Upgrades to boost your rent

[Andres Bernal]

Hi guys, I’m a investor with a few units ( multifamily mostly) in Connecticut. My rentals are in the new haven county and I’m wondering what kind of upgrades you guys are utilizing to increase rent or to maintain a good rental. This upgrades either stainless steel appliances, expanding rooms, adding extras like coin laundry machine or parking. Any input would be great! If you have rentals in Hamden, West Haven, Orange, Milford, east haven, new haven, Fairfield county, Bridgeport, Wallingford, north haven, Hartford please comment. Thank you!

[Ray Harrell]

Unless the neighborhood where your property is located has experienced a dramatic shift toward higher income residents, there is no cosmetic upgrade that will give you a return on investment. The only things that might give you an edge over competitors is utilities includes or in-unit washer/dryer. But in those cases you are increasing rents to cover increased expenses and maybe padding a bit to your advantage.

The downsides to both are that when tenants don't pay for utilities, they tend to abuse them. Likewise with the washer/dryer, they will wash two socks and/or allow their friends to come over and wash.

Bottom line, if you are attracting good tenants, and they are staying, don't change a thing.