Furnished rentals are becoming a reliable source of income. However, if the apartments are less than a client’s expectation, you risk reducing or losing the income all-together. Here are five improvement tips that are sure to help you attract tenants to your furnished apartments Montreal.
1. Add Furniture in the Apartment
The target clientele should inform your furniture selection. Start by identifying the tenants you are comfortable with occupying the furnished apartment. Ideally, apartment tenants fall into three categories. The high-end residents, middle-income earners, and the low-end tenants. Furniture taste varies for these three tenant categories. High-end residents prefer furniture that has a touch of elegance and class. Middle-income residents will pay for a step down of the sophistication to one that offers them a similar taste but at an affordable monthly rental charge. Low-end residents do not attach too much value on the furniture as long as the price is well within what they can afford. Knowing your target market, therefore, has a bearing on the rent you charge.
2. Boost Security in the Apartment
The neighborhood security may not be within your control. However, it is possible to add a few security features to your apartments. This goes a long way in improving the market value of your home. Technology has made it possible to have security systems such as alarms, surveillance cameras, and burglar proofing equipment. Clients appreciate any investment towards securing their property.
3. Conduct Research on Rental Price for the Apartment
Rental pricing may seem like an obvious factor. However, get it wrong, and you may not get a return on your property. The price tag on the furnished apartment has to be a market-friendly price. The prices should be well within the neighborhood’s rental value. However, if you opt for higher rates, your furnished apartment should be better to justify the higher rental charges.
4. Offer Additional Services
Extra comforts are investments whose returns are reflected in the rental income. Gardening services, laundry facilities, delivery, and cleaning assistance form part of the services list you can incorporate in your furnished apartment. The service fee is part of the monthly rental charge and tenants do not mind paying for the convenience.
5. Enhance Reliability of Mandatory Amenities
It is an expectation that all units have clean running water, uninterrupted power and heating systems. Old water and electric systems within the apartment can hinder the reliable flow of water and power to the unit. Therefore, make the necessary repairs before potential tenants come visiting.
While it may seem reasonable to cut costs, the above aspects do not fall into the cost category. They are investments. Addressing them could be what your furnished apartment needs to improve its rental value.