According to Redfin’s data for August 2024, house prices in Meridian increased by 6.6% compared to last year, with an average selling price of $527,000. This is good news for Meridian investors and rental property owners, but of course, you would like to maximize this opportunity and steadily increase your property’s value every year.
You can turn this great vision into reality if you know the right strategy for increasing and unlocking the full potential of your property investment. This can even help your rental property stand out in Meridian’s competitive real estate market!
So, let’s get started and keep reading to discover the practical and actionable methods for boosting your Meridian rental property value.
1. Get Smart with Market Research
The first step in optimizing the value of rental properties in Meridian, ID, is to research and understand the city's local rental market. Some of the things you have to check out when doing market research are:
Know the Competition
You have to check what similar rental properties in your area are charging. By keeping an eye on what other rental homes in the area are charging and the rent collection strategies they are using, you can ensure your rental pricing is competitive while still making a profit. This can also help you to maximize rental income while keeping the rental value of your business.
Track Property Values
Keeping tabs on your property's condition, location, size, and value is all part of real estate monitoring. By using this data, you can get a better idea of your property's worth, rental revenue, and appreciation potential.
Pro Tip: Property managers often offer a free ROI (Return on Investment) Calculator that you can use for free on their website.
Understand Tenant Preferences
Staying competitive in the rental market requires understanding and adjusting to tenants' preferences. It's not just a smart plan, it's crucial. Overall, your rental property must also meet the changing needs of prospective tenants. Some of the things you can consider are:
- Alarm service or security features
- Parking space
- Energy efficient appliances (washing machine, stove, HVAC system)
- Outdoor spaces
- Good storage solutions
- Internet speed
- Pet-friendly spaces
2. Make Your Property Pop with Curb Appeal
One of the most important factors in a property's value and rental attractiveness in today's competitive rental market is its exterior setting. The surrounding environment, including curb appeal and outdoor amenities, greatly affects a rental investment's overall desirability.
Some of the practical methods to improve the aesthetics of your real estate investment are:
- Enhancing the address plate or mailbox
- Putting in planter boxes or window shutters
- Greenscaping and lawn maintenance
- Painting your front door or replacing it with a new one
Upgrading your curb appeal not only attracts more tenants but also allows you to charge a higher rent. It’s all about showing potential tenants that your property is well-maintained and worth the investment.
3. Property Maintenance for Maximum Value
Being an investor, your rental property investment is more than just a home or building. It is also an investment for your future and a method to achieve tenant satisfaction.
You can preserve the value and appeal of your residential rental properties by having regular property maintenance and inspection. Some of the things you must regularly check in your Meridian property investments include:
- Appliances
- Electrical System
- HVAC System
- Paint and Wall
- Pest Prevention
- Plumbing and Leak
Regular upkeep prevents costly repairs down the line and keeps your property in tip-top shape.
4. Renovating Your Bathroom and Kitchen Area
Kitchens and bathrooms are high-traffic areas that your tenants use daily. If these spaces are modern, functional, and well-designed, they can significantly increase your rental property’s perceived value. Having your rental home renovated can also give you an edge in setting more competitive rental rates.
Here are some of the things you can upgrade in your bathroom and kitchen:
- Change light fixtures
- Give your countertops a makeover
- Install new faucets
- Install shelves
- Paint cabinets
- Swap the showerhead
- Update your kitchen's backsplash
5. Invest in Durable and Attractive Flooring
Upgraded flooring can significantly boost the overall value of your property. Potential tenants are often willing to pay more for properties with high-quality finishes. That is why when choosing a new flooring for your rental home, you must prioritize its long-term durability.
Fortunately, there is now a wide range of selections for flooring solutions in the market that are not only aesthetically pleasing but also can meet the needs and demands of your tenants and business:
Luxury Vinyl Plank (LVP)
This type of flooring is known for its durability and waterproof features. The best thing about it is that it is available in various styles, including designs that look like wood or tile.
Laminate Flooring
This type of flooring is ideal for high-traffic areas because of its affordability and scratch-resistant features.
Tile Flooring
Another choice you have is tile flooring, which is the most common type of flooring for kitchens and bathrooms. It’s durable, easy to clean, and available in countless designs.
Carpet
Meanwhile, carpets are best for bedrooms or living areas. However, make sure that you opt for stain-resistant options for better durability.
6. Transform Your Rental Properties with Smart Home Innovations
Tenants nowadays are always on the go. They usually feel reassured knowing everything they need can be controlled or monitored through their smartphones or portable devices. With this, they are willing to pay more rent for rental homes that can cater to their modern needs.
While there are numerous ways in which smart home technology simplifies life, the two most significant are security and reduced energy use. You can visit the Department of Energy website to learn more about these lists of appliances.
Secure Your Rental Home's Value through Professional Property Management Services
Owning a rental property in Meridian, Idaho, can be a rewarding investment, but it requires careful planning and smart strategies to truly maximize its value. From upgrading key areas like the kitchen and bathroom to investing in durable flooring and setting competitive rental rates, there are numerous ways to boost your rental income and maintain a steady cash flow.
Speaking of property management, let’s be real: managing a rental property is hard work.
From finding reliable tenants to handling maintenance requests and ensuring rent is collected on time, it can be overwhelming. That’s where a good property management company comes in.
1st Rate Property Management in Meridian is here to take care of everything, from rent collection to property maintenance, giving you more time and less stress. Our team ensures your property is compliant with fair housing laws and helps you maximize your rental income by keeping everything running smoothly.
Unlock your rental property’s full potential with a FREE Rental Analysis from Meridian Property Management today!
Sit back, relax, and let us manage the details while you reap the rewards of your investment!