Every landlord wants to attract long-term renters and is always on the quest to achieve this. One investment that inspires residents to stick around longer is to perform rental property renovations.
It might seem costly to upgrade your investment property. But it reduces vacancies and delivers more value which provides you with steady returns.
A Note on Overinvestment
Some landlords can get carried away with making property improvements. As a result, they can make unnecessary purchases. It’s best to focus on what your tenants need and avoid adopting the perspective of a homeowner.
Use a neutral color scheme so tenants can style the unit as much as they want. Colors will easily match and their personalities can still shine through the decor they pick.
Always Look From the Lens of a Tenant
Always ask yourself, if you were the tenant, what amenities would you appreciate? What would be functional furnishings to include? Research the top amenities that renters desire and incorporate them into your unit.
Keep in mind your target market determines if it’s an essential item or not. When you plan your renovations in detail, you’ll be able to save more and get rewarded through tenant loyalty and positive cash flow.
Here are specific areas to focus your rental upgrades:
1. Remodel Your Kitchen
An area of the rental unit that’s frequently used is the kitchen. That’s why a lot of potential renters factor this into their decision before they proceed with signing a leasing agreement. Your kitchen should be functional but sleek to engage more interest.
Having a color-coordinated theme can also make it more attractive, such as choosing a stainless steel appearance for the appliances’ finishes. You don’t necessarily have to splurge for the high-end appliance models. Stylish options at mid-range prices are available.
Other recommendations for kitchen renovations include:
- Cabinets: Applying a simple varnish coating and replacing worn-out handles gives an immediate freshness without the heavy cost to bear.
- Countertops: If you have enough budget, you can set up a granite countertop since it's made of durable material, promotes low maintenance, and enhances the look of your kitchen. There are other less pricey, but high-quality, alternatives such as marble and limestone.
- Modern fixtures: For more affordable updates, you can select well-designed faucets to make your kitchen look polished and new.
2. Renovate Your Bathroom
Another critical area that renters pay attention to is the bathroom. Make sure that it looks pristine and attractive by having a new toilet seat or a well-maintained toilet. You can also spend on new bathroom hardware to create a refreshing environment.
If the bathroom is small, plan to expand it or maximize the space. Incorporate more storage spaces for better organization, given that bathrooms are usually filled with bath products and towels.
Other bathroom renovation ideas include:
- Install sliding doors for space saving
- Opt for walk-in showers rather than bathtubs since it enlarges the space
- Build more shelves
- Set up a vanity counter by recycling an old dresser
Ideally, a 1:1 bedroom and bathroom ratio provides convenience to residents, especially if they’re entertaining guests or if you plan to rent the unit room by room.
3. Focus On Your Curb Appeal
No matter how good your property interiors look, your curb appeal can still be a great marketing strategy. When passersby are impressed with your exteriors, they’re bound to be curious about how the rental looks from the inside as well.
You can invest in good landscaping but ensure to keep the maintenance simple, such as mowing the lawn. Just keeping the outdoor space tidy merits a good impression.
Other ideas to improve your curb appeal’s appearance include:
- Create a beautiful garden
- Plant new grass
- Repaint the exterior of your rental
- Pave the pathway to your entrance with concrete
- Trim overgrown tree branches
4. Small Upgrades Matter
With property renovations, you don’t need to save up for a huge renovation budget. You can start small and employ simple upgrades. It’s not how much you spend on your renovations, but how your property upgrades improve the comfort and well-being of the renters.
Here are quick rental unit upgrades you can make:
- Apply new paint
- Install new light fixtures
- Add more closets and shelves
- Replace door knobs
- Purchase blinds and curtains
5. Add Amenities That Renters Seek
Renters consider some amenities more important and including them in your unit can make your rental competitive, even with new units surrounding you.
Here are some amenities you can consider adding to increase your property investment’s value and attract new tenants right away:
- Dishwasher: This saves the occupants time in performing chores.
- Storage Space: Have plenty of available areas to store items so the rental unit looks tidy and organized.
- Parking Space: A garage or driveway is appreciated by renters who own vehicles since it protects their cars from the elements.
- Outdoor Spaces: Balconies and patios are preferred since it’s an additional space where renters can relax and take advantage of the great weather outside.
- Fenced-In Yards: If you plan to attract tenants with pets, including pet amenities can draw more interest to your rental property.
- Washer and Dryer: Instead of heading to the laundromat, residents can do their laundry at home and won’t need to pay extra to get their laundry done.
If you hesitate to spend extra on upgrading your rental space, you might miss out on the opportunity of earning more. You can price the rental unit higher due to the upgrades you’ve done.
It also sets your unit apart from other properties in your neighborhood. What’s more, tenants are far more likely to stay longer when they feel more comfortable in your rental home.
With upgraded units, fewer repairs are needed, elevating your property value. This makes your rental space more habitable.
If you’re looking for a reliable property manager to take care of your rental space, contact JTS Property Management today!
We’re a full service property management company with the knowledge and experience to meet all of your property management needs!