Improvements & How They Impact Rent Prices

[Michael Rosales]

I'm just starting out here in Albuquerque, and my focus is on Buy & Hold. One of the things that I'm having the most trouble putting my finger on is rent prices, and as most of you all know that is a key factor when it comes to cash flow. My biggest question is, what type of improvements make the most impact on bringing in a higher amount of rent? So for example, if there were two identical homes inside and out that are rent-ready, what extra improvements could I make to the one I'm looking to rent out to bring in $50-$100 more per month in rent? Or is that even achievable here in Albuquerque?

[David Torres]

Michael,

I don't know if you can increase your rents based on improvements.  However, in my experience locally, you may have shorter vacancies and longer tenancies.  I tend to put in nicer finishes (granite, tile, good appliances) and it usually only takes less than a week to get my units rented.

Have you checked out rentometer?  I find that it is a good tool to find out what rents are for an area.