5 Easy Ways to Get More Rent for Your Baltimore, MD Home

Landlords in the Baltimore area continuously look for ways to improve revenue from their rental investments. However, most landlords do not want to sacrifice tenant quality or risk increased vacancy due to a higher asking rent. To meet your objectives, you need to look at projected rental rates differently based on the unique characteristics of the complex you are managing.

For example, the city of Baltimore has an exceptionally diverse inventory of rental housing. Having so many different types of rental properties allows property managers to identify niche markets for their specific segments of the total marketplace.

This enables the experienced property manager to apply an innovative approach in determining how best to price a specific residence within that niche.

In addition to the wide range of rent structures available, the availability of these types of properties also affords property managers ample opportunity to meet tenant demands. If a property provides a quality product at an affordable price, then the overall value that is delivered will ultimately lead to long-term success.

If you’re a homeowner in the Baltimore, Maryland area, get ready to take your rental income up a notch. In this guide by American Dream and Realty Management, we’ll go over five tips that you can use to help you earn even more from your Baltimore home!

1. Prioritize Enhancing Curb Appeal When Trying to Make a Lasting Impression

First impressions are often the deciding factor for most renters before they ever enter a house. In the case of Baltimore, there are various types of homes within its borders (i.e., historic row homes and detached suburban homes).

How the outside of the property looks plays a large role in how much value a potential renter might attach to it. If the outside is dirty or unattractive, it could turn off a potential renter even if the inside looks terrific. Fortunately, how a property looks from the outside can be dramatically improved without a major investment.

Simple enhancements include fresh landscaping, Pressure washing sidewalks and entryways, updating exterior lights, repainting the trim, replacing the mailbox, and Seasonal plantings. An attractive exterior will allow renters to make a solid connection with the property owner and give them confidence in their choice to rent.

2. Give the Kitchen a Modern Look, Without Spending a Fortune on a Complete Renovation

As one of the most important areas to prospective renters when it comes to determining whether they would rent a property, the kitchen typically has the ability to significantly influence how much a rental will cost.

Fortunately, increasing a rental’s price does not always require a total remodel of the kitchen. There are many ways to upgrade your kitchen without breaking the bank, such as:

• Cabinet Hardware Updates: Replacing outdated cabinet hardware will give your kitchen a more modern look instantly.
• Improved Lighting: Many times, better lighting can help make an area feel cleaner/less cluttered.
• New Faucets: Modern designs and easier-to-clean faucet styles offer an increased level of aesthetic improvement.
• Cabinet Upgrade: Refinishing (or painting) cabinets results in a brand-new look to the space and gets you an affordable upgrade for very little money.
• Appliances: Energy-efficient (EE) appliances often attract potential renters due to lower operating costs, which often makes the apartments more desirable and attractive to tenants when compared to comparable properties in the area.

Baltimore, in general, is seeing a trend where renters are looking for kitchens that are not only functional but also very modern.

3. Upgrading Your Bathroom Features

Unlike popular opinion, bathrooms often play a larger role in how your tenants view you and your property than you might think. Small updates to bathrooms can allow you to raise the cost of rent without incurring significant capital improvements.

Some examples of affordable updates include: install new modern mirrors, replace out-of-style bathroom fixture styles, add fresh caulk, upgrade existing fans to higher airflow-rated models, add new/efficient light fixtures, and install new vanity hardware.

Ultimately, cleanliness and function are perhaps the most important attributes to all renters. Minor enhancements can significantly improve the visual appeal of a property during an open house.

The average tenant typically pays attention to small details, and the quality of the bathrooms in an apartment may often positively impact the tenant’s confidence in continuing to rent the apartment.

4. Include Energy-Efficient Features

The total utilities (gas and electric) for a tenant are often a major factor when making the decision of which rental to select. For example, because of its extreme weather patterns (winter cold), many Baltimore tenants prefer properties with some energy-efficient components.

Examples of energy-efficient upgrades include smart thermostats, modern insulation, energy-efficient windows, LED lighting, and efficient HVAC systems. Therefore, having any of the above items may help you charge more in rent by providing energy-efficient options that reduce your tenant’s total monthly utility costs.

Comfort is often a large factor in pricing power, and tenants typically want their homes to feel comfortable and affordable.

5. Provide In-Demand Amenities

Usually, an amenity can help a property stand out when compared to similar rentals. Based on neighborhood, commuting distance, and lifestyle choices, many Baltimore tenants will rank in-demand rental amenities based on what they believe will be the best option for their particular rental situation. Some popular amenities in Baltimore include:

• Laundry in the Unit: A laundry in the unit typically adds to the value of a rental and is a significant contributor to high rents.
• Assigned Parking: The availability of assigned parking is a consideration when looking to rent in many locations, especially in urban locations such as downtown Baltimore.
• Backyard Patios, Decks, or Fenced Yards: Outdoor space typically increases the appeal of a rental.
• Pet-Friendly Amenities: Rental units specifically designed for pets tend to create an additional pool of applicants.
• Storage Options: Additional storage, or the potential for extra storage, is a desirable feature for renters who plan to reside in the unit for an extended period of time. Amenities represent a potential competitive advantage to a rental unit.

Bottom Line

Increasing the rent of a Baltimore rental unit does not require major renovations or costly improvements. In many instances, minor enhancements, better maintenance, improved strategic planning, and optimizing the property will improve perceived value.

If you're looking to get the most out of your Baltimore rental property, the team at American Dream Realty and Management is here to help. Contact us today to learn how we can help you increase your property's earning potential and achieve your investment goals.