Earlier this year, rental rates dropped 15.5 percent in Los Angeles as the city reeled from the effects of the pandemic. According to Brian Carberry of Apartment Guide, “There has been a trend over the past year where notoriously expensive cities — NYC, San Francisco, L.A. to name a few — have seen a big decrease in rent prices.” Cranberry’s May 2021 Rental Report showed that Los Angeles experienced the second biggest decrease in one-bedroom rental prices, with an almost 18.4 percent decline. Now, the rental market in LA is expected to heat up once again, as workers return to the office and more people contemplate a move to Los Angeles once again. For landlords, this can be a particularly significant time, as they rush to prepare their rental property for new tenants and hopefully capitalize on the rising rental rates once again. However, before you can do that, there are several key steps you need to take to get your property ready to welcome a new tenant.
Explore The Merits Of Smart And Energy-Efficient Upgrades
Smart homes have grown in popularity in Los Angeles. Thanks to the introduction of more affordable smart home technology, more homeowners are able to make the transformation in their own homes. As a result, Los Angeles has the highest percentage of smart homes (1.63 percent). As for the rental market, renters are not only demanding more smart home features but are also willing to pay more for smart homes. The period in between tenancies is also a great time to make a few smart home upgrades to your rental property like installing a smart home thermostat and smart video doorbells.
Inspect Your Property’s Interior For Hazards
In California’s doctrine Implied Warranty of Habitability, landlords are required to keep their rental property hazard-free and habitable. This includes carrying out remedial works on time and carrying out regular interior inspections for any potential hazards. Before renting out your property, do a walkthrough and inspect the interior of your property. Look out for any signs of mold and ensure you perform routine maintenance like replacing the batteries in your smoke detectors.
As the rental market in Los Angeles rebounds, it is the perfect time for landlords to work on preparing their property to rent again. Using these 3, you can begin to get your property ready to welcome tenants again.
