According to an article posted by USA Facts, the median rent in Washington, DC, between 2018 and 2022 was about $1,900 per month.
It's important to note that some landlords were able to reasonably charge more than this as their properties may have had a higher value. If you can increase the rental valuation of your properties, you can boost your income. So how can you go about doing this?
Let's take a look at some real estate valuation tips that will help you maximize your income.
Make Upgrades
If you want to increase the value of a property, you need to be able to justify it. For this, your property needs to be in a good state.
Routine maintenance will help ensure a property is always in good condition. Be proactive with repairs whenever you discover an issue to avoid major problems and larger repair jobs.
You can also make various upgrades to increase the value of a property. Unique features that stand out can have a sizable impact.
Some common ways to boost property value include:
- Adding an outdoor living space
- Installing a pool
- Improving the curb appeal
- Implementing smart technology
- Installing an upgraded security system
Look at other properties in the area and see what they offer. You can then highlight any key features of yours to help increase your rental income potential.
Focus On the Kitchen and Bathroom
While there are all kinds of improvements you can consider, you should focus on the ones that will have the biggest impact. Many people see the bathroom and kitchen as the most important rooms in a home, so you should prioritize them.
If there are any issues such as leaky faucets, you should deal with these as soon as possible. Even without any technical issues, you might want to consider renovations if a kitchen or bathroom looks dated. They can become quite shabby faster than other rooms, so typically need a bit more attention.
Target Niche Markets
Market rental analysis is essential as you need to understand who you're marketing your property to. There may be certain groups who you can target as they'll present opportunities for increased profits.
For example, some landlords don't allow pets, so if you target pet owners, you can usually set higher rental prices. Pets can potentially cause property damage and other issues, so a higher rental price is justified.
Look into your local market to determine what groups are looking for rental properties in your area and what they're looking for. You can then tailor your property and your marketing efforts to capitalize on this.
Help With Rental Valuation From a Property Manager
These rental valuation tips can help you get a better ROI from your properties. To truly maximize this, you can work with an experienced property manager. They have an in-depth understanding of the property market so they can help you get the most out of any rental properties you own.
PMI National Harbor offers full-service real estate asset management throughout Washington, DC. We have years of experience and leverage cutting-edge technology to provide the best level of service to our clients. Get your free rental analysis from us today.
