Even in this tight rental market, we always have one or two apartments that will sit on the market, despite being in a great location. Sometimes, like a good relationship, it is all about timing, but most times there are certain simple things that a landlord can do to get the apartment rented, even post-September 1st. The first thing is a pretty obvious one – price. Dropping the rent by $50 or $100 per month most times is better than have the unit sit a month or two vacant. Hand in hand with that is cutting the fee to half or no fee. Sometimes even dropping the apartment to “no fee” and building a little bit of that cost into the monthly rent will be just the incentive a recent grad may need, as they are just starting their first job and don’t have much in the way of upfront costs.
Speaking of cost effective, one of the simplest and no-cost options a landlord can use to market their place is to open it up to pets. Allowing neutered cats and, especially well-behaved dogs (with references), will rent most places in no time. Do you know how many panicked calls we get from people with 60lb labs that can’t find a new home because 9 out of 10 apartments won’t allow a pet or have a strict 50lb weight limit? Have you ever met a yellow lab? They are some of the nicest, well-trained animals on earth, but the poor guys can be a little stocky. Plus, if a landlord is feeling a little skittish, say worrying about their floors, they can always ask for last month’s rent and also a security/pet-deposit. Most good pet-owners understand and will gladly pay. In fact, most of them offer that up front when they first call us.
A slightly more costly, but very important feature that a landlord can add to a place is making sure there is laundry in building. Putting it in the unit is a huge bonus that will always rent a place fast, but not having it anywhere on the property will strike an apartment off almost all viewing lists. If there are multiple units in the building, this cost can obviously be split amongst them too.
Next on the list are some of the more cosmetic things. First, a fresh coat of paint goes a long way. Also, if tasteful and neutral, a little bit of color to that paint will make most places feel more “homey” and attractive, even vacant. Something that will disqualify many apartments from being shown at all is wall-to-wall carpet. You don’t have to have original antique, wide-plank solid oak floors refinished to a high gloss. Cheap Home Depot pergo laminate is easier to clean than carpet and technically qualifies as the “hardwood floors” on most Boston renters’ “must-have” lists. It may cost more upfront, but over the years the money you will save on carpet cleanings and replacements will be worth it. Plus, you can probably almost immediately raise the rent a small amount for the improvement.
Finally, we need to talk kitchen and baths. First and foremost, I can’t tell you how many times I have heard the words, “You know, I really want a dishwasher.” You could have cabinets from the 1920’s and grandma’s double basin cast iron sink, but, put a new-looking black or white Kenmore dishwasher in there, and people will see it as renovated. For a more costly, but effective improvement, please consider doing away with any bathroom tile that in any way can be described as “pepto pink” or “spearmint green.” Also, speaking of tile, one great improvement landlords can make is to replace the tacky kitchen or bathroom linoleum floors with some cheap, but more durable tile. Worn away, dirty linoleum, peeling up at the edges almost immediately makes most renters question what they can expect for maintenance, should they rent that apartment.
To all you landlords out there, I hope this has helped. Again, most of these tips are obvious, but it doesn’t hurt to spell them out to you now, as they are spelled out to us almost daily by our clients. Plus, with some of you having vacant units during this slow time of year, you can now think of it as the perfect time to implement some of these basic, yet effective improvements that will pay off now and in the future.
