Tag: rentals

DIY Upgrades That Make Your Property Feel Like a Luxury Rental

DIY Upgrades That Make Your Property Feel Like a Luxury Rental

Rental Management One

Renovations can be expensive, especially when you want to turn your property into a luxury rental to attract higher-paying tenants. While materials and furniture can be expensive, the prices really start to climb when you bring a professional into the mix. Luckily for your budget, that isn’t always necessary.

Instead, try these DIY upgrades, all of which will make your property feel like a truly luxurious rental.

Update the Kitchen Cabinets

The kitchen isn’t just a place to cook and eat; it’s often the space where tenants spend time with friends and family. A simple way to turn the kitchen in the most lavish space in the home is to update the kitchen cabinets. This gives the space an instant facelift at a fraction of the cost of re-doing the entire space.

The lowest-cost update is to paint the cabinets a fresh new color. If you have a little more budget, consider refacing the current cabinets or replacing them altogether. Finally, take it one step further and replace the hardware on your cabinets for another visually impactful, yet simple DIY project.

Source: Freshome.com

Update the Fireplace

The fireplace is a coveted feature, but one that’s not in top condition can be an eyesore and detract from your property’s value. Not to mention, it’s a centerpiece of the home, which means the smallest changes can make a big difference. A few ways to upgrade the fireplace include:

1. Replace the doors with tinted glass: Tinted glass looks classy, and keeps the mess covered: “Your fireplace is the ugliest place in your home. It’s covered with soot, ashes, and is a grayish blackish mess. Glass doors with tinted glass do a great job of hiding the unsightly mess. It’s like closets. No matter how well organized they are, most people still like a door to keep them out of sight,” says Sam Wilhoit, of Brick-Anew.

2. Paint the brick: Bring your fireplace to life with a fresh coat of paint. Consider re-staining or painting the mantle as well to create an entirely new look that elevates the entire room.

Update the Backsplash

An easy and economical DIY project is updating the backsplash in the kitchen. Fresh tile has a significant visual impact without being expensive. “This is another tenant appreciated upgrade that can be very economical if you get tiles on sale and install yourself. Even if the tiles are not on sale, you’re usually only covering an area that is 2 feet by 10 feet = 20 square feet of area = 20 tiles,” shares Nathan Richard with Revnyou.com.

If you want to skip the sometimes-tricky installation, go with peel and stick subway tiles instead. These are both inexpensive and easy to use, giving the kitchen a luxurious look without the high price tag or extensive sweat equity.

Update the Garage Door

One of the easiest and most cost effective ways to boost curb appeal and the value of your property is to replace the garage doors. Having worn out or out of date garage doors can make a poor first impression, losing potential tenants before they even step inside.

The best part: garage doors can easily be replaced, and you can also upgrade or replace the hardware on the doors to make an impact without the extra work of a full replacement.

Upgrade Lighting

Lighting has an immediate impact on the feel of a home, making it feel dark and closed off or well-lit, open, and inviting. “One of the worst things about rental units has got to be the outdated light fixtures. Luckily, this is also one of the easiest switches. Simply swap out that light fixture for something more your style. Just be sure to reattach the original fixture before moving out,” says Keri Sanders with HGTV.com.

Updating lighting fixtures can be as inexpensive as your budget needs, with a wide variety of options at varying price points. Consider some of the most popular modern styles, including unique chandeliers and wood and metal materials.

Finally: Clean the Property

Never underestimate the impact of a clean rental, especially if you want it to have that luxurious feel—it’s hard to sell relaxation when the space is filthy: “Nothing will turn off a potential renter more than a dirty place,” says Patricia-Anne Tom with Realtor.com.

It can seem almost too simple, but a good cleaning is a great opportunity to make the rental shine—literally—to prospective tenants. Deep clean the rental twice yearly, if possible, and hire a professional if possible. Don’t forget the often overlooked areas like baseboards, window treatments, ceiling fans and appliances.

A small budget can go a long way to turning a mediocre rental into one that looks could be in a luxury home magazine. Use these ideas to take your space up a notch and attract renters who are ready to spend more.

Find out which rental property kitchen and bath trends are making a statement in 2017.

Original article: https://www.propertyware.com/blog/diy-rental-upgrades/?utm_source=twitter&utm_medium=social&utm_campaign=diy-rental-upgrades&utm_term=20170822-tpw&hootPostID=8f976df8d8034c60cbe1a343bfe91da9
Single Family Rentals: What Does the Future Look Like?

Single Family Rentals: What Does the Future Look Like?

Rental Management One

In June, the NRHC and Green Street Advisors’ Advisory and Consulting Group together published an in-depth research paper packed with stats that illuminate the current market for home rentals and projections for the coming years. Their findings should be of interest (and quite encouraging) to people in the business of renting single family properties.
In short, a number of factors point to a bullish market for single family home rentals over the next five years, including the modest growth in supply of homes; strong demand due to demographics and the growing attractiveness of homes relative to apartments; and a greatly tightened lending environment that has made buying homes (vs. renting) more difficult for many.

