A New Initiative to Revitalize Aging Rentals in South Bay: "Renter-Ready South Bay"

Rancho Palos Verdes, CA, United States, 22nd Nov 2024 - A new endeavor for Harbor Property Management seeks to assist South Bay property owners in the battle to erase signs of aging in rentals – "Renter-Ready South Bay." As nearly half of the South Bay's rental properties have been in existence for more than 30 years, many units have been crying out for a refresh as the market intensifies in competition.

A top property management company that specializes in the issues of rental property owners in the South Bay, such as deferred maintenance and extended vacancies, Harbor Property Management has solutions targeted toward making older properties more attractive to today's renters.

New Data Highlights the Need for Modernization

Recent new data just released in the South Bay Housing Trends Report reveals that:

• 48% of the rental units in San Pedro, Hawthorne, and Rancho Palos Verdes are over 30 years old, most with minimal upgrades since construction.
• 64% of respondents preferred energy-upgraded properties, citing reduced utility bills and environmental concerns as key determinants.
• Vacancy in old properties is 22% longer than in upgraded rentals, resulting in major loss of revenues to the owner.

"This isn't just about aesthetics—aging properties are having an impact on the bottom line of landlords and fueling tenant frustration," according to Scott Colette, property management manager at Harbor Property Management. “Our program is designed to offer affordable, actionable solutions to help owners modernize and stay competitive.”

How 'Renter-Ready South Bay' Works

The program includes:

1. Personalized Property Assessments:
   Each house gets a thorough inspection and view of the most impactful renovations, including kitchen and bathroom upgrades, modernization of flooring, and energy-efficient lighting—an aspect that may affect utility costs, hence appealing much more to the environmentally conscious tenant.
2. Energy Efficiency Audits and Solutions:
   Tenants want greener housing now more than ever, and with suggestions like smart thermostats, better insulation, and water-saving fixtures—all reduce utility bills and attract the environmentally concerned renter.
3. Exclusive Partner Discounts:
   Harbor Property Management has engaged local contractors and suppliers who provide discounted pricing for owners to renovate and upgrade the properties.
4. Quick-Start Marketing:
   Updated properties are promoted using virtual tours, 3D walkthroughs, and geo-targeted online listings through special advertising campaigns that give maximum exposure to the properties managed by property management San Pedro and its neighboring districts.

Success in Action: A Local Example

The program already has a head start through a pilot project in San Pedro. A 35-year-old duplex on Western Avenue underwent modest work—fresh paint, new appliances, and LED lighting. These led to a 37% shorter time to lease and a 15% increase in rental revenues compared to similar units in the same area.

"These numbers prove that even small upgrades can really make a big impact," Colette explained.

Community Impact and Greater Benefits

As Harbor Property Management helps landlords, it encourages owners to upgrade rental properties. Harbor Property Management increases both the quality of available housing in the locality and neighborhoods by improving the properties entering the rental market in South Bay. Better housing results in safer communities and a more stable, viable local economy.

"Vacancies in older units aren't just an economic issue for landlords—they affect the entire neighborhood," Colette pointed out. "Our vision is to achieve a win-win in which property owners gain better returns, and their tenants find places to call home."

Being a trusted provider of property management services San Pedro, Harbor Property Management continues to respond to local challenges with creative solutions to the advantage of both owners and renters.

Limited Time Opportunity for Property Owners

In order to encourage participation, for a limited time, Harbor Property Management is offering free property assessments to owners in San Pedro, Hawthorne, and Rancho Palos Verdes. Owners will receive tailored upgrade recommendations as well as access to exclusive partner discounts.

About Harbor Property Management

Harbor Property Management is a full-service rental property management company servicing San Pedro, Hawthorne, Rancho Palos Verdes, and other South Bay communities. They are known for their emphasis on excellence in housing. Its turnkey solutions equally benefit both property owners and tenants.

Email: info@harborpm.com

 

Media Contact

Organization: Harbor Property Management - San Pedro

Contact Person: Scott Colette

Website: https://www.harborpm.com/

Email: Send Email

Contact Number: +14242874969

Address:29623 S Western Ave Postal Code: 90275

City: Rancho Palos Verdes

State: CA

Country:United States

Release id:20343

The post A New Initiative to Revitalize Aging Rentals in South Bay: "Renter-Ready South Bay" appeared first on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.