To get a unit “rental ready” is not as simple as putting a coat of paint on the property and changing the locks. Getting a unit ready to rent involves a very thorough inspection process and addressing any safety and health issues that may need to be addressed. Making sure that the apartment is put back into good condition will make it easier to lease out and a well maintained apartment can ask for a higher rental price than units that are not as well taken care of.
One of the first things to check is the overall condition of the apartment. Is there evidence of any sort of water damage on the floor, ceiling, or walls? Is there any evidence of mildew or indoor smoking? Are the doors and windows in good condition? These can be more serious issues to take care of and can increase the cost of getting a unit “rental ready” exponentially. Also, it is important to check the walls for holes or significant markings that may need to be patched or otherwise repaired.
Ensuring that all of the fixtures within the apartment are clean and working properly are good next steps. Check both the kitchen and bathroom faucets to ensure that they are working as intended and not leaking. Also check the light fixtures to make sure all of the lights in the property are working and bulbs have been replaced as necessary. Make sure the window blinds are clean and in good working order. Additionally, it is important to carefully check the cabinets for loose or missing hinges and hardware.
After checking over the cabinets; open up and check each appliance to make sure they are working as intended. A broken appliance may need to be repaired, replaced, or thoroughly cleaned before the home is ready to be rented out. Appliances that are old and unreliable might hurt the property’s value in the eyes of the tenant and tenants will appreciate having more modern and energy efficient appliances. Finally, do not forget to check the smoke and carbon monoxide detectors.
Remember, the average cost to get a home rental ready is about 1-2 times the units typical monthly rent without including the cost of having the home sitting vacant; so maintaining happy tenants can save you money. Finding the right balance is the key to offering an apartment home that matches the tenant’s desires while at the same time remains a profitable investment. To learn more about our “rent ready” service and all of our Chicago property management services, contact us today.
