5 Affordable Rental Property Improvements

Are you thinking about making rental property improvements but feel like your budget is an issue and you don’t know where to start? If so, you’ve come to the right place!

We want to share with you five affordable rental property improvements that you can get done without having to spend a lot of money.

 #1 – Add Smart Home Technology

The first rental property Improvement that you should consider is adding smart home technology. This means that you should add a smart thermostat, doorbell camera, or smart refrigerator to your kitchen.

Why should you add smart home technology? The answer is simple: in today’s world, most people do everything through their mobile phones so it makes sense to make your rental property as tech-friendly as possible.

By adding at least one piece of smart home technology, you’re going to attract tech-friendly renters who use their smartphones for everything.

A bonus is once your tenants connect their smartphones to your properties’ smart appliances, they may be more inclined to renew. They will feel ‘connected’ to the rental property.

#2 – Add A Kitchen Backsplash

If you own a rental property, you should consider is adding a backsplash to the kitchen.

You can easily add a backsplash for under $100 without any specialized tools, making it a simple weekend DIY project.  This cost-effective rental property improvement is one that will allow you to maximize your rental profit.

You can tailor the design to the homes’ unique characteristics (such as a vintage building having a retro pattern), but it’s best to keep the color palette neutral. A neutral palette of gray, beige, or white allows plenty of room for tenants to let their furniture and accessories do the talking.

#3 – Epoxy The Garage Floor

If your rental property has a garage, you should consider applying a coat of epoxy to the garage floor. Epoxy does double duty by being a visually appealing aesthetic choice and also a protective seal on your floor.

Epoxy is a resin coating (not paint) which cures to form a dense layer on top of your garage’s concrete. It’s an easy do-it-yourself home upgrade that protects the floor from leaking vehicle fluids, scratches, and other wear and tear.

#4 – Paint The Walls

One of the easiest and most affordable rental property improvements is to paint the walls in your property. New paint will instantly help brighten up your rental property, making it look cleaner to potential renters. Just like with your kitchen backsplash, it’s best to keep walls a neutral color. This appeals to a wider scope of tenants because they can easily envision their furniture in the home. Taupe, light grey, and beige are all great choices. Avoid white, as it can be seen as cold and bland.

#5 – Add USB Outlets

Another rental property Improvement that you should consider making to your property is replacing basic electrical outlets with USB combination outlets.

Just about everyone these days has at least one portable electrical device like a smartphone, it makes sense to convert those old school electrical outlets in your rental property to USB outlets.

USB outlets enable your tenants to plug in their devices directly to the electrical outlet instead of needing a connector.

Contact GoldenWest Management

At GoldenWest Management, our goal is to provide every client with the best service and support possible so they feel like they are our only client. Our professional team is happy to provide recommendations on improving rental properties so they rent for the most competitive rate.

For more tips on things that you can do to improve the value of your rental property or to speak with us about our property management services, contact us today by clicking here.

2021 Rental Housing Market Forecast

With the end of 2020 fast approaching, most owners, investors and renters are eager to start thinking about the possible changes that we might see in the 2021 rental market.

In this article, we’ll discuss the 2021 rental housing market and provide you with insight into some of the things that you can expect to see from the rental market in the year to come.

Evictions

The big issue that is going to immediately affect both owners and tenants in 2021 is evictions. This concern has been unavoidable since the start of the pandemic as evictions have been continuously delayed into the future. By January 2021, the future will have arrived and landlords and tenants alike will have to handle evictions again.

Unless the federal government makes a big move to cancel evictions and foreclosures, we can expect to see evictions moving forward as normal by the first month of next year.

Outward Migration

After evictions, another big trend that we could see happening on a large scale in 2021 is outward migration. Outward migration is when large swathes of people leave a high-cost area in search of lower cost-of-living locations with more job opportunities.

While outward migration has been on property owners and managers’ radar for some time, the COVID pandemic has shed light additional light on the issue. As people’s routines and living situations are shaken up due to working-from-home or financial difficulties, they may be more inclined to seek new accommodations in cheaper areas.

Having more inward migration to relatively low-cost states such as Arizona and Nevada could mean that we may see rental property prices in cities like Phoenix and Las Vegas go up. As more people eagerly move to more affordable cities, the supply will dwindle. It’s likely this change to supply and demand will shake up the rental market.

Roommates May Become A Big Trend In 2021

Even though adults’ living together as roommates is by no means a new trend, co-habiting situations are looking to become increasingly popular in 2021. COVID-19 has dramatically changed the economic circumstances of many people across the United States, including renters.

As renters seek to lower their housing costs due to economic difficulties caused by COVID-19, we may see an increase of tenants across the United States embracing the roommate model.

More Rentals Will Go Contactless And Digital

More property management companies have used the pandemic as a reason to implement contactless and digital technologies for showing clients’ rental properties.

In 2021, it’s likely that more property management companies will be eager to implement advanced digital technologies, such as Rently self-showings. Services like Rently enable landlords to streamline the renting process while cutting down on the need for face-to-face contact, which can increase the number of rentals without also increasing the time spent on them.

At GoldenWest Management, we’ve been using the latest digital technologies to market and rent our client’s properties. This has also enabled us to do our part to slow spread of COVID-19 while responsibly renting out local properties to the most qualified tenants possible.

Contact GoldenWest Management

At GoldenWest Management, we specialize in full service, ‘boutique-style’ property management. This means we work hard to treat every customer like they are our only customer.

Our specialized approach to property management also guarantees that our team is going to be focused on helping our clients to see the highest return-on-investment from their rental properties possible.

