At CincyRents we offer competitive property management services on apartments, townhomes, condos, and houses throughout the Greater Cincinnati area. In this blog article, we’ll provide some tips that rental property owners should consider for getting the most return on their property investment.
Wheelchair ramps, elevators, and other infrastructure improvements to your house, townhome, condo, or apartment might have a little bit of upfront cost, but they can also open your space up for high-quality rental candidates with disabilities. For many, something as simple as a ramp is easy to overlook if you are renting out a house that you used to live in and you never had the need for a ramp. But for the elderly and those with disabilities, this can be a dealmaker or breaker. For a full list of items to consider look at this article from Disability Rights Ohio.
72% of Renters Own Pets
According to new data, 72% of renters own pets. If you don’t allow pets on your property then you are eliminating a significant portion of rental candidates. Instead, consider allowing pets but protecting yourself by adding a pet deposit to the security deposit or, if your state allows it, add a monthly fee to the rent for pets. If you need help but don’t know where to get started then read our article on screening pets!
Rent is Rising
Last year the median rent price rose significantly. If you are a property owner then it may be time to evaluate your rental price and make sure you are keeping up with the market and with your own costs. In the Cincinnati market, May 2020 to May 2021 rose 11.9% in median rent which was the 9th-highest increase in the country. According to CityBeat, “studios in Greater Cincinnati went up 2.1% over the last year, single bedrooms increased by 7.3%, and doubles rose a whopping 12.7%.” In short, rent is rising. Are you keeping up with it?
2022 Is a Good Year to Invest in Additional Properties
According to RocketLawyer, 2022 is a good year to invest in additional properties or improvements on existing properties. Interest rates are low; meaning it is the optimal time to refinance or add an additional mortgage. The economy is recovering and higher demand for rental property is expected as life returns back to normal. Business Insider agrees that 2022 is a great time to make home purchases. If you decide to purchase additional property in Cincinnati, let CincyRents manage it for you. We find quality tenants, handle move-in, move-out, background checks, and maintenance calls all for a competitive rate.