Increasing the rent price for your rental property requires a lot of considerations. You need to be careful in determining the right amount of increase so that you can maximize your income without discouraging your tenants to renew their lease or putting off potential tenants from renting. 

One of the bases for a rent increase is the current rental rates in your area, which greatly rely on economical factors that are beyond your control.

However, if you want to increase your income through rent increase without relying on the current market performance, your best option is to create property upgrades because you can control it based on your preference and budget. 

The benefits that your tenants can get from the upgrade will justify your rent increase and will give them a reason to renew their lease.

Here are the best property upgrades you can make:

Add another common area

A new area for leisure activity is a good way to add value to your rental property. If you are renting out to students, a peaceful and cozy study hall would be very beneficial for them. 

You can also convert a room into a small gym with basic exercise equipments, which tenants can use anytime. 

Increase storage

If you have room in the backyard of your single-family rental property, consider putting up a shed, which your tenant can use for extra storage for tools and other knick-knacks. 

For apartments, you can buy new storage furniture like nightstands or drawers. You can buy from warehouse sales that sell old stocks for a cheaper price because they need to make room for new inventory. You can also use a vacant room to contain secure storage compartments that your tenants can rent out.

Kitchen and bathroom remodeling

Although this may require extensive work and high cost, this is a tested and proven way to increase property value. 

A newly remodeled kitchen or bathroom is a complete gamechanger and could give you an edge in the competition because these rooms are of great value to tenants because they use it every day. 

Since this can be a long process, you can take advantage of the time your unit is vacant to perform a remodeling or renovation. This may increase your vacancy rate for a bit, but when it’s ready to welcome new tenants, your income will be higher as well. Attach photos of the new and improved kitchen or bathroom when you publish your listing on Padleads so that it will easily attract potential tenants. 

Roof repair or replacement

One of the most important parts of any structure is the roof. It may not often be the first thing people notice in a property, but a broken roof can negatively affect the interiors and overall indoor living experience. 

When your roof reaches around 15 years or more, have a roofing inspector check it for any damage or if it needs to be replaced. Neglecting a broken roof can cause serious problems especially during terrible weather conditions.