Managed for: 7 Years

Enhancing Property Value and Reducing Vacancy in a Single-Family Rental

Increased Profitability

Reduced Vacancy

Long-Term Growth

Overview:

This single-family home in Southern California has been managed for over 7 years with a goal of increasing rental income, maintaining low vacancy, and ensuring high tenant satisfaction.

Key Challenges:

Vacancy:

The property experienced a 3-month vacancy due to tenant turnover.

Underperforming Rent:

The rent was below market rates, affecting the profitability.

Maintenance Costs:

Increasing maintenance costs were cutting into profit margins.

Solutions:

Tenant Retention Strategy:

Proactive lease renewal discussions and personalized tenant engagement resulted in consistent long-term tenants.

Expense Management:

Partnered with reliable local vendors to handle maintenance efficiently, reducing repair costs by 15%.

Rent Reassessment:

Implemented a rent adjustment plan based on market analysis, increasing rent by 3% annually to close the gap with local market trends.

Additional Income:

Pet Rent:

Introduced a pet rent of $50/month, starting in January 2024, which has added a steady additional income stream.

Laundry:

Installed a coin-operated washer and dryer in the garage, generating an extra $40/month.

Results:

Increased Profitability:

NOI improved by 12% due to the combination of rent increases, additional income streams, and lowered maintenance costs.

Reduced Vacancy:

Proactive tenant engagement strategies resulted in only one vacancy in 7 years.

Long-Term Growth:

Projected rent increases and auxiliary income sources (pet rent, laundry) provide a sustainable improvement to the property’s profitability trajectory.

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