Will Hot Rental Property Market Segue into 2014?
“High rental occupancy and rising rents” was how economic trend-watcher Kiplinger.com summed up 2012 – and as the nation counts down to the New Year, owners and future owners of Hagerstown rental property are clearly anticipating more of the same. Experienced managers have some timely advice for first-time Hagerstown rental property owners as they prepare to lease in the coming year.
Rule #1 for attracting quality tenants, they say, is to be hard-nosed about offering a quality product. Rentals are hot, but that doesn’t mean a property will rent itself – especially when the goal is to attract the kind of conscientious tenant who means a trouble-free income stream.
Touch-up and trim renewal can be a quick, cost-conscious way to add appeal to any rental property. Restoration Hardware’s neutral palate (and Benjamin Moore’s counter-offering) are excellent sources for trim colors which breathe new life and visual interest into just about any décor.
Replacing older carpet is a more costly (though eventually inevitable) way to make a big difference in key first impressions; while simply polishing middle-aged hardware can revitalize an otherwise aged look.
Property managers also suggest replacing older appliances in the kitchen before they become failure-prone. Even where there is no budget for new cabinets and countertops, a little stainless steel can command a higher rent – and literally pay for itself.
Rental properties have been a hot topic for more than a year – but opportunities remain. Whether you are preparing to rent property you already own, or are simply weighing the prospects, the New Year promises to be a propitious time to look into our current Hagertown rental property offerings. Sound interesting? Call me!