Making the right flooring investment is crucial for attracting tenants and cutting down on vacancy time. As an investment property owner in the Austin real estate market, there are many challenges you face in generating consistent profits. The choice of flooring impacts both the appeal of your property and how quickly you can prepare units for new tenants.
With the recent rise of Austin rental home listings, property management in Austin has become more challenging. One of the most effective ways to reduce vacancy and maximize rental income is by focusing on a strategic flooring investment.
Here are three key flooring investment considerations every real estate investor in the Austin market should keep in mind.
Flooring Considerations for Quick and Cost-Effective Unit Turnovers
As the owner of rental homes, it’s important to reduce vacancy as much as possible, and a large part of doing this is reducing downtime when one tenant leaves and another one arrives. Repairs and updates are often necessary when an old tenant leaves, so being prepared for the most common ones is important.
Rental property owners should always keep in mind that they are running a business, not designing their forever home. This means choosing materials that are economical, yet attractive to prospective tenants and durable enough to withstand wear and tear.
Carpet is a popular flooring investment for rental units, though it may need to be replaced on a relatively consistent basis. Typical 20-ounce polyester carpet may have a lifespan of one to two years, while nylon carpet would last longer and be easier to clean but come with a higher upfront cost.
A better choice might be glue-down vinyl plank floors. This type of flooring is not only easy to install but also cost-effective and durable. Repairs are also extremely easy compared to carpet and other types of flooring. For example, if a bed frame causes indentations or scratches, you can simply replace a few planks in a vinyl floor without having to replace the flooring in the entire room.
Vinyl plank flooring may be a higher upfront cost than a cheap carpet, but doing the job right the first time will save you money and headaches in the long run.
Choosing Materials That Reduce Downtime Between Tenants
To reduce vacancy costs, you must reduce downtime between tenants. From a flooring investment perspective, this means choosing materials that are readily available for quick repairs or replacements.
Luckily, there are many vinyl plank flooring manufacturers that make many popular products for anywhere between three to six years. Some local flooring companies that 1836 Property Management has partnered with even ensure that they have many of those materials in stock so that it’s quickly available for landlords who need it in a pinch.
The quality and appearance of vinyl plank flooring have significantly improved in recent years. Not only that but the pricing is great – up to as much as half the price of traditional hardwood or even engineered hardwood flooring.
Companies make these vinyl plank floors in varying thicknesses as well, known as a “wear layer,” so you can choose the appropriate type for different traffic areas. For instance, you can invest in a product with a thicker wear layer for high-traffic areas, and then just have to replace that section of the flooring if need be.
This approach can save money since you don’t have to invest in the thickest wear layer for the entire home.
The Financial Impact of Flooring Investment on Rental Income and Vacancy Rates
The economy has been tough for a few years now, so many owners of rental homes are looking for economical material choices. They’re not necessarily looking for the cheapest option, but rather a reasonably priced material that is attractive to renters and helps maintain competitive rental rates.
These rental rates have actually declined slightly in the Austin real estate market over the last year or so, due in large part to all the new apartments coming onto the market. This has affected the pool of supply of renters, many of whom are attracted to the new buildings, expansive amenities and attractive free offers available at these new complexes.
Owners of rental homes may face challenges competing with this, so they need to be creative in how to keep costs in check. By focusing on smart flooring investment choices and working with an experienced and reputable Austin property management company, you can reduce your downtime and vacancy, while keeping costs in check.
Partner with 1836 Property Management
Today’s Austin real estate market, though still thriving, can be challenging for owners of rental homes to navigate – but there are still plenty of opportunities for success. Focusing on making the right flooring investments is one of the best ways to remain competitive.
Another is by partnering with an experienced property management company such as 1836 Property Management. We work tirelessly to ensure the success of all our clients, by creating innovative approaches to property management that integrate cutting-edge technology.
1836 Property Management is located at 1704 ½ South Congress Avenue, Suite E in Austin, TX, and can be reached at (512) 994-4323.
To find out more about how we can help you be successful, please contact us today.
