Regular cleaning of common areas, curb appeal will motivate your current tenants to keep their property clean. Fixing and repairing without any delay is a must.

Regular painting is not expensive and may create an appearance of well-maintained rental property.

Factors in determining rents

Older people prefer rentals closer to hospitals and shopping centers while working people want to live close to bus stops and metro stations. Families with children prefer areas close to schools.

About one-third of people in the U.S. are renters.

Older people tend to stay longer while younger people may move out faster. All these factors will affect your decisions in setting the level of your rents.

Tips for increasing value of your rental property

Keep tenant occupancy rate high: don't let your property stay unoccupied for longer periods for higher rental income.
Keep increasing rents. Level of rents will determine the price of your property when you decide to sell it. Nobody would invest in low income producing property.
Encourage your tenants to make improvements in their homes. Tenants who invest in the rental property will tend to stay longer.
Add services to support your rental income. Laundromats, vending machines, etc. may create sizable income for you.

Increase your rental property's occupancy rate

You should aim at keeping your rental property full once you invested in it. Any vacancy means loss of income as you incur expenses. Consider giving referral fees, finder's fees, and commissions to your tenants who find new tenants to your rental property. You can do the same to others who can do the same.

Some real estate brokers and real estate agents are in the business of finding tenants for properties. In such case you pay one month's rent as a commission. This commission varies from one location to another as well as from one real estate broker to another. You can always negotiate such commission especially when you have multiple number of rental properties.

Uncle Sam helps you when you rent your real estate property

You are legally allowed to deduct 1/28 of value of your rental property every year when you file your tax return. This is an additional saving as you reduce your rental revenue by the amount of this write off. In other words, your tenants pay down your mortgage loan, while the value of your rental property go up. This is a great way of building up equity in real estate investment.

Consider options to improve your profits

Lease-buy option is an alternative to reduce your burden as a landlord. Consider getting your tenants to be responsible for certain amounts of repairs. This not only make them more careful about maintaining your property well but also reduce your cash flow for maintenance and repair.

Increasing the number of owners in your multi-unit rental property may raise the value of it as property is maintained by the new owners who feel the pride of ownership. You can also sell any amount of units depending on your cash situation and new real estate investments.

To obtain more information on renting a home see Linka and Home Store.