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It is quite common to periodically receive requests from residents for upgrades to rental houses during the term of their leases. The best method for deciding how to respond can be determined by answering the following questions.
1) Is this suggested improvement something from which future residents will benefit?
2) Does this improvement add either rental or property value to the rental house?
3) Will I want this upgrade to remain with the property after the resident has vacated?
4) Is this something that should have already been provided?
In cases where the answers to the first three questions are yes, it is normally a good value for the owner to offer to pay for one half of the cost with the understanding that the improvement remains with the property after the tenants vacate. For the owner it is a method to improve their property for 50% off the normal price and keep a resident happy. Most residents will go along with this plan since they are making the request.
If the answer to the last question is also yes then depending on the cost of the improvement the owner may want to consider contributing an even higher percentage.
Improvement requests to rental property can sometimes present an opportunity to upgrade a property for a substantial discount and keep a resident happy. Carefully considering the best course of action will serve the owners’ best interest.
Rob Massey Jr., is a Certified Property Manager (CPM) and past President of the Louisville Chapter of the National Association of Residential Property Managers (NARPM).
The views expressed by the author are his own and do not necessarily reflect the views of Rentals.com or it’s affiliates