To learn more about what you can expect from the rental market in 2021, or speak with us about our Property Management Services, contact us today by calling (866) 545-5303, or click here to connect with us through our website.

Arizona Eviction Moratorium Update

2020 has been a tough year for both landlords and tenants in Arizona because of COVID-19 and the subsequent Arizona eviction moratorium that has been active since March.

With the end of 2020 around the corner, many people are wondering what the latest information is on the eviction moratorium in Arizona, as well as what the rental market is going to look like once it’s finally allowed to expire?

Governor’s Ducey’s Eviction Moratorium Is Active Until 10/31

Governor Doug Ducey signed a 120-day eviction moratorium in late March to aid those affected by the COVID-19 pandemic. This eviction order was extended in July until October 31st, 2020.

In addition to Governor Ducey’s executive order (EO), the Center for Disease Control has issued a separate eviction moratorium. The CDC’s moratorium is supposed to protect tenants from eviction due to nonpayment through December 31st, 2020.

To qualify for the CDC’s eviction moratorium, tenants must not make more than $99,000 per year and sign a declaration stating that they are unable to make their rent payments due to a substantial loss of income. They must also pay at least 25% of their monthly rent each month.

It’s important to note both Governor Ducey’s and the CDC’s moratoriums both only protect evictions for those who meet the above criteria and would be evicted due to nonpayment. Evictions due to lease violations, damages, and causes other than nonpayment are all still valid.

Some landlords are challenging the eviction protections in place by taking their tenants to court in order to move forward with evicting them.

Some tenants are getting evicted for nonpayment if they are unable to complete the CDC declaration before the judgment is issued. In other cases, tenants are getting evicted if the landlord can prove that their tenant’s statement on the declaration was “materially inaccurate”.

What Can We Expect Until January 2021?

Governor Ducey’s eviction moratorium may likely be extended until January 2021, providing tenants with eviction protections through the end of the year.

The Governor likely doesn’t want to have mass rental evictions during the holidays. However, even with an extension to the moratorium, evictions will eventually have to be allowed to happen like normal.

Until the eviction moratoriums are ended permanently, we can expect to see more landlords challenge the Governor’s EO, along with the CDC eviction ban,

As of today, landlords, the Multi housing Association, and the Manufactured Housing Communities of Arizona are looking eager to overturn the Governor’s eviction moratorium. The general feeling is that the eviction moratorium is unconstitutional and violates an owner’s contracts with their renters.

In some cities, landlords are winning in the courts and evictions are increasing. This can be seen in Phoenix, where evictions jumped to 2,863 during September. This was an increase from 2,171 evictions in August and 1,768 evictions in July. (Source)

Most Landlords Expecting Foreclosure ‘Avalanche’

Even though evictions are climbing in Phoenix, many rental property owners have seen other Arizona courts decline to hear their eviction cases. Without being able to fill their properties with paying tenants, many landlords will struggle to make their mortgage payments. With little progress on evictions in Arizona, there is concern the state will see a foreclosure ‘avalanche’ in early 2021.

This foreclosure ‘avalanche’ could be damaging to the rental markets as a whole.

Contact GoldenWest Management

At GoldenWest Management, we manage rental properties in Arizona, Nevada, and California. This gives us a firsthand perspective on what’s happening in each of these rental markets.

Our company offers ‘boutique’ style property management. This means, regardless if we manage a large portfolio of investment properties or one rental property, each of our owner clients can count on us treating them like they are our only client.

To learn more about the property management services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.

What Is Proposition 21? Learn More About California’s Latest Efforts To Expand Rent Control

Love it or hate it, rent control continues to be a ‘hot button’ issue in California, Lawmakers continue to push for full rent control across the state while most landlords oppose it.

California recently moved one step closer to full rent control, bypassing the 2019 Tenant Protection Act, a bill that limits rent control to 5 percent plus inflation for 10 years.

Most lawmakers felt that the bill doesn’t do enough to protect tenants. This is why they keep pushing for full rent control across the state.

A “yes” vote on Proposition 21 would allow local governments to enact rent control on housing that was first occupied over 15 years ago, with an exception for landlords who own no more than two homes with distinct titles or subdivided interests.

Will Voters Support Proposition 21?

The big question with Proposition 21 is: will voters support it? Especially since they overwhelmingly opposed Proposition 10, the last effort to enact full rent control across California, just two years ago?

As with 2018’s Prop 10, the biggest objection to Proposition 21 is that it will slow down the construction of new rental housing in California. Supporters of the measure feel now is the right time for full rent control across the state due to rising housing costs.

Voting no on Proposition 21 would continue to keep Costa Hawkins alive, continuing to prohibit rent control on housing that was first occupied after February 1, 1995, and housing units with distinct titles, such as single-family homes.

Why Does Proposition 21 Matter to Property Owners?

The main problem the State of California and other states face with their rental markets is a supply and demand issue.

More housing needs to be built across California to keep up with the demand. With single-family residential starts down 10% and multifamily construction down 6% from 2019, it’s likely that California will continue having a very competitive rental market for the coming years.

Proposition 21 affects homeowners just as much as tenants. Homeowners who rely on the income from their rental property can suffer financial strain without the ability to raise the rent by demand.

Contact GoldenWest Management

At GoldenWest Management, we stay on top of the latest information affecting the rental markets in California, Arizona, and Las Vegas specifically because we manage properties in each of these states.

Our company takes pride in providing our owner clients with boutique-style property management. This means that we treat every client like they are our only client and provide them with the personalized service that they deserve.

To learn more about our property management services, contact us today by calling (866) 545-5303 or click here to connect with us online.