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3 Tips for How to Increase Rental Valuation in Saratoga Springs, NY

3 Tips for How to Increase Rental Valuation in Saratoga Springs, NY

According to NerdWallet, rent has increased 2.4% cumulatively in the first six months of 2023. While rent is rising, significant variations depend on the city and state. Knowing the correct rental valuation for your property in Saratoga Springs will help you occupy your properties sooner and alleviate the burden of a potentially long vacancy.

The Saratoga Springs real estate market is competitive. You want to snag the best tenants, but you also want to profit from rentals in Saratoga Springs. This means that a renter must be willing to pay your price.

If you want to raise your rental valuation, here are the top three ways to do it.

1. Boost Your Curb Appeal

Saratoga Springs property managers will tell you that first impressions mean much to tenants. They are interested in the front of your home. Rental valuations are easy to increase when you spend time sprucing up the front garden, including removing weeds.

Not only that, but you should ensure the paths in front are debris-free. Clean the windows. The fence can benefit, too, from a nice, new coat of paint.

You should consider cleaning and painting the front door if you rent an apartment. Place a new doormat to impress applicants with a "welcome" feeling. Window boxes are a nice touch too.

2. Freshen the Bathroom

Renters will pay more for a clean property, including the bathroom. However, it doesn't mean an expensive remodeling project. For example, if you have stained or outdated bathroom tile, consider applying new tile paint, which is less costly than replacing the tile.

Fixtures, shower heads, and curtains can benefit from a replacement. Scrub out any mold. You may consider adding a new vanity.

These are all economical ways to improve the bathrooms of rentals in Saratoga Springs. It will provide a modern, clean look that tenants will love.

3. Makeover the Kitchen

It's the heart of your rental. The kitchen is where people gather to cook, eat, and have conversations. Tenants will pay more for a fabulous kitchen.

Increasing rental valuations does not mean spending a lot on renovations. Like the bathroom, you could apply a fresh coat of paint. While changing cabinet doors can beautify the kitchen, replacing the handles for drawers and cupboards will do the trick if that is not in the budget.

Saratoga Springs renters enjoy rentals that have new appliances. It would help if you considered replacing the refrigerator, oven, or dishwasher. The kitchen appliances alone could be why a tenant chooses a property for more monthly rent than other properties in the neighborhood and renews their lease.

Raise Your Rental Valuation

These are excellent ways to increase your rental valuation. Expert Saratoga Springs property managers can help you find more ways, too.

The professionals at Veno Properties will help you maximize the ROI on rentals in Saratoga Springs. That is because they understand the challenges and needs of landlords and tenants in the Capital Region. They will help you with maintenance, compliance, rent collections, etc.

Contact Veno Properties today to learn more.