How To Keep Your Rental Property Competitive This Summer

Unleash Your Property’s Full Potential

With summer just around the corner, you’ll want your rental to be the hottest on the block. For property owners and landlords, summertime can be the busiest time of year with move-outs, renovations, inspections, and move-outs. Keep your rental competitive and stay ahead of the curve by investing in maintenance and remodeling services to bring out the best in your property. Taking extra care to prepare your rental property for summer will reduce overall turnover and vacancies, ensuring the highest possible returns for one of the most bustling times of year for real estate. For over 30 years, RTI Properties, Inc. has remained committed to the success of our clients’ Los Angeles properties. Read on for some helpful summer property management tips straight from our team!

Rental Homes Property Management

Spruce Up Your Rental For Summer

When managing your rental property, the summer season brings its own set of challenges. Having a solid property management team by your side can help ensure that nothing falls through the cracks–from daily onsite operations to administrative tasks and financial reporting.

One thing’s for sure, though: you’ll want your rental looking its best this summer whether it’s for existing and established tenants or prospective renters. Keeping the following tips up your sleeve and top of mind, so your rental property can thrive under the summer sun.

Pay Attention To Landscaping + Plant Growth

This summer, don’t let any weeds or shoots go unattended, as the damage could end up costing your property more than consistent maintenance. Whether you hire a local professional on your own or select a trusted vendor via your property management company, it’s important to ensure that there is zero plant growth beneath concrete surfaces to avoid the following: water line intrusions as well as pavement damage and resurfacing due to overgrowth. To prevent any further nuisance and even hazards, be on the lookout for plant growth encroaching on walls, houses, neighboring properties, nearby A/C units, or power lines. Summer is a chance to spruce up your property by paying special attention to landscaping–just be sure to hire a company with the proper experience and licensing.

Check Your A/C + Electrical Units

During the hotter summer months, it’s a good idea to replace the filters in any air conditioning units on your property before and after the full blown heat. Annual and semi-annual servicing of your rentals’ cooling system is key for increasing its longevity and preventing costly repairs and even more costly faulty units. Furthermore, avoid additional expenses, repairs, and potential California fire hazards by checking all of the electrical units on your property.

Prevent Pest Infestations

Pests and insects thrive during the summertime–no matter how clean your rental is or how clean your tenants are. Regular maintenance of your rental’s windows and screens, as well as annual pest control extermination, can eliminate your chances of an infestation of the following bugs and critters:

  • » Mosquitoes
  • » Ants
  • » Fleas
  • » Ticks
  • » Termites
  • » Grasshoppers
  • » Flies
  • » Stinging Insects
  • » And More!

Why Summertime Is The Time To Move

Whether or not your rental property resides in a college or university town, summer is one of the most popular moving seasons for families, young professionals, and students alike due to the end of the school year and extended break. Life circumstances can change over the year, with summer remaining the most convenient time to relocate. There will always be a pool of tenants who give notice or move out during the summertime because of life changes, including but not limited to:

  • » Graduation
  • » Change of schools
  • » New job
  • » Commute change
  • » New roommates
  • » Bigger apartment or house opportunity
  • » Moving in with a new partner

To reduce summer turnover at your Los Angeles rental property, consider asking tenants for feedback and/or initiating a suggestion box in your main leasing office. Even though you can’t prevent life circumstances and changes that force people to move, you can ensure that tenants don’t move out on account of the lack of amenities or on-site maintenance your rental offers.

Increase Your Summer Lease Renewals

In addition to asking tenants for direct feedback to keep your year round rental property competitive within your neighborhood and city, the following tips will help you reduce summertime turnover and increase overall tenant satisfaction, which will reflect in lower vacancies and higher returns for your rental property investment.

» Offer Early Lease Renewals

Inviting tenants to renew their lease three months before it ends will make it easier for both you, the property owner and tenant plan ahead. Giving tenants the chance to decline a lease renewal ahead of time gives landlords the opportunity to fill vacancies and reduce uncertainty. At the same time, an early lease renewal allows tenants to take into account any rent or fee increases. This sort of transparency and forethought will be greatly appreciated by tenants whether or not they choose to renew or not. Giving tenants more time increases a landlord’s odds for more renewals and less turnover.

» Respond Promptly To Tenant Concerns

Communicating openly and remaining proactive when it comes to tenant issues and concerns will show that you’re a good landlord who actually cares. The more responsive you are, and the faster you can resolve problems, the happier your tenants will be, increasing longevity while reducing overall vacancy rates.

» Give Tenants The Option To Sublet

As mentioned earlier, summertime is the season to move, whether someone is relocating, traveling for an extended period of time, or going on a trip. As a landlord, you can increase tenant retention by offering a sublet option for tenants who will be gone during the summer months but plan to return.

» Provide Incentives For Lease Renewals

Give tenants a reason to stay, by offering perks for lease renewals. Upgrades like free wifi for your entire rental property or discounts on rent or utilities will display an ongoing commitment to your rental property and increase the chances of current tenants wanting to stay and renew.

» Invest In Improving Your Property

From remodeling your rental unit(s) to upgrading the appliances in a laundry room, putting money into your property will not only increase retention rates with current tenants but also attract new tenants that will help lower your vacancy rate. In a place like Los Angeles, it’s important for your rental property to stay competitive and even cutting-edge. Look for ways your rental could potentially stand out and pose as the best option throughout your neighborhood and region!

Property Management You Can Trust All Year Round

For over 30 years, RTI Properties, Inc. has specialized in property management for Los Angeles rentals, commercial buildings, and more. With deep insight and valuable experience when it comes to the Los Angeles real estate market, our team is well-equipped to serve first-rate property management services whether your rental requires onsite management, maintenance, administrative reporting, or all of the above. Keep your rental property functioning at its highest potential with premier property management from RTI Properties, Inc. For more information on our full suite of Los Angeles property management services, or to get a free property management quote, contact our staff today at (310) 532-5470.