Rental Incentives: Involving Tenants in Renovations
NO * 1) if the the property is Pre-78 with lead abatement issues, the work involved should ALWAYS be done when the property is vacant; 2) in all liklihood, the tenants will want a RENT reduction while the work is being done and they are "inconvenienced"; 3) tenants will NOT see any improvement as being to their benefit and will certainly not appreciate a rental increase to cover the costs.
Upgrades * installing ceiling fans; microwaves, outside lighting should ALWAYS be done before the property is occupied so that the rent can be increased AND the owner can determine cost v increased income and not involve a tenant in their BUSINESS DECISION.
There are landlords that use renovations as a way to market their property. They tell tenants which area of the home they intend to fix up, and sometimes, they offer to allow the tenant to make some related decisions. This is appealing to tenants who feel as though their residence is being personalized for them, which is not something that typically happens in a rental. If there’s already a tenant in the property being rented, landlords may involve tenants in decisions in order to keep them happy while inconvenient work goes on in their home. Tenants enjoy the process, even if it means that there will be work done while they’re present. But is it really a good idea for landlords to offer this perk?
4 Reasons Not to Involve Tenants in Renovations
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