You’re competing for tenants in a crowded and competitive San Francisco rental market. It’s important that you provide a modern, attractive rental home that includes all of the upgrades and improvements that tenants are beginning to expect.
Making upgrades can be expensive. While you don’t have to completely renovate a unit that’s already well-maintained and in good condition, you do want to keep up with improvements and modern amenities. You’ll attract and retain better tenants, rent your property out faster, and earn more rental income.
Look for opportunities to make cost-effective updates that will grab the attention of prospective tenants without sending you over-budget. We have some ideas on upgrades that will help you earn your money back.
Provide In-Unit Laundry
Here’s a fun fact: there are fewer places for San Francisco tenants to do their laundry in the city than there were 10 years ago. The San Francisco Public Utilities commission says one in three laundromats closed in San Francisco over the last decade. According to their statistics, only about 204 laundromats remain, and other statistical sources claim that number is actually under 100.
This means your tenants will be anxious about where they do their laundry. Providing laundry facilities in the building is an excellent amenity, but even better would be private laundry in each tenant’s own home. A washer and a dryer will increase your rental value and move your property to the top of the list when tenants are looking for a home to rent.
It’s not a huge investment, either. While you’ll have to buy the washing machine and the dryer (and maintain them), you won’t have to spend too much money, and you’ll definitely earn it back. Choose a model that’s energy efficient and reputable. If space is an issue, consider stackable appliances.
Hard Surface Flooring in San Francisco Rental Homes
Carpet is quickly falling out of favor with tenants. There are a few reasons for this:
- It’s difficult to really clean. Carpet fibers do a great job of trapping dirt, dust, and odors.
- It’s not attractive. Carpet doesn’t look good, especially when you compare a carpeted room to one that has faux hardwood floors.
- Hard surface floors are easier to maintain. Tenants can sweep every day and mop when there are messes. Carpet, on the other hand, need constant attention with vacuuming and shampooing. You won’t have to re-carpet your property during every turnover when you’re working with hard surface floors.
You can choose a faux wood or a laminate. Even high-quality vinyl can look great in the kitchen or entryway. It will cost you some money up front, but higher rental rates and better tenant quality will more than make up for the improvement.
Pick a Parking Provider for San Francisco Tenants
Trying to park in this city is frustrating. It’s expensive. You have to be clever.
Tenants in San Francisco will be eager to rent a home that comes with parking. If you can, offer discounted rates for parking in nearby lots or garages. Providing parking on-site will increase what you’re able to charge in rent.
More and more electric vehicles (EVs) are coming onto the market. It’s smart to provide an electric vehicle charging station for the tenants who need it. This will definitely get the attention of tenants looking for that specific amenity.
If there’s anything else you need to know about this topic or anything pertaining to San Francisco property management, please contact us at Gordon Property Management.