One of my properties is a single family dwelling in a college town. The property was historically managed by a property management company. The house had considerable deferred maintenance that needed to be corrected, repaired, and/or replaced. The entire house was historically leased under one contract and market rent was charged.
- Correct, refurbish, recondition, and repair
- Consistent maintenance of the interior and exterior of the house
A few years ago I realized that if I created rental packages that were more in sync with the new “trust economy” I would benefit from the high demand, low supply economy for rental houses in this transient (college) community. The rental packages were for rooms in a furnished and equipped house and included all utilities and some supplies. The rooms are under individual contracts and are offered furnished or unfurnished.
These changes have enabled me to increase tenant satisfaction, increase rents 30%, and reduce the number of tenants living in the house by one third.