4 solutions to common rental investment issues

Most rental units have negative aspects. From not having on-site laundry to a lack of outdoor space, apartment living can be a little challenging. The trick to overcoming these negatives is to turn them into positives. For both tenants and landlords alike, this means getting creative. 

Below are four negative situations that are common with rental properties, as well as suggestions for turning them into positives that are actually selling points prospective renters find attractive. 

1. No Laundry On The Premises

If you live or have ever lived in an apartment building, you know what a major event doing laundry is. If you’re like most people, you wait until you’re down to that last pair of socks with the holes in both heels before throwing it all in a basket and hauling it down to the laundry room. 

In this scenario, you’d be the lucky one because your building had a laundry room. Some rental units have no on-site laundry, which is a deal-breaker for many people. 

 If you are the landlord of a rental with no on-site laundry machines, try to find ways to help your tenants get this chore done cheaply and easily. For example, negotiate a deal for renters with a local fluff-n-fold service. If tenants can get their clothes cleaned, folded, and returned to them for about the same price as going to the laundromat, this will be a huge selling point, making it easier to find tenants. 

2. No Designated Parking

If your building has no designated parking for your tenants, you may need to do a little digging to find other parking options close by. For example, if there are parking lots around your building, find out if they rent parking spaces. If so, you can either rent them yourself and roll the cost into your tenant’s monthly rent payments or you can pass the information onto your renters. 

If parking on the street is the only option, consider paying the cost of a resident parking sticker (if there is one) or giving tenants a small allowance for public transportation. 

3. No Outdoor Space

Having someplace to hang out outside is important to renters these days. Unfortunately, many rental units lack it. If your rental investment doesn’t have anywhere for tenants to barbecue or have drinks on a terrace, but it is in close proximity to a nice park, highlight that outdoor space instead. 

If your rental isn’t near any adequate parks or recreation areas, think about including a beach, pool, or dog park pass in your welcome package for new tenants. 

4. The Landlord Is Selling

When a landlord decides to sell a rental investment that still has tenants under lease, it can be tricky showing the property and finding a buyer. The new owner will either need to want to be a landlord or wait until the renters’ lease has ended to move in. Often times, once current renters find out the property is being sold, it’s very difficult to get them to keep their units clean for showings. 

When it comes to your tenants, you have a couple of options to motivate them to keep their apartments tidy and to make up for the inconvenience. You can offer a monthly discount on the rent, or you can offer a bonus once the property sells. 

Remember, no property is perfect, but it can be perfectly suited for someone. As a landlord, you have a responsibility to try to make your tenants’ lives easier. If there is a negative situation with your rental investment, find a creative solution to turn it into a positive one.