While the rental industry might be a challenging one to compete in, success often depends on attracting and retaining great tenants. One of the best ways to achieve this is by elevating your property’s value through new renovations and upgrades that will not only benefit potential renters, but also help to increase your return on investment in the near future. To that end, if you feel like you need to upgrade your house in an effort to succeed in the rental business, here are some of the best improvements you can make to attract quality renters and increase your ROI:
Install More modern flooring
‘Carpet vs hardwood’ is an age-old debate when it comes to rental properties. And while both options might have their advantages, one this is for certain – no tenant wants outdated and poorly maintained flooring of any kind, which is why updating this aspect is such a great investment. Tiled and wood flooring are generally more popular with modern renters, but laminate might be a great alternative for providing durability and style on a budget. When it comes to bedrooms, however, it seems like traditional carpeting is still a preferred option.
Renovate the bathroom
As modern, up-to-date bathrooms are a benefit many quality tenants look for, upgrading this area of your property is incredibly important. At the very least, choosing a new toilet seat, replacing the showerhead, and installing new hardware are simple and inexpensive improvements you could make. However, if you wish to completely remodel the space, selecting new, bright tiles, buying more modern bathroom fixtures, and increasing storage space with an attractive vanity are all great options that will instantly turn the bathroom into a more practical and beautiful space able to attract quality renters.
Choose new kitchen appliances
The kitchen is often thought to be the heart of the home and is among the aspects that potential tenants tend to focus on the most. For that reason, one of the best financial decisions you could make is investing in new, energy-efficient appliances that will make the kitchen as functional and efficient as it is inviting. But apart from larger appliances like refrigerators, stoves, and dishwashers, it would also be wise to invest in some smaller yet attractive kitchen appliances. For instance, kitchens that have a wok burner are incredibly popular at the moment, as they provide tenants with a wider array of cooking options while being fast, efficient, and easy to install as well.
Update the cabinets and countertops
New appliances might not always be enough to attract quality tenants, as the overall appeal of a kitchen is what tends to impress the most. To that end, it might be a good idea to pay some attention to the design as well. For example, you could decide to paint the cabinets or install new hardware for an impactful yet inexpensive fix. While countertops might be more costly, options like quartz or granite can be a great investment, as they aid in creating an elegant, functional, and timeless kitchen that is bound to attract quality tenants.
Consider relying on technology
Convenient technology is another aspect quality tenants often look for, as it allows them to streamline and simplify their lives. Although today’s modern renter might need plenty of outlets and a fast and reliable internet connection, that’s not all they require. As safety is something most tenants value and are willing to pay for, cameras, video doorbells, and smart security systems are all aspects worth investing in. Similarly, additional perks such as motion-sensor lighting, smart thermostats, or even online rent collection could benefit your rental property, and help attract quality tenants.
Increase the home’s curb appeal
In case you’re renting an apartment in a building complex, there’s unfortunately not much you could do in order to improve the exterior of your property, except for potentially upgrading the entrance with permission from the tenants’ association. If you wish to rent a house, however, then increasing the home’s curb appeal might be a great way of attracting quality tenants. Whether you decide to fix the driveway, trim the hedges and mow the lawn, or even clean and upgrade the patio, all of these aspects will help to keep your rental property showing worthy.
Evidently, there’s no need to invest in large, expensive, and time-consuming renovations. Even simpler upgrades can help to elevate the value of your rental, allowing you to attract the best possible tenants who will hopefully fall in love with your rental property.