Many of the nation's vacant properties may hold potential renovation work for contractors, according to a new survey of landlords.
More than half of smaller, independent landlords who expect the difficult rental market to continue (52%) are renovating their vacant properties, says The National Association of Independent Landlords.
Most of these landlords (76%) are doing so in an effort to attract tenants, says the survey, released this week. And 42% of respondents say they are renovating to keep renters from moving.
"With so many homes and apartments sitting empty, landlords want their properties to stand out from the competition," said association president Tracey Benson. "Even if landlords have no rent coming in, they need to bite the bullet and make improvements to put their properties on renters' short lists."
Rather than the pricey new floors and stainless appliances that many landlords envision, relatively low-budget investments like painting, new carpeting and even new kitchen cabinet knobs can make a difference.
"Just about any improvement will make a property look better than one that hasn't received much TLC," Benson said.
The National Association of Independent Landlords polled 496 landlords, almost all residential, across the country. The association is the country's largest provider of services for independent landlords. Learn more at www.landlordassociation.com or by calling 800.352.3395.