Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
6y
Kitchen primarily add an additional bedroom if possible. Usually if it is multifamily there is a ton of deferred maintenance that needs to be taken care of first.
San Antonio, TX · Member since 2019 · 930 posts · 836 votes
6y
The best way to go about it would be to determine what the higher renting properties in the area are offering that yours doesn't and then improve to match.
Rockaway, NJ · Member since 2016 · 2k+ posts · 2k+ votes
6y
Generally the best ways to increase rent are increase number of bedrooms (within reason), or update kitchen or bath.
Make sure you are in line with your local market. For example, granite countertops and stainless steel appliances wont get you more rent in disaster areas.
First be mindful of your competition in the area. I was able to achieve higher rents because MOST houses in the area only have 1 bath, but because I have an extra .5 bath I was able to beat out my competition AND increase the rent.
I believe looking at your market will justify what you need to do to increase rents. As @Andrew B. mentioned If your property is in a Class D neighborhood there is no point in spending on granite countertops and stainless steel appliances. Class D tenants are just looking for affordable living.
Pets: Obviously, this does not add value to your property, but it does increase your exposure, security deposit, and gross rent. You can limit your liability by restricting certain breeds.