Owning a home remains a cornerstone of the American dream, but for many people that dream must wait. Given the cost of purchasing a home, most residents in the Los Angeles region must settle for renting a place in the meantime.
This is good news for landlords from Phoenix to Los Angeles, where the rental demand and rental rates are ever increasing because of the scarcity of affordable housing. According to the 2016 USC Casden Multifamily Forecast, the average rent in Los Angeles County will increase from $1,307 in 2015 to $1,416 in 2016.
Accordingly, many more multi-family homes are being constructed in Los Angeles County, with apartment construction permits rising 18% from their 2014 levels. It is indeed a landlord’s market.
A Matter of Maintenance
While the rental property market skyrockets, landlords shouldn’t rest on their laurels. Increasing competition for a piece of the pie makes property maintenance critical to maintaining an edge.
Those shopping for a rental unit are more likely to opt for the one that offers the best value for the money. And should all things be equal, they will opt for the building that has a track record for good maintenance.
Besides its renter appeal, proper maintenance also protects the value of your rental property. You have invested a huge sum for it already. Why let it go to seed if you can prevent it?
A Challenging Prospect
Of course, keeping the premises spic and span is easier said than done, especially if you operate multiple rental properties. Luckily, you don’t have to spend a fortune on buying costly equipment just to keep your buildings well maintained. Janitorial supply companies like Total Clean Equipment offer floor scrubber rental to clients in Phoenix in order to keep landlords’ maintenance costs low.
Such rental equipment is especially ideal for floors because they incur more steady abuse than other parts of a building. By prudently implementing a regular schedule for floor scrubbing, you can simply contact a reliable renter of scrubbers in accordance to the schedule instead of buying and storing such costly, specialized equipment.
Be sure to procure only trusted suppliers that offer a wide range of janitorial services, including equipment rentals and floor scrubbers service in Los Angeles.
Report: LA Rents Are Going to ‘Soar’, la.curbed.com
Why maintaining your investment property is so important, arnoldproperty.com.au