Are you lucky enough to own rental property in Salt Lake County? If so, you have a prime opportunity to earn passive income that can benefit you for years to come.
Salt Lake County offers an average monthly rental income of $1,185. However, be aware that this average can vary from property to property. This is because numerous components are considered when averaging each monthly rental price.
The good news is that you have some control over your monthly income. Below, we’ll discuss how you can maximize passive income from your rental property in Salt Lake County.
1. Evaluate the Market
This is the part where you don’t have total control, but it’s important for evaluating your overall rental income potential.
Pricing your rental property correctly is important for you as the landlord and for potential tenants. Pricing yourself out of a neighborhood may mean you never get a tenant in the door and that means no rental income in your pocket.
On the other hand, pricing too low can make it appear as if something is wrong with your property. Even worse, you won’t get as much income from your rental property in Salt Lake County.
Comparing your rental to others in the neighborhood is a smart place to start. Consider square footage and the number of bedrooms with other comparable properties.
A property management company such as Keyrenter Salt Lake can help you determine your rental price while maximizing your income.
2. Spruce Up the Inside With a Touch of Paint
Did you know that painting your rental property can give you one of the best returns on investment? Even if you shell out around $2,000 for a paint job, it can return much more income than what you paid for paint. This is the beauty of choosing to paint as a way to maximize rental property income.
Wondering what paint color to use? It’s best to stick with neutral colors that blend well with all types of decor. Here is a list of 16 best neutral paint colors to leave you feeling inspired.
3. Consider Small Bathroom Improvements
Pay close attention to your bathroom when you are looking to increase rental income. This is because a clean and well-maintained bathroom matters to tenants.
If the bathroom is a total gut job, you can expect to spend around $47,000 for a complete mid-range bathroom remodel.
On the other hand, you don’t have to spend tens of thousands for bathroom improvements that will maximize your rental income. Some simple upgrades such as replacing a showerhead, adding new hardware, or installing a new lighting fixture can work wonders.
The idea is to offer a clean and attractive bathroom that tenants feel comfortable using.
4. Add Oomph to Your Kitchen
The kitchen is another smart area that savvy landlords like yourself can focus on.
Potential tenants are looking at things that are important to them such as cleanliness and storage.
Just like a bathroom gut job, it can be expensive to completely remodel a kitchen. However, it’s a wise investment that tenants are bound to appreciate — and likely pay more money to have that luxury.
5. Pay Attention to Small Details
Leaky faucet? Don’t think potential tenants won’t notice. Get out the basin wrench or vice grips and tighten up whatever is loose until the drip-drop comes to a stop.
Squeaky cabinets. New window weather stripping. Waxing sticky drawers. These are quick and easy fixes that you might have ignored until now.
Small repairs can add up to a big appreciation in the mind of your tenants. They’ll notice your attention to detail and feel confident about choosing your property.
To help get you started, here is a list of 100 home repairs you can do yourself.
6. Keep Snow Off the Driveway and Sidewalks
Even during the winter, you should be mindful of your property’s curb appeal and how it attracts tenants. A foot of snow piled up on your driveway or sidewalk will make tenants wonder if anyone ever tends to your property.
Snow removal also reduces the risk of a slip and fall and subsequent owner liability issues.
7. Update Old House Numbers
You can’t change the street address, but you can certainly change the style of your house number.
There are all kinds of unique ideas to consider like this decorative house number and they range from plaques to sans-serif or script fonts.
8. Replace Interior Light Fixtures
Old light fixtures can make your home appear outdated. There is a vast number of light fixtures available, ranging from contemporary to traditional or mid-century modern style. You can find these at big box stores, hardware stores, and major online retailers.
You can’t go wrong with transitional style light fixtures as they blend well with almost any type of decor. When the tenant moves in, they won’t have to think about the style or age of the light fixtures if they buy new furniture and whatnot.
Think of transitional style light fixtures as pieces that have a classic style with a modern twist.
9. Replace Exterior Light Fixtures
Remember how you replaced the interior lights? Well, don’t forget about the exterior ones too.
You can find plenty of exterior lighting options at your local garden center. Some of the most popular options include:
- Wall Lights: Used for patios, porches, entryways, and garages. Check out this one for only $38.99.
- Ceiling Lights & Hanging Lights: Used for porches and covered patios. Here is a classic American outdoor fixture for only $54.99.
- Post Lights & Pier Mount Lights: Used for walkways, driveways, and patios. This beautiful aged iron outdoor post light is $132.87.
- Security Lights: Used for walkways, alleys, garages. Check out these solar motion sensor lights.
- Landscape Lights: Used for gardens and highlighting landscape features. Light up your beautiful landscaping with this 2-pack LED path light.
10. Deep Clean Your Rental Property
Remember how we said that a nice, clean, well-maintained home is imperative to attracting quality tenants and increasing your rental income? Well, it’s time to put this strategy into action.
The top supplies you need for a deep house cleaning include: baking soda, dish soap, white vinegar, glass cleaner, microfiber cloths, sponges and a brush with stiff bristles.
11. To Stage or Not to Stage?
Does your rental property in Salt Lake County come furnished? If so, you will want to make sure your furniture is clean and well-presented. Consider investing in some throw pillows and blankets for color and texture.
You can also opt for professional staging services, which will make your rental property look outstanding in the listing photos.
12. Skip the Hard Work & Hire Keyrenter Property Management
As you can see, it can take a considerable amount of time, money, and resources to maximize your rental income. The good news is that there is no need to stress as Keyrenter can handle all your property management needs in Salt Lake County including property marketing, tenant placement and management, property maintenance and more.