With your rental property performing reasonably well over the years, you might be content with the amenities it offers. But that doesn’t mean you can’t make upgrades. The rental property market is always changing and if you don’t move it, you risk losing a competitive edge.
To differentiate your property from the competition, you should consider updating your rental property. Installing new appliances, changing the floor plan, and adding a new coat of paint could be the game changer for you. It could improve tenant retention rates, improve the stability of rental income, and increase property value.
So, which renovations should you be considering for your rental property? In this article, the experienced team from House in Order Property Management puts together a few tips that you should consider.
Renovating the kitchen will work wonders for you and small changes can go a long way. Consider adding new appliances, installing a new backsplash behind the sink, or changing the look of your cabinets. You can also consider changing the sink unit to give your kitchen a new feel.
Kitchen appliances can be quite expensive. While you might be tempted to go for the latest appliances, consider the functionality of those appliances and their lifespan.
The type of flooring used in your rental properties can greatly impact the health and future of your investment. There are many different flooring options available to property owners depending on your budget. From our experience, you can’t go wrong with hardwood floors. Not only do they give your property a timeless look but they are also easy to clean and maintain.
Some landlords may want to opt for carpet flooring. While carpeting is cheaper than hardwood, carpets can trap odors and stains over time and will need to be cleaned and replaced more frequently, so consider the long-term maintenance costs before settling on a specific type of flooring.
Painting and a Light Makeover
Giving your walls a new coat of paint can do wonders for your rental property. What you are looking for is a neutral color pallet that will appeal to a wide range of prospective tenants.
But what if a tenant requests to repaint the walls? You shouldn’t be against the idea completely. Sit down with them and talk it through. Request that it be done by a professional to guarantee quality and longevity.
A change of lighting fixtures can also give your spaces a new feel. With the right paint color and lighting set up, you can brighten up a rental space and enhance its market appeal.
Open Floor Plan
If you have a look at a modern home’s layout, you will notice the use of an open floor plan. Not only do they make it easier to navigate around the house but they also give the property a larger feel.
Before you start taking a sledgehammer to the walls, you must consider the strength and the structural integrity of the house. Should you fail to do so, you might make some irreparable damage to the property. Assess the best ways to open up the space without hurting the value and durability of the house.
Don’t forget the importance that your property’s exterior plays. After all, this is the first part of the rental that a potential tenant will interact with.
For the exterior walls, consider a new coat of paint or a thorough power washing. You can also have a landscape artist or a gardener come in and trim the shrubs, add some new plants, and tend to any small garden spaces.
With new rental properties coming up in the area, what sets you apart from your competitors? What can guarantee you reduced tenant turnover rates? Below are some popular amenities that have consistently helped to draw in more tenant thus securing steading rental income:
- Dishwasher and Washing Machines- In this age of convenience, you must add amenities that make your tenants’ lives easier. Pre-installed dishwashers and in-unit washing machines help attract a multitude of tenants.
- Storage Space - This can work perfectly for those tenants who have accumulated many boxes of belongings over the years. Rather than paying for a separate storage unit, they can keep their items close and organized.
- Parking - Everyone wants to know that their car is safe. Offering a covered parking space could be the reason why somebody signs a long-term lease for your rental property.
* Outdoor Green Space - A small garden or patio is a good place for tenants to unwind and enjoy the weather and serve as an extension of the overall living space.
Note that each property update must be treated on a case-by-case basis. Consider the needs of your target demographic before you install any new fixture or amenity. What works for one tenant demographic might not be the amenities needed by another.
If you are unsure of which applies to your particular property, contact an experienced local property manager who can advise you accordingly.
No landlord wants a vacant rental property. With a long-term tenant, you can enjoy a stable rental income and hit your target ROI. Updating the appliances and amenities of your rental property is a sure way of meeting these goals.
Are you looking for more information on property renovations for your rental units or feel overwhelmed with the management of your property needs? The team from House in Order Property Management has the experience and resources to guide you through every issue. We have helped dozens of property owners in the past.
Get in touch with us today to learn more about our comprehensive property management services!