Does make sense to do upgrades which just covered the rent increase the annual increase?.
By doing upgrades, you increase the odds that residents will stay longer.
Losing any resident, the vacancy can cost you between up to $2000.
An upgrade that costs you under $200 can be well worth acting on by keeping a resident thus avoiding a vacancy that lowers your bottomline by $1,000 or more
You should be looking for ways to make low cost improvements to your property on the resident’s anniversary date, rehab, and remodel rental properties to help justify rent increases.
The best way to make profits with rentals is to increase cash flow using inexpensive property upgrades or improvements, lower operating expenses and learn how to quickly solve maintenance problems.
Inexpensive renovation, rehab, repair and maintenance on rental properties, keeps costs down. And by being able to do these things cheap, quickly and efficiently will keep tenants and greatly reduce your monthly expenses. This is the fastest way to increase rental profits.
REAL landlords want more than a basic knowledge of the real-world nitty-gritty maintenance problems they face daily.
Just upgrade a unit with simple paint or carpet. This will refresh the living space, providing a happy tenant and headache-saving months ahead. How you deal with various rehab and maintenance problems will be spread by word of mouth through the rental community.
Good landlords need to know how to handle improvements and repairs and learn new ways to save hundreds and perhaps thousands of dollars when making repairs and renovations to their rental property.