Due to the COVID-19 pandemic, there has been a dramatic influx of apartments on the market for rent in Boston. In the not-too-distant past, inventory was low and it had been a "landlords' market" for several years. However, these days, incoming tenants looking for a deal can certainly find one.
As a landlord, a recommended strategy right now is to make your apartment as attractive as possible. If it hasn’t been renovated in 10+ years, this is the time to do it. Price is important, but today's discerning renters are looking for "new and shiny", generally preferring nicer apartments over the absolute lowest-priced options that are not well maintained.
Here are a few improvements to consider, based on the feedback we receive from tenants evaluating apartment options:
- Kitchen updates are among the most important. Consider installing new cabinets - if that's not in the budget, then consider having the cabinets repainted and replacing the hardware.
- Stainless steel appliances are becoming a "must have" for many renters.
- Refinish the hardwood floors and apply a fresh coat of paint to all walls.
- Update the bathroom(s).
With the inventory out there, expectations are high. Here are some "before" and "after" pictures of an apartment that was just renovated. It tremendously helps with the marketing - not just now, but for years to come.
If you would like to schedule a complimentary consultation, contact us here. We can schedule a visit to your apartment and suggest improvements that prospective tenants would most likely request. During our visit, we can also present a pricing and marketing strategy to help you get your vacancy filled so that your investment property can maintain a positive return!