When it comes to owning a rental property, attracting excellent tenants is a must. A great way to attract tenants is to make high-quality and desirable upgrades to your property!
If you’re unsure of which upgrades to invest your time and money in, you’ve come to the right place! Keep reading to see our 8 top recommendations.
1. Technology
These days, technology is an integral part of many people’s lives, as it helps to streamline their day-to-day activities. This is something that many people look for in their homes as well. The modern renter is often looking for a unit that features plenty of USB ports, electrical outlets, and a stable internet connection that they can rely on.
If you own a rental property that is on the older side, it can often be crucial to upgrade the electrical system of the property in order to accommodate the demands of a typical tenant’s technology needs.
While these aspects are