Updated almost 10 years ago on . Most recent reply
How much rent does this improvement make?
I'm looking for feedback on how much a renovation could increase the rent.
Below are photos of a unit that needs some love and one that has been done. They are in the same building, same floor, same view, same size and very close to the same layout.
If we assume the unfinished property could bring $1000 in rent, how much would the redone one bring?
I'm trying to gauge how long the unit would have to rent to payback the renovations.
Most Popular Reply
Robert. I have found that making rentals nicer does not add a lot in rental value. Maybe an extremely nice rental could get $200 more per month over an OK one. Most of the time the rental increase would be less. The big advantage I have found to very nice rentals is they they rent faster and tenants tend to stay longer. The cost of repairs to fixed up high end units are higher than regular units.