The property turn is the maintenance done after a tenant has moved out and before a new tenant has moved in. This time in-between tenants is a great time for a rental property get in rent ready condition. It is also a good time to do small or large renovations to the unit.
One of the best benefits of refurbishing a rental unit is to attract good tenants. Good tenants who are looking for a nice place to make their home, not just a place to live. The more pride a rental owner takes in the rental, the more the tenant will care about the unit and take pride in maintaining it. Depending on the location and what kinds of upgrades are made, another benefit is the ability to collect more monthly rent.
Some properties turn maintenance may only consist of cleaning, carpet cleaning and minor repairs. Other properties require a little more time and effort before a new tenant can be secured. Large changes like replacing carpet, re-painting, re-staining cabinets, changing countertops, installing new appliances, removing wall paper and removing acoustic ceilings make huge improvements to the look of a home and will likely make a difference in the units ability to rent quickly.
While large changes tend to have the most impact on the overall esthetic of the unit, it is important not to forget the little things; such as cabinet hardware, plumbing and lighting fixtures. Replacing gold faucets with chrome or changing the boxed light fixture in the kitchen with canned lighting will give your rental a polished, finished look.
If a thorough maintenance turn is done, you will avoid differed maintenance problems and have less maintenance issues during the new tenancy.
According to the U.S. Department of Commerce, the rental vacancy rates are declining in the United States. This time last year the vacancy rates were 10.6 percent, it is now 9.2 percent. Additionally, the vacancy rates are even better on West Coast and in California. The vacancy rates on the West Coast are 6.8 percent and the California vacancy rates are 5.9 percent.