Earning more rental income is an outstanding goal, and whether you’re established it as part of your investment strategies or not, it’s something to work towards every time you review what you currently have in your portfolio and what you might want to add to your portfolio.
Even if you’re only renting out one home, you want to earn as much as possible on that home.
With a high demand for well-maintained rental homes in Humboldt County and rental values that have risen considerably over the last couple of years, this is an attractive market for landlords. However, competition is always fierce when we’re talking about real estate anywhere in California, and you need to be smart to ensure your rental properties stand out from the crowd. You’ll maximize your rental income when you can attract and retain quality tenants willing to pay higher rents.
Let’s talk about some of our best strategies for maximizing your rental income as a landlord or a
real estate investor in Humboldt County.
Focus on Effective Rental Property Marketing
One critical factor that determines your rental income is how efficiently and effectively you market your property. Good marketing and advertising increases what you earn in two ways. First, it reduces vacancy. Second, it gets your property in front of well-qualified tenants so you can comfortably charge higher rents and attract a strong pool of potential residents.
Marketing matters to your income because it allows you to avoid expensive vacancies. Every day that your property is unoccupied is a loss. It also helps you zero in on great tenants who are likely to pay rent on time, take care of your investment, and renew their lease agreement.
Focus on your marketing by:
- Crafting a compelling listing description that highlights your property's unique features and amenities.
- Investing in professional photographs or professional-level photography. This can have a significant impact on the number of inquiries you receive. Prospective tenants are always going to scroll through the photographs first.
- Utilize multiple online listings and social media platforms to reach a wider audience.
When you have a robust marketing strategy, you attract a lot of attention to your property, and you have the opportunity to schedule showings and collect applications.
Understand Local Rental Market Trends
Understanding your market is essential to set an accurate rental rate and to best position your property to attract the stand-out tenants.
Educate yourself on the current rental market in Humboldt County. Take some time to investigate:
- Rental rates
- Property types
- Tenant demographics
- Property condition and upgrades
To boost your rental income, you need to know what kind of competition you’re facing and what tenants are looking for in their next rental home. When all of the properties in your neighborhood are offering stainless appliances, for example, you’ll have to do that too, or expect to bring in lower rents.
Price Your Humboldt County Rental Property Competitively and Profitably
The more desirable and attractive your rental property is,
the higher rents you can charge.
Maximizing your rental income is really about providing a fantastic property that’s in high demand.
Maintaining your property in excellent condition shows prospective tenants that you care about your rental home and their comfort and wellbeing. Everything from a fresh coat of paint to replacement of worn-out appliances can help you attract and retain quality tenants who appreciate living in a modern home that is clearly well-cared for.
Tenants who perceive your property as a nice-looking home are more likely to take better care of it, consequently reducing your repair costs. When you upgrade your landscaping and curb appeal, invest in small aesthetic improvements such as new hardware, lighting, and window coverings, and consider any updates and replacements that your existing tenants might request, you’re increasing your income and the desirability of your property.
Focus on Upgrades and Property Condition
Proper pricing will influence everything from the number of showings you schedule to the number of
applicants you screen. It has to show up in your marketing and it has to be consistent with what the market demands.
While you want to achieve the highest rents that the market will allow, you do not want to overprice your property. This will only extend your vacancy time. Tenants have access to good information, and they’re willing to do their own research. They know what properties are worth in Humboldt County, and they won’t pay more than they have to if they’re well-qualified.
Take the time to compare your property’s characteristics and amenities to other rental properties in the area. You can use third-party software to research local rents or hire an experienced property manager to get real-time data on rental prices in your area. To maximize rental income, it’s crucial to set fair and competitive rent prices for potential tenants.
Partner with Humboldt County Property Managers
Smart investors focused on earnings and long-term appreciation understand the value of professional property management. Services like those we provide can easily maximize what you earn on your Humboldt County rental home.
You’ll leverage our expertise in the rental market, access our technology and systems that keep things running efficiently and cost-effectively, and save money on maintenance costs thanks to our preventative services and our relationships with vendors and service providers.
We can also help with valuable advice on the right time to increase rental fees, marketing and showing your property, and handling difficult tenants.
Your property managers can handle essential rental management tasks, such as background checks,
rent collection, and lease enforcement.
Maximizing your rental income in Humboldt County requires a strategic approach to setting competitive rental prices, enhancing property appeal, and managing your property effectively. You need good marketing and expert help.
