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Health & Fitness

7 Tips to Rent Your Property Faster in Today's Market

When you put your rental property on the market, you should know that potential renters will likely have many of the same desires as first-time home buyers. Here are seven tips that will make your rental attractive and stand out from the rest.

1.       Stay with warm, neutral walls. If your target demographic is a young professional or family, try using a warm gray as a neutral wall color. The burnt orange or pinkish-beige wall color of 10 years ago is now outdated to many – especially to younger generations. Neutral grays are trendy and allow potential tenants to envision clean-lined furniture and contemporary design elements.

2.       Invest in white cabinetry. Many renters prefer white or off-white kitchen cabinetry. They don't want to see dark cabinetry from yesteryear in their new rental. Consider painting if you have dark kitchen cabinetry with orange or red undertones.

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3.       Update your appliances to stainless steel. Today’s renters are looking for stainless steel appliances. The price differential between stainless and white or black appliances has dropped significantly in the last few years.  For as little as $600 to $1,000 you can upgrade from standard base colors on the kitchen trio (stove, refrigerator, and dishwasher).

4.       Install plain countertops.  Although granite is becoming a must-have for many home buyers, renters are still willing to accept laminate countertops as long as they are neutral in color and in good condition.  Don't make the mistake of installing busy or taste-specific countertops; not only will they go out of style quickly, they will diminish the pool of rental prospects.

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5.       Keep it simple and problem free. Renters generally aren’t looking for a fixer-upper.  Consequently, it's important that your property be ready for a tenant to move right in. Make sure the home has no unfinished projects or red flags.

6.       Go Green.  Tenants have caught on to the green movement.   At a minimum, replace all incandescent bulbs with florescent models and use low VOC paint when repainting.  To take it a step further, add additional insulation, replace old windows with double pain glass, and replace appliances with Energy Star rated ones.

7.        Consider renting your property as affordable housing.  Montgomery County is in short supply of affordable housing.  If your property isn’t the trendiest of homes and you aren’t up to renovation, consider pricing it a little cheaper than the competition.  There are many individuals looking to save a few bucks and willing to live with your paneling, outdated linoleum, and gold fixtures. 

To read more about issues affecting residential real estate in Montgomery County, visit my blog, HouseInvestor.net.

 

Photo courtesy of houzz.com




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