Located at the southern end of the Greater Tampa Bay Area, Sarasota is a beautiful city with gorgeous beaches, a lively arts scene, and plenty of local attractions. The city’s high quality of life and world-class amenities have made it a magnet for people looking to move to Florida, from families and young professionals families to retirees. It’s no wonder that US News named Sarasota one of the best places to live in the country.
Renting out a property in Sarasota can be a great way to supplement your cash flow, getting you one step further toward financial stability. However, the rising cost of living is a major threat to your profits. As the cost of goods and services goes up, your earnings can go down. That’s why it’s important to evaluate and adjust your rental rates at least once a year.
But how can you charge a higher rent without driving tenants away? The experts at Stringer Management will tell you! Keep reading to discover the best strategies for getting more rent out of your Sarasota rental.
Renovate the Property
The condition of your property directly affects its value and appeal. A modern-looking property will be much more appealing to prospective tenants than one with outdated design choices or old fixtures. Here are some property upgrades tenants can’t resist.
- Renovated Kitchen. A small or outdated kitchen can drive prospective tenants away. If you want to make the kitchen on your property more appealing, consider adding new cabinetry, updating the countertops, and installing new fixtures. Additionally, consider installing storage solutions to maximize the existing space.
- Modern Bathrooms. Bathroom fixtures tend to wear down over time, and upgrading them shows tenants that you take good care of your property. Additionally, upgrading the cabinets, floor, or tiling can give your bathrooms a much more modern look, making the property more appealing to tenants.
- New Flooring. Changing the flooring of your Sarasota home can give it a more modern look and feel. Consider replacing old carpets or worn-out flooring with hardwood or vinyl, as they are more appealing and durable.
- Refreshed Curb Appeal. First impressions matter to renters. If you want to attract tenants, you need to improve and maintain the exterior of the property. This includes painting the walls, landscaping, cleaning the driveway, and planting some more trees and plants. The better the curb appeal, the better the impression you’ll leave on prospective tenants.
- New Appliances. New, stainless steel appliances can help you attract tenants willing to pay more. Moreover, by investing in quality appliances, you can minimize the need for repairs.
Offer High-Value Amenities
Tenants are willing to splurge more on rent if they believe that the property is worth it. Size and location are two major selling points for tenants. Amenities are another one. By investing in the right amenities, you can increase the value and appeal of your rental unit.
Amenities tenants love include in-unit laundry, smart-home features like smart locks and thermostats, extra storage solutions, and outdoor areas, such as a well-kept patio, a nice balcony, assigned parking spaces, or a spacious shared outdoor area. Additionally, tenants are always looking for properties with wellness amenities such as pools or shared gyms.
Another thing that tenants are always on the lookout for is pet-friendly amenities. Things such as fenced yards, catios, or pet-waste stations can make your property stand out from the rest.
Enhance the Security
No one wants to live in a place where they feel unsafe. Enhancing the security of your rental property can help you make the unit more appealing to prospective tenants, retain existing tenants for longer, and justify higher rental rates. On top of this, you’ll have more peace of mind knowing that your investment is well-protected. Consider investing in security features such as smart locks, remote-access control, motion-activated lights, gated entry, and high-quality cameras.
Offer Short-Term Rental Options
Short-term rentals typically command higher rents. After all, tenants are willing to pay more for the flexibility, convenience, and amenities short-term rentals offer, whether it’s for business, vacation, or transitional living. Moreover, it means more flexibility for you, the tenants. You can adjust pricing based on demand, especially during peak seasons or events, boosting the overall profitability of your investment.
However, it’s important to note that short-term tenancies come with some downsides. Frequent tenant turnover means more time and money spent on cleaning, maintaining, and marketing the property. Vacancy rates can be higher, leading to inconsistent income. There’s also a greater risk of property damage, especially with unfamiliar or one-time guests.
Additionally, many cities have regulations or restrictions on short-term rentals, which could limit availability or add legal complexity. While the potential for higher income is appealing, you must carefully consider the pros and cons to decide whether this is a good strategy for your long-term goals.
Partner with a Property Manager
Sometimes, landlords undercharge their rental properties because they don’t understand the market very well or they can’t see their true potential. When you partner with a property management company like Stringer Management, you gain invaluable insights into the local rental market. The right company can help you assess and adjust your pricing strategy as necessary.
Bottom Line
Renting out a property can be a great way to supplement your income and grow your wealth. However, with poor planning and financial management, a rental property can quickly become a liability. If your operational expenses surpass your income, you’ll have to dig into your personal funds to make up for it, which can cause financial strain. Luckily, there are plenty of things you can do to get more rent out of your property! Some quick examples include renovating the property, installing more security features, and offering high-value amenities.
But if you truly want to make the most of your rental, you should partner with a property management company. If you’re in Florida, contact the team at Stringer Management! We can help you assess the profitability of your investment and provide insights for improvement.
