Grande Prairie is a popular destination for visitors and a top choice for residents. It offers great shopping, entertainment, and world-class recreation facilities. There’s a wealth of activities to choose from summer to winter season. You can go hiking, biking, and even ride ATVs during sunny days. When winter arrives, the area transforms into a winter playground. People take advantage of the outdoor rinks for skating and also go on fun snowmobiling adventures.
The city is also abundant in terms of recreational hubs such as Eastlink Centre, Bear Creek Outdoor Pool, Museum, Montrose Cultural Center, and Indoor Soccer Pitch. There’s also the Grand Prairie Live Theatre where plays, concerts, and movies are held. Other facilities that serve as cultural hubs are the Grand Prairie Public Library, Art Gallery of Grand Prairie, and the Centre for Creative Arts.
Grand Prairie, Alberta has a diverse and welcoming community that makes moving an easy decision. If you have a Grand Prairie rental property, here are 5 easy ways to get more rent for it:
1. Quality Amenities
One way to attract quality tenants in your Grand Prairie home is to offer quality amenities. You can update your appliances and continually improve and renovate your space. Tenants like stainless steel and granite marble tops in the kitchens, for instance. The advantage of putting quality finishes in your property is that they are durable. No matter how many tenants have inhabited your unit, if you designed it with quality in mind, replacements will be minimal.
Granted you don’t have to frequently spend on top of the line appliances, you can always buy the middle of the line products. They’re more affordable and user-friendly. One benefit to newer appliances is they’re also energy efficient which reduces utility bills. If tenants are able to save, this is an incentive for them to stay longer in your rental property.
If there are repairs and replacements that need to be done, a landlord should take care of these right away. It creates a good impression on the tenants and it also assures them of your reliability as a landlord.
2. Paint the Interior and Exterior of the Property
A home is more attractive when it has a fresh clean look. If need be, try to repaint the interior and exterior of your Grand Prairie home. Choose a neutral palette so it will match whatever furnishings a tenant may bring. If you stick to a solid color and there’s a minor repainting that should be performed, it won’t cost you very much.
An attractive place will draw potential renters to your unit. It will also motivate the existing clients to stay. They will accept a small rent price increase because they’ll see how well maintained your space is. They won’t hesitate to renew their lease because you’re constantly enhancing the home’s value through renovations.
A fresh paint tone also makes a home appear bigger and exudes a feeling of lightness and warmth. Tenants will feel cozy at the inviting atmosphere of your property. It’s also a good idea that professionals will perform the paint job. An even and clean coating elevates the property’s attractiveness. If the paint job is poor and messy, it will affect the look of your property even if it’s well constructed. If you can afford it, make sure experienced contractors handle the painting job.
3. Professional Cleaning
Professional cleaners can perform a thorough job since they have invested in the proper equipment. They also have the cleaning tools and ingredients to resolve any dirt issues.
Their cleaning expertise will leave your property smelling great and looking spotless in no time.
When you show your Grand Prairie home to prospective renters and they see that the unit is clean and smells good, they’ll more heavily consider renting. Even if the price is a bit higher, they’ll feel like the place is worth it. Your senses will naturally opt for where you’re more comfortable and a well-cared-for unit speaks volumes.
4. Tidy the front
The exterior of your Grand Prairie home matters a lot. It’s the first thing a prospective renter will notice. For this reason, it’s proven to be one of the best ways of getting your property ready to rent.
Make it more attractive by developing a curb appeal. You have to mow the lawn and trim the edges of the overgrowth in the pathway and driveway. If there are fences, they must stand straight and be in a good condition. The driveway must be clean and the garden must be tidy. It’s also recommended to maintain some decorative plants and plant flowers to beautify the surroundings.
A good landscaper can enhance the exterior of your property. If you have some water features such as a pond, make sure they’re clean and look well maintained as well. Tenants will frequently judge on what they see first and so tidying your front yard is a good strategy.
5. Incremental Annual Increase
Raising your rent, a little each year is a good practice to avoid surprising your tenant with a large increase. Make sure to keep it below 10% and perhaps add only between 1-3%. Sudden spikes in the rental price could turn off tenants and could result in them finding a new place to live in.
Notify your tenants about your plans for property improvements in your Grand Prairie home. If tenants can see that proper maintenance is being done and worth the raise in rent then they wouldn’t question the rent increase.
As long as your Grand Prairie home has great property features, an increase in rent is comprehensible. When the market is in an upturn and demand is high, naturally, rents are higher. As long as it is priced competitively then you can optimize your profit by raising the rent a bit each year.
The Bottom Line
The aforementioned were 5 ways to get more rent for your Grand Prairie home.
If you think you need a property management company to help guide you through this process, don’t hesitate to contact us at Real Canadian Property Management.