An excellent strategy to avoid vacancies and protect your property’s values is to keep improving your rental to make it a livable and comfortable space for tenants. Invest in top-tier features that align with the needs of the renters so they continue to choose your property over your competitors.
Residents are more likely to schedule property tours and sign leases for properties with excellent curb appeal and flawless interiors. As such by considering what tenants are looking for, you stand a better chance of attracting loyal, quality residents. This guide will cover some of the best renovations rental property owners can make to help their property stand out from the competition.
Ideal Rental Property Improvements and Renovations
Consider the following property improvements:
1. Address Your Rental’s Curb Appeal
You may think that the exterior of your property is less important than the interior. However, your property’s curb appeal is the first thing prospective tenants will see when conducting property tours. Potential renters will be more interested in residing in a property that has an impressive and well-maintained exterior. You can improve your property’s curb appeal by:
- Adding small, easy-to-maintain plants
- Keeping the outside clutter-free
- Storing the garden equipment in proper places
- Painting the front doors, fences, and mailboxes
- Maintaining your outdoor furniture
- Trimming weeds and overgrown branches
- Installing outdoor lighting to safety and aesthetics
2. Deep Cleaning the Interior
Investing in a quality deep cleaning of your rental property before marketing it is essential for attracting tenants and maximizing rental income. A meticulously cleaned property creates a strong first impression, showing prospective tenants that the space is well-maintained and ready for move-in. It enhances the property’s appeal, making it easier to showcase in listings and during showings.
Additionally, a deep cleaning can allow property owners to uncover and address potential issues, such as hidden damages or maintenance needs, ensuring that your property is in optimal condition. This proactive step not only protects your investment but also sets the stage for a positive rental experience.
3. Painting and Replacing Outdated Fixtures
Wear and tear is natural after a certain time. This is why landlords need to perform regular upgrades to remain competitive in the rental business. Landlords should specifically invest in high-quality neutral paints, lighting fixtures, and fixtures because these elements significantly enhance the overall appeal and functionality of the rental property.
Neutral paint colors create a versatile and inviting backdrop that appeals to a broad range of tenants, making the space feel fresh and move-in ready. Upgrading lighting fixtures not only improves the property’s aesthetics but also ensures better illumination, creating a warm and welcoming environment. These relatively small investments can lead to higher rent rates and longer-lasting tenant satisfaction, ultimately increasing the property’s long-term value.
Furthermore, simple updates on blinds, carpets, and decors can enhance the appeal of your rental unit. Ultimately, you don’t have to spend too much on upgrades. Sometimes, small upgrades can make a property more cozy for the occupants.
4. Investing in High-Quality Materials
Even if we offered affordable upgrades above, property investors must also budget for features that create better value for the renters. Investing in high-quality egg-shell white paint on your walls can make it easier to clean smudges and reduce the need to repaint surfaces. What’s more, high-quality carpeting that’s easy to clean can also mean longer periods between total replacements.
You should also be proactive when investing in plumbing upgrades and maintenance. Don’t wait for your pipes, appliances, valves, and water heaters to fail, replace them before you’re faced with leaks and flooding.
Better quality materials provide more benefits to the renters. They can reduce repairs, make it easy for residents to maintain, and can withstand more potential damage. Even if considered costly, these materials will likely offer a solid return on investment.
5. Creating an Open Floor Plan
No one likes staying in cramped spaces. If you have several unused rooms, plan to expand the other areas of the property by combining rooms and opening up more spaces. You can knock down a couple of walls so the room appears brighter and feels refreshing for the residents.
This task should be handled by professionals though since a project of this scale requires permits and an understanding of building codes.
Purpose of Property Renovations and Improvements
Renovating your property engages more interest from prospects, builds value, and makes your rental space more unique in a competitive market. It also leads to lower vacancies, more savings on property marketing, and better tenant relations. Furthermore, you’re more likely to end up with happy tenants seeking to renew the lease agreements and stay for the long term.
Here are some reasons property investors should renovate their rentals:
- Property Differentiation – You want to stand out among similar property rentals in your area and renovating your unit is a great strategy to achieve this mission.
- Higher Resale Value – If you’re looking to sell your real estate investment, you can set a competitive price since you have taken the time to upgrade various features and create more value for your property.
- More Rent – If you’re offering better home features and newly renovated interior and exterior spaces, you could potentially justify higher rent prices, thus maximizing your ROI.
Bottom Line
Successful property investors don’t stop improving their investment properties to add more value, satisfy residents, and maintain their units for the long term. If you are looking for a reliable partner that can support property renovations, screen renters in detail, market a vacant rental space quickly, collect the rent on time, and conduct regular property inspections, get in touch with Mark Brower Properties today!
