Property Management Secrets: Maximizing Rental Income with Proven Rent Increase Strategies

Property Management Secrets: Maximizing Rental Income with Proven Rent Increase Strategies - Article Banner

If you’re working with a Nashville property management company already, rental increases are fairly routine. Your management partner is making recommendations on how to maximize your rental value and when to increase what you’re asking. Whether you’re listing a property for the first time, renewing a lease agreement, or trying to decide what the market demands, maximizing rental income is one of the reasons you hire a professional. 

We have a list of proven rent increase strategies that we’re happy to share with you today. Whether you’re managing on your own, thinking about investing in rental property, or maybe leasing the home you’re currently living in, you’ll need to know how to establish a rental value and when it’s appropriate to increase that rental value. 

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The Benefits of Building a Strong Community in Your Rental Properties | Nashville Property Management

The Benefits of Building a Strong Community in Your Rental Properties | Nashville Property Management - Article Banner

If you rent out multifamily properties, it’s a good idea to think about those properties as communities, rather than just buildings or developments. Tenants are hungry for a sense of belonging. They want to feel like they’re at home, even when they’re renting. They feel more valued and appreciated when there’s a strong sense of community where they live. 

Venn Neighborhoods conducted a study that was released last year which showed that renters are willing to pay more for a great rental experience

The study revealed that things like hardwood floors and granite counters aren’t nearly as important to renters as a strong sense of community. In fact, over 80 percent of the 1,500 multi-family renters surveyed reported that they wanted to live in a neighborhood with local businesses, and around 75 percent of those surveyed said they wanted to be more social with their neighbors. 

Check out the full survey results here. What we really found interesting is that when tenants have friends or acquaintances in their building or their neighborhood, they’re one and a half times more likely to renew their lease agreement

There are several benefits to building a strong community in your rental properties. Here’s why it’s important. 

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Maximizing Energy Efficiency in Rental Properties: A Guide for Property Managers to Improve Savings and Sustainability

Maximizing Energy Efficiency in Rental Properties: A Guide for Property Managers to Improve Savings and Sustainability - Article Banner

Are you thinking about energy efficiency in the homes you’re renting out? 

You should be. More and more tenants are interested in sustainability and protecting the environment. Everyone is thinking about their carbon footprint and looking for ways to be less destructive when it comes to the planet and our natural resources. Most of your qualified tenants want to live in homes that aren’t energy vampires. All of your tenants want to keep their energy bills reasonable. 

Maximizing energy efficiency is more than just a trend. It is becoming a profitable way to do business and a responsible way to rent out a home. Demonstrating that you’re a good steward of energy and environmental resources will make your rental property more attractive to environmentally conscious tenants. 

Here is our Nashville property management guide to maximizing energy efficiency in your rental properties to improve savings and sustainability. 

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Strategic Property Management: Unleashing the Power of Location in Selecting Neighborhoods for Investment Properties

Strategic Property Management: Unleashing the Power of Location in Selecting Neighborhoods for Investment Properties - Article Banner

Most Nashville real estate investors understand the importance of location. It drives pricing, it determines whether your property is attractive to prospective tenants, and it dictates how you’ll proceed when it comes to buying, selling, listing, and marketing. 

The location of your property will impact what you earn in rent, how well you retain tenants, and how much the value of your investment increases over time. 

These are the basics. 

When you understand the importance of strategic property management, you’ll focus on location as you look for potential investment properties. The neighborhood you choose has to be desirable to tenants. When you’re setting rents and looking for the best residents, you can make improvements to your home. You can put some fresh paint on the walls, upgrade the floors, and install new appliances. 

But, you can’t change your location. 

Location is powerful. Here’s how to find the right neighborhoods when you’re considering investing in Nashville real estate

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Resident Retention: 5 Simple Property Management Strategies to Retain Residents

Resident Retention: 5 Simple Property Management Strategies to Retain Residents - Article Banner

As Nashville property managers, we’re always trying to create a great rental experience for our tenants. It’s a priority for us because it leads to better tenant retention. 

Tenant turnover is expensive for owners, and we want to help you avoid that expense. We also know that turnover can disrupt your cash flow and your consistent rent collection. It leads to vacancy loss, and it often involves expensive repairs, upgrades, and cosmetic improvements. There’s cleaning and marketing to be done. All of which needs to be paid for out-of-pocket because there isn’t any rent coming in on that particular property.

One of the best ways to increase what you earn on your property is to retain your tenants. 

Lease renewals are better for business than finding new tenants. You also enjoy more stability and safety for your investment property. The cash flow is more consistent and there’s a growing return on investment (ROI). 

If you’re looking for ways to boost your own retention numbers, here are five simple property management strategies that will help you renew your lease agreements with your best residents. 

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