Yes your rents in 2008 were higher and prospective tenants were lining up with their applications and their money in hand. But, here we are in 2009 and you are faced with a vacancy and what to do to with your unit.
You have a proposal to renovate and it is several thousand dollars so your question is what to do? The answer is YES, YES, Renovate ASAP, because prospective tenants in 2009 are very successful in negotiating on their terms with their rental amounts because of the simple economics we all learned in ECON 101, which is Supply And Demand…
My personal experience in down markets is that I recommend that all owners should invest wisely in their renovations. To compete your apartment needs to be extremely clean, freshly painted and updated with appliances or you will sit at an empty screen with no e-mail responses.
Location, Location, Location once was the only major requirement for prospective tenants but remember if you renovate and market your property well you will be successful in renting your apartment, condominium, house or townhouse.