When you’re
renting out a San Francisco rental unit, rental values and long-term ROI typically depend on attracting and retaining the best tenants. You need your property to be competitive, and that’s often going to depend largely on the condition of your unit. If you’re offering lime green carpet and aging appliances, don’t expect the best tenants to line up. Instead, offer a modern, attractive, and well-maintained property. You’ll avoid vacancies, find good residents, and earn as much rent as possible.
This doesn’t mean you have to overspend. Pay attention to the market. There aren’t a lot of units in San Francisco buildings that can easily accommodate a full renovation. Spa tubs in the bathrooms and sprawling outdoor spaces probably aren’t on the list of possibilities. But, there are some amenities that will make a difference, and they happen to be fairly cost-effective.
Here’s our list of 10 amenities that will increase the value of your San Francisco rental property. These things will help you in the short term (think higher rents and better tenants) and the long term (when you sell, you’ll sell for more).
WHY DO SAN FRANCISCO AMENITIES MATTER TO YOUR BOTTOM LINE?
A San Francisco rental property that has the best amenities will earn more rent. That’s an instant boost to your short-term cash flow.
Even better - the
rental property that’s been recently renovated will attract better tenants. What do better San Francisco tenants get you? Well, rent is paid on time. You can count on lease renewals and less turnover. With the right amenities in place and attractive upgrades, you’re also more likely to have a resident who cares about your home and will help care for it.
Another benefit to cost-effective amenities is that they’ll keep your vacancy and turnover costs down. Tenants are eager to rent a unit that makes their lives easier. When there’s a fitness center in the building, for example, they can cancel their expensive gym membership elsewhere. They’ll stay in place when they feel like you’re providing a comfortable and attractive place to live.
Establish your rental value with all of your unique amenities and recent upgrades in mind. Tenants will pay more for the new floor than they will for the old carpet. It’s pretty simple.
When you’re installing and improving amenities, you’re also paying attention to
preventative maintenance. That’s another benefit.
Any improvements and upgrades you’re making, including better amenities, will also help you maintain your property. It should be part of your preventative maintenance strategy.
To avoid expensive emergency repairs, you need to continually evaluate the condition of your property. For example - if the refrigerator is breaking down every few months, don’t repair it for the fifth or sixth time. Replace it instead. If you’re not taking a preventative approach to maintenance, those small problems can quickly turn into expensive repairs.
But, when you’re constantly looking for ways to improve your rental property and provide additional amenities, preventative maintenance will occur naturally. You’ll notice what needs to be fixed and plan for future repairs so there are fewer emergencies and surprise costs.
Let’s get to the Top 10 List.New Paragraph
Study the San Francisco Market
There’s always the risk of spending more than you need to. While you want to provide the best and most attractive amenities to prospective tenants, make sure they’re things that tenants really want. Granite counters, stainless appliances, and state-of-the-art fitness centers are wonderful amenities. But, if the competing properties aren’t offering them, you should invest those funds elsewhere.
SAN FRANCISCO PROPERTY MANAGEMENT AMENITIES
Professional property management is an amenity most tenants appreciate. And it can definitely increase what you earn. At BanCal Property Management, we’ve been leasing, managing, and maintaining rental units for owners and investors since 1987. We leverage our expertise and our resources to drive up the value of your rental property.
To hear more about our leasing and management services, please contact us. We also welcome your comments, questions, and suggestions for topics you want to learn about, so please share those too. We’d love to address a question you have in one of our future blogs.New Paragraph
