine (the likes of the Lightning One machine), and a private balcony. Apart from the increase in rent, the tenant also feels more at home in your apartment.
4. Increase Apartment Rent to the Level of your Neighbors
Many landlords are not conversant with the apartment rent rates of buildings around them. This makes them to charge to charge ridiculously low rents. One of the best ways to increase your apartment rent is to know the rents charged by similar apartments in the area and increasing your rent to that level.
5. Location can Increase Apartment Rents
While developing your property, locate the building in a choice area for tenants. One of the turn-on for renters is the location of the apartment. If they are convinced about renting the units, they will be unwilling to pay more for the apartment if it’s not properly located. Renters tend to pay higher rents if the apartment is located in choice areas such as the city center.
6. Add one more Bathroom
Gone are the days when renters go for apartment units with a single bathroom. Nowadays renters prefer units with more than one bathroom and are willing to pay more for them. Why not add an extra bathroom to that new apartment you are developing or that old unit you are remodeling and see the value of the apartment skyrocket.
Conclusion
Renters will always want to pay more for comfort on any given day. Increase the value of your property, make renters feel comfortable and secured in them, protect their privacy and see your apartment rent go up.