As a rental property owner, one of the best ways to attract a larger pool of new tenants and prevent property vacancies is to continue adding value to your rental property. While renovations can sound like a scary (and expensive) thing, even small changes and upgrades can do a lot to improve your property.
You want your property to not only be visually appealing, but also a comfortable, safe, and functional living space. Check out some of our recommendations for rental property renovations below.
Where to Focus on Rental Property Renovations
1. Prioritize High-Quality Amenities
While both the property’s interior and exterior matter, a lot of renters evaluate a rental property based on the amenities provided. While a rental space can be appealing to the eye, functionality is what’s most important.
Think about if your rental property offers the following:
- Does it have plenty of storage — shelves, cabinets, pantries, closet space?
- Do you provide a dishwasher?
- Is there central air conditioning?
- Do tenants have access to a parking lot, garage, driveway, or covered parking area?
- Does your property have a balcony, veranda, rooftop space, patio, or garden space?
- Is there an in-unit washer and dryer?
If it’s not possible to add a garden or new closet to your rental, look for a space to put in an in-unit washer and dryer. These kinds of amenities can be a huge value-add for your tenants.
2. Repaint the Property and Update Fixtures
Normal wear and tear usually means faded and scuffed paint. Before new tenants move into the property, or after a few years with one tenant, consider repainting the walls. Opt for a neutral color that makes it easy to decorate. You could even consider allowing your tenants to paint walls themselves, although you may also want to require in the lease that tenants paint over other colors before moving out.
Other things you can update are light fixtures to modernize the appearance of your rental space. Updating small fixtures is a great upgrade since they’re often affordable and come in a range of designs. You can also consider replacing the kitchen cabinet hardware or updating the blinds on the windows. You should work to repair important items rather than splurge on new ones.
3. Replace the Flooring in Your Property
Replacing floors can be a good move, especially if you’re trying to attract long-term tenants. Low-cost, high-durability materials like laminate flooring (LVP/LVT) are easy to clean and require less maintenance than other materials. Even if replacing floors can be expensive initially, think of them as a long-term investment. High-quality, durable materials will last a lot longer.
4. Consider Improving Your Curb Appeal
Even if the interior of your property is recently renovated, you want to have a great curb appeal as well so that the exterior matches the interior. Curb appeal can go a long way in the marketing process, especially if you’re hoping to generate interest with For Rent signs and offline advertising.
Hiring a landscaper can help an unimpressive space become an attractive one. There are several ways to update your curb appeal:
- Give the exterior of the property and its doors a new coat of paint.
- Plant new grass.
- Design a small garden.
- Place planters at the front of the property.
- Trim branches and shrubbery.
Why You Should Renovate Your Rental Property
When you renovate your rental property, you can increase the value of your real estate investment. You’ll also probably see an increase in interest from prospective tenants and should be able to keep your renters long-term.
Here are more reasons why property renovations are a good idea:
To Set Your Property Apart from the Competition
One way to differentiate your rental property from another in the neighborhood is to upgrade its features and amenities. No matter how minor the changes are, they can have an impact on potential tenants and lead to more interest.
To Increase Your Property’s Energy Efficiency
Purchasing new appliances can also be beneficial in reducing utility bills since new models are designed to conserve more energy. This can attract renters since most people are happy to save a little on bills every month.
To Sell the Property at a Higher Value
If you want to put your rental property for sale on the market, you can assign a higher price since you’ve invested in plenty of features and amenities.
To Make Your Renters Happier
When residents see the rental upgrades, they’ll appreciate the improvements and want to stay longer. Modern appliances, durable furnishings, and high-quality flooring and countertops can enhance the living experience of the residents.
Bottom Line
Planning for rental property renovations can spell success for your rental property. If you aren’t sure what upgrades would best suit your rental property, contact Real Property Management Talent!
We can guide you through making the smartest decisions for your property and we work with a network of trusted vendors who will make the renovations easy for you. On top of all that, we’re a full-service property management company that will market your vacant rental, screen tenants, collect the rent, and maintain the unit. Reach out to us today, we can’t wait to hear from you!
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