Making upgrades to your rental property can increase its value, bring in quality tenants, and allow you to increase rent. Having open vacancies means wasting money; finding new tenants costs money, and having an empty property means you cannot make money, costing you even more. While many rental properties have vacancies every now and then, landlords must find ways to reduce the amount of time it takes to find new tenants. One way to find quality tenants and reduce vacancies is by making small home improvements that make the property more attractive. Here are a few simple rental improvements to increase your rental value.
Kitchen Renovation
You don’t have to knock down any walls to renovate a kitchen; instead, there are simple repairs and upgrades you can make to enhance the appearance of a kitchen. For example, replace all old appliances that don’t match and upgrade your appliances to energy-efficient ones. In addition, any energy-efficient products can be used to advertise your listing because they can help renters save money on their utility bills.
To make the kitchen look more cohesive and high-end, you should also match all the finishes, including the oven, fridge, dishwasher, and microwave. When upgrading finishes, you don’t have to buy the most expensive products, but making upgrades can increase the whole home’s value and make it more attractive to renters looking for a beautiful yet functional kitchen.
Another way to upgrade your kitchen is to replace the cabinets. There are many unique and new styles of cabinets that will make a huge difference in the overall look and feel of your kitchen.
Bathroom Remodel
Another important room to renters is the bathroom. Renters always look for up-to-date, high-end bathrooms they can turn into their own private oasis. Luckily, you can make many simple improvements to this room without going overboard or breaking the bank. For example, replacing the toilet seat, adding a new shower head, changing the faucet, and swapping cabinet hardware can make any old bathroom look brand new.
If you want to enhance the bathroom’s appearance, you can add a new bathtub or vanity to offer more counter space. If your rental only has one bathroom, you can spend more money on this room. However, if itl has two or more bathrooms, try to match them and not make one look better than another because it can make the home look unfinished.
Enhance Curb Appeal
The exterior of the rental home is the first thing prospective tenants will notice, so it’s important to make a good first impression. You can enhance curb appeal by landscaping and improving the lawn. If you have enough time and money, you can add flowers or bushes to the exterior to make the home more inviting. Enhancing your curb appeal shouldn’t be too expensive, and you shouldn’t add anything that will need regular attention. Therefore, don’t plant anything that will need to be watered regularly because that shouldn’t be your tenant’s responsibility, and your tenant doesn’t want you hanging around the property just to water plants.
If necessary, consider replacing the front door or painting it to make it more unique and eye-catching.
Install New Flooring
Hardwood is a popular, durable flooring that can withstand just about anything. If prospective tenants want hardwood flooring, consider installing some for them. But, of course, you don’t need to have hardwood in every room. Depending on the rental location, your tenants may appreciate carpet in the bedrooms, especially during the winter.
However, even though carpet is inexpensive, many renters want higher-end flooring in the form of hardwood. Carpet traps odor and dirt, and if you continue to buy cheap carpet, you’ll have to replace it every few years because it can lose its softness quickly. Additionally, if you allow pets in the rental, you may want to avoid carpet altogether since pet accidents can soak into the carpet pad, which means the home might smell like pet odors.
Paint
Painting the walls is an inexpensive way to make a home unique and appealing to most tenants. Keeping the walls neutral allows renters to have a blank canvas. You can also allow your tenants to paint the walls as long as they agree to paint them back when they move out.
Have the Right Amenities
Rental properties need amenities that will attract and retain renters. Common amenities and appliances to include in your rental are:
- Dishwasher
- Storage
- Air conditioning
- Fenced-in yards for dogs
- Parking
- Outdoor living areas
Install Light Fixtures
The right lighting can change the look of a room. Your rental property needs to be warm and inviting, and installing the right light fixtures in each room can accomplish a sense of warmth. For example, you can add tabletop and floor lamps and install lights in the ceiling to improve the lighting in each room.
Of course, you should also take advantage of any natural lighting in the home. Make renters want to open the windows by adding shades and curtains that don’t look cheap. Most blinds break, and renters will replace them with their own curtains anyway, so you can make it easier on them by putting nice shades in the home before they move in.
Pet Improvements
If you’re trying to cater to pet parents, you can add pet amenities into the home. For example, you can have a dedicated space for dogs outside with a fenced-in yard or build a pet crate into the living room coffee table. Having amenities for pets will make renters with pets more likely to sign a lease because it shows the home is inviting and safe for their furry loved ones.
Final Thoughts
Simple upgrades can increase your rental value without spending too much money, allowing you to make a higher return on your investment without much effort. Upgrades will not only help you find the best tenants, but they can keep your tenants in the property for longer, helping you save money by keeping the rental property filled.
Samantha Rupp
Samantha Rupp holds a Bachelor of Science in Business Administration. She runs a personal blog, Mixed Bits Media. She lives in San Diego, California and enjoys spending time on the beach, reading up on current industry trends, and traveling.