Daily Data 📈
Based on the numbers we have to date, property management industry has had a rockier season in 2022, expecting an overall decline in revenue between 1-2%.
But, to be fair, the competition is tough! In years previous, the industry saw 5% growth annually, which is no small thing. This is also all a time when vacancy rates are on the decline, and rent prices are on the rise.
Take a look at where we've been over the last decade and then some.
Want Fewer Vacancies? Duh, Of Course You Do!
If you want to lose money fast, own a vacant rental property.
For a real estate investor, a vacancy can cost thousands of dollars each month. The loss of rental income combined with the cost of maintenance, professional cleaning, advertising, and finding and vetting a new resident adds up very quickly.
The Real ROI You Can Expect from Rental Property Renovations
An integral part of many successful real estate investment strategies involves property renovations. The right renovations can greatly affect long-term property values and rent prices. Of course, you don’t have to be an investor to care about getting your money’s worth out of home improvements.
Still, whether you’re looking to add real value to your own home or boost returns on your rental properties, these are the renovations that make the biggest difference: and the ones you ought to skip!
As a baseline, remember that home renovations have an average ROI of 70%.
Check out our recommended reading for the week:
- Cities with the most delinquent mortgages (24/7 Wall St.)
- How Renovating a Property Impacts Investor Success (REI Nation)
- California's 'climate migrants' and the difficulty of finding a new home (PBS)
- Earthquakes and reverse mortgages (Investopedia)