Today, according to the report, around 13% of all occupied single family homes are rentals, constituting about 37% of the total residential rental market. That’s more than most people would guess, and testament to the strong role single family homes now play in housing renters. In fact, the ownership of rental homes could even become an asset class for institutional investors betting on large portfolios of homes – though today their portfolios still represent only around 1% of the total single family rental market, with the other 99% being owned by “Moms and Pops.”

Single family homes are still 11% below their peak values in 2006, while apartments are now priced 38% above the peak they reached in 2007. The report suggests that this leaves lots of room for a rise in home values vs. apartments, so the good news isn’t only about the strength of the rental market – it’s also about the potential value of the underlying assets, the homes themselves.

Growing Demand

The report posits household formation as the chief driver of housing demand, and goes on to estimate that 6.6 million households will be created over the next five years. Over half these households will rent, a percentage exceeding the historical norm; of these, around 1.5 million will choose single family homes – an increase of around 9% over the next five years.

Job creation is another demand driver for rental housing, and a post-recessionary job market that continues to improve should add around 156,000 jobs per year over the next five years if the report’s projections are correct.

Demographics figure into demand as well. People under 35 represent the most important renter base, and this base is expected to grow faster than the population as a whole over the next five years. These days, carrying lots of debt and finding it hard to come up with down payments, they’re likely to delay buying homes until later in life than ever. Until that time, they’ll remain in the renter pool.

Then too, there’s the fact that every demographic group has seen an increase in desire for homes over apartments, particularly those needing three or more rooms – a feature homes are much more likely to provide than apartments or townhomes. The large millennial generation will soon be creating families that need more room than many apartments can offer them.
Limited Supply

The economy has for over seven years now been absorbing the many foreclosed houses that came on the market as a result of the Great Recession. Where once they might have been rented at bargain prices, many have now been purchased out of the rental market, and the others are more highly valued than they were when empty houses were abundant.

At the same time, the building of single family homes has lagged far behind the development of new apartments, and virtually nobody today builds homes from scratch specifically as rentals.

The changing ratio of supply and demand has led to a favorable situation for owners of rental homes, leaving plenty of room for rent growth. The occupancy rate has been climbing since 2009, and is expected to rise even more quickly over the next five years, while apartment occupancy is already at historic highs and doesn’t leave as much room for growth.

The upshot of this eye-opening report is that it’s a good time to own single family rental properties, and it’s likely to get better – perhaps a lot better. Keep an eye on our blog to pick up tips on how to squeeze the most from your investments!
Source: “Single-Family Rental Primer,” June 6, 2016, Green Street Advisors in partnership with National Rental Home Council.

http://www.propertyware.com/blog/single-family-home-rentals-what-does-the-future-look-like/?utm_source=twitter&utm_medium=social&utm_campaign=blog&hootPostID=d1a89f336bc38ee9c2b9c45924586e09

 

Our Top 8 Swimming Holes in Michigan

Rental Management One

With temps heating up, many people are planning their weekend trips to their favorite summer spots. There’s no need for pricey flights or a passport, here in our beautiful state, we have some of the most beautiful, biggest swimming holes in the world. Here is a list of our Top 8 Spots to Swim. 

1. Bay Mills

Situated at Waiska Bay on Lake Superior, this resort community is ripe for swimming.

2. Cheboygan State Park


This Lake Huron state park is great for hiking, mountain biking, cross country skiing (during the winter, and of course swimming in the crisp, blue waters.

3. North Bar Lake


Popular for its shallow, clear water, this spot is also idyllic for small children – so long as they’re supervised of course.

4. Silver Lake State Park


Mile upon mile of pristine Lake Michigan shoreline will give you that splendid for a dip at the beach on Lake Michigan.

5. Platte River


This shallow, slow moving river at Sleeping Bear Dunes National Lakeshore empties out into Lake Michigan. Perfect for kayaking, tubing, and swimming.

6. Sable River


Float on down this sleepy, peaceful river.

7. Holland State Park

Walk the sugar sand beaches along the shores of Lake Michigan and then cool off in the refreshing waves.

8. Sleeping Bear National Lakeshore in Traverse City 

Gaze upon the spectacular views of Lake Michigan atop these gorgeous dunes or race to the crystal clear waters down below.

Ready to pack your swimsuits yet? Want to find a vacation home to take the whole family to a new swimming hole? Click here to find a home to rent this summer or next.  Then tell us, what spot do you think should of made the list for best swimming holes in the Mitten?
Are you looking for a company to manage your property. Click here to get a free property evaluation from RMO.