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renovating your investment property

How to Get Great Tenants in a Bad Rental Market

From the luxury condo rental market in Manhattan to townhouses in the oil town of Calgary, cities which not too long ago gave landlords a rental shortage with heavy demand from tenants are seeing the tide turn. Landlords are now having to compete for the tenant, offering gimmicks such as a free month’s rent, gift certificates and other ‘stuff’ just to fill their suites. As a landlord, I don’t think that’s money well spent. In fact, for about the same money you would lose out on by giving away a free first month’s rent, you could take that capital and invest it in your suite, likely charge a little more per month, and beat out the competition simply because your rental property will look much more welcoming and homey for a prospective tenant. You just have to be on top of what tenants are ‘looking for’ in a rental these days: styles, layouts, appliances and paint colors.

As I’ve always said, it’s all about the look and location. And right now, the ‘look’ tenants want is bright and contemporary. Darks are no longer desirable. So if your suite could use a little facelift, I’d start by sprucing up the kitchen. Paint the cabinets a nice bright, clean color. This can make a world of difference from a tenant’s perspective.

Let me show you exactly what I mean…

 

Invest in your rental property: The power of paint

Take a look at a recent cabinet facelift we did…

Before:
Renovating your rental suite

After:

How to increase rent in your investment property

Paint colors that tenants like right now:

  • Whites
  • Light greys
  • Light beige
  • Sage

 

That kitchen cabinet paint job cost about CAD$1,700 – money well spent. If you’re in a tough rental market, don’t try to entice tenants with gimmicks. Invest money into your rental property and offer a better product than your competition. That’s how you avoid missing a month’s rent in competitive rental markets. And it adds value to your investment property. The better your property looks, the higher quality tenant you will get.

Stay hungry,

Aaron Hoddinott signature

Aaron

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Like all of you entrepreneurs and investors out there, Aaron has been in the trenches. He is the founder of an influential online media and PR company. From oil wildcatters to mining prospectors, tech gurus to medical doctors, and even celebrities, Aaron has helped market and expand brand awareness for a diverse range of publicly traded companies ran by entrepreneurs from all walks of life.

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