Owning a rental property in San Francisco is surely an exciting and sometimes overwhelming venture. Whether you’re a real estate investor or an accidental landlord, you know the importance of getting the most profit from your rental property.
How do you increase your rental income each month, though?
It’s difficult to raise the price of your rent if the local market isn’t doing the same. Raising your rent for no reason (other than to increase profit) could affect whether or not you find tenants in a timely manner or at all.
In this article, we’re going to tell you what you can do to raise the rent for your property in San Francisco without waiting for the market to go up.
Increase Property Value, Increase Rent
The idea of the rental price for your property is based on more than just what other properties are renting for in the area. It’s also based on the value of your property. A newly renovated property is more valuable than an outdated one. Therefore, the rent can be set higher.
So, the secret to increasing your rent in San Francisco is to increase the value of your property. This can be done in a number of ways, and most of them aren’t as expensive as you may think.
With just a few changes to your property, you can increase your annual rental income easily by $1,200 to even $3,000!
1. Update the Kitchen
The kitchen is the heart and soul of a home. It’s where people spend the most time, whether cooking, eating, doing homework, or simply catching up with an old friend. Therefore, having a chic modern kitchen in your property will greatly increase the value.
Think of new counters, updated cabinets, and new stainless-steel appliances that are also eco-friendly. You don’t have to go and change the kitchen completely. Sometimes the smallest changes like new countertops or a new stove or fridge can be enough to satisfy a renter.
2. Bathroom Makeover
While we don’t necessarily talk about bathrooms as much as kitchens in properties, they are just as important. Giving the bathroom in your rental property, a thorough makeover can greatly increase the value of your property in San Francisco.
People want to feel comfortable in the bathroom they’re using. A dark, cramped space with old and cracked sinks and toilets definitely isn’t going to justify charging a higher rent.
However, a bathroom with new fixtures, optimal lighting for getting ready in the morning, plenty of space, and even a rainfall showerhead can definitely justify increasing the rent compared to other properties in the neighborhood.
3. Add Storage Space
If there’s something San Francisco renters know, it’s that finding a home with optimal storage space is no easy feat. So, why not let your property be one of the few in the area that offers lots of closet space?
When renting, tenants have to figure out where to store their belongings, especially seasonal items. Many forego owning these things because they don’t have space for them. With additional storage space, your tenants won’t have to make this sacrifice.
Adding an extra closet, more cabinets or even storage behind the bathroom mirror can be a great help in increasing the rent. Tenants are willing to pay for more storage.
4. Extra Common Area
Having an additional living area or even a room to make into a home office can greatly increase the value of your property. Renters love having a lot of space, which is hard to find in San Francisco.
So, if you can create additional common space in your property, we suggest going for it.
As the trend of remote working continues to rise, people are in need of home offices more than ever. If you can create a space for remote workers, they will surely pay extra in rent to have this area of peace and quiet in their home to focus on work.
5. Make It Unique
What sets your San Francisco property apart from the rest of the available rentals in the area? If you can’t answer this question, then something needs to change.
Add something unique, something desirable to potential renters. Whether it’s a Netflix subscription included in the rent, a furnished apartment, or a Bluetooth surround sound system installed, special touches like this go a long way.
Not only do these features make your property more desirable, but it helps justify raising the rent to increase your income.
6. Offer Laundry in the Unit
You’d be surprised at how many rental properties still don’t have laundry facilities for their tenants. We are well into the 21st century and going to laundry mats is a habit of the past.
If you can add a washer and dryer to your property, this will instantly increase the value in the eyes of a tenant. It offers them so much convenience and even helps them save money compared to paying a laundry service or coin machine.
7. Enhance Curb Appeal
Don’t underestimate the power that the outside of your property has in influencing its value. A fresh coat of paint, small garden, or fixing up the mailbox can do wonders for your San Francisco property.
When the property looks nice, fresh, and clean from the outside, tenants are willing to pay more to live there. It’s the first thing they’ll see when attending a showing. Plus, it’s the first thing their friends and family will see when they visit.
While we promote not judging a book by its cover, we do still tend to judge a property from its exterior.
Make More from Your Rental Property with Sharevest
Not sure where to start when it comes to increasing your rental income in San Francisco?
Our full-service management services have proven to increase our owners’ rental income and relieve the stress of owning a rental property.
Are you ready to step back, relax, and increase your rental income? Then call us today!