LOS ANGELES, CA - More than half of smaller, independent landlords who expect the difficult rental market to continue (52%) are renovating their vacant properties, says The National Association of Independent Landlords. Most of these landlords (76%) are doing so in an effort to attract tenants, according to an informal survey released today by the association. This concept not only applies to new renters but the retention of existing tenants as well.
Indeed, 42% of respondents say they are renovating to keep renters from moving.
"With so many homes and apartments sitting empty, landlords want their properties to stand out from the competition. Even if landlords have no rent coming in, they need to bite the bullet and make improvements to put their properties on renters' short lists," said Tracey Benson, president of The National Association of Independent Landlords.
Rather than the pricey new floors and stainless appliances that many landlords envision, relatively low-budget investments like new carpeting, a fresh coat of paint and even new kitchen cabinet knobs can make a difference.
"Just about any improvement will make a property look better than one that hasn't received much TLC," Benson said.
The National Association of Independent Landlords polled members from Oct. 7 to Oct. 10, 2009. For this informal online survey, 496 landlords, almost all residential, across the country responded.
The National Association of Independent Landlords is the country's largest provider of services for independent landlords. Services include credit reports, electronic rent collection and tenant screening as well as information about property management, rental laws in all 50 states and other issues critical to property owners.
Source: National Association of Independent Landlords