The Pensacola rental market is changing with inventory levels increasing and in our current market causing a reduction in rental rate growth and an increase in days on the market for rental properties. Part of this is due to the huge increase in new construction inventory causing an increase in rental supply levels.
With so many new construction properties on the rental market, many older properties are having to compete with new construction. On top of having a brand new home/apartment, these new construction communities/apartments are offering really good move-in specials. With all the newly remodeled and new construction options available to renters these days, it is important to make updates to your Pensacola rental property to ensure that you are comparable to the competition. Making some or all these updates, also allows us to be more competitive with the rental rates.
The updates that need to be done more frequently would be updating the flooring (especially carpet) and paint. We usually give carpets about a 5-year lifespan with tenants. If your home has linoleum, stained flooring, broken tiles, or outdated tiles, we also suggest looking into updating the flooring in your property. Fresh paint can make a big difference as well. Over time you can see lots of paint coverups on the walls. After a few years, it is best to just go wall to wall and make it all even. If you have any bold or bright colors, we also recommend going in and painting with a neutral color.
Kitchens and bathrooms are also the largest draw-ins for renters and home buyers. We understand that a full kitchen or bathroom remodel may not be in your budget, but there are several ways that you can update your kitchen on a budget. Some suggestions for the kitchen are to paint the cabinets if needed, update the hardware, update countertops (if granite is out of budget there are lots of granite-looking laminate options), update lighting, and update your appliances. Changing out just a few of these can make a big difference.
In the bathrooms, we have seen instead of taking out the dated color tiled showers they have them painted white to make them feel more updated at a fraction of the cost. You can also get an updated vanity kit to save a bunch of money. You can do similar upgrades to the cabinetry and countertops as noted in the kitchen!
Fences seem to be a big desire for renters as well, as some renters will express that an unfenced yard is a dealbreaker. While the majority of renters do have pets, even those without like to have some privacy in an enclosed backyard. If you are not wanting to invest in the high cost of installing a fence, you can look at creating a space to allow for some privacy if there are neighbors’ homes that look into your backyard. This can be achieved with landscaping or even privacy screens around the patio.
Lastly, landscaping should be attractive but easy to maintain. You want something that looks good year-round but will not require a lot of upkeep on the tenant's part as most renters will not invest a lot of time in maintaining the yard, shrubs, or bedding.
If you’re looking for Pensacola property management, our Realtors and property managers are happy to meet you at your home to discuss what improvements should be made to maximize your potential rental rate and make your home more attractive for renters. Reach out to our team to schedule a consultation!