Financial experts are predicting that the average rent price in Dallas will rise from 5.8% to 8.4% in May 2023.
This is great news for landlords who want more money in their pockets but you'll still need a valuable property. Since rent prices are high all over the city, you need tenants to want to choose your units.
How do you do this? Learn how to increase your property value with these five tips.
1. Go Green!
You can increase your property value by increasing the energy efficiency of your rentals. Not only will this cut down on your monthly electric bills, but it can also boost the value of your units.
Start with simple energy-focused upgrades like adding more insulation or switching to energy-efficient light bulbs. If you have money left over, you can splurge for more energy-efficient changes like new windows or switching to solar.
Solar panels for an entire rental property can be pricey, but the upfront cost will be offset in the long run.
The more changes you make, the more you'll start to notice a difference in the performance of old rentals. Renters will notice the changes too as some look for energy-efficient buildings so that they can pay less for monthly utilities.
2. Increase Curb Appeal
Don't downplay the impact that beautiful shrubs and a new coat of paint can have on your rental property. Curb appeal matters as much as the location of your property.
Tenants are looking for properties that don't look like rentals. Whether you are a landlord for a single-family unit or a multi-family unit, this is something to consider.
You can increase curb appeal with inexpensive fixes like landscaping upkeep, fresh flowers, and trendy paint colors.
3. Modernize the Kitchen
You don't have to do a complete kitchen remodel to modernize a rental property kitchen. You can make simple home upgrades like upgrading light fixtures, switching out door handles, and upgrading countertops.
If your kitchen appliances are outdated, consider new ones. This might be costly upfront, but your tenants will pay more for better appliances.
4. Replace Flooring
When you invest in a property, you need to be willing to make replacements from time to time. You should regularly change out the flooring, especially if you have carpet.
Replacing carpets in a rental property can add value, rather than renting out your units with massive carpet stains. To avoid this problem outright, consider opting for hardwood floors.
5. Hire a Property Management Company
Hiring a property management company can increase your property value in a variety of ways. If you are a rental property owner with no landlord experience, you'll want to take advantage of their services.
Property managers do everything from finding great tenants to ensuring your property is livable.
Increase Your Property Value Now!
If you own a Dallas or Fort Worth rental property, you need to increase your property value.
There are a variety of ways to do this without breaking the bank, including going green, increasing curb appeal, and modernizing the kitchen space. You should also be replacing the flooring often.
Hire a property management company that can handle these tasks for you. Contact us now to see what we can do for you.