Springtime Turnover: A Season of Movement

Springtime marks a period of transition and renewal, not just in nature but also in the rental market. As the days grow longer and the weather warms, renters are increasingly on the move, seeking new beginnings. This seasonal shift is accompanied by an uptick in turnover rates, presenting both challenges and opportunities for property owners. Here are some simple and affordable areas to concentrate your capital in preparation for the upcoming Spring turnover.  

Enhancing Property Appeal: Landscaping and Exterior Improvements
For owners, the Spring season is an ideal time to enhance the appeal and functionality of their properties. 
Investing in landscaping improvements can transform outdoor spaces into attractive, welcoming areas that captivate prospective tenants. Similarly, a fresh coat of paint on the exterior of your building can significantly boost curb appeal, making a property stand out in a competitive market.

Interior Upgrades: Competing in a Stagnant Rental Market
The current rental landscape is characterized by stagnant rents, underscoring the importance of differentiating one's property to attract and retain tenants. Enhancements to the interior of units—such as modernizing fixtures, upgrading appliances, or refreshing paint—can increase a property's desirability and justify competitive rental rates.

Strategic Improvements for Future Success
With new construction deliveries to remain high in the coming year, the competition for quality renters will only intensify. However, with new construction starts forecasted to remain low in the coming years, the consensus suggests a rebound in rents by 2025-2026, with some industry insiders predicting a recovery even sooner. By proactively improving their properties, owners can position themselves advantageously in the market, ensuring they are ready to capitalize on the anticipated upturn in rental demand.

We have a wealth of knowledge when it comes to property improvements and see clients have success in a variety of ways. If you would like to learn more about optimal improvements to make, specific to your property, give us a call today.

If you would like to know more about 1031 exchanges, want to know the market value of your investment property or would like a referral to a tax, legal or 1031 exchange professional, please feel free to reach out to anyone on their team.  Brian Platt at Brian@ParagonREA.com (206) 251-8483, Michael Urquhart at Michael@ParagonREA.com (425) 999-6650, or Ben Douglas at Ben@ParagonREA.com (206) 658-7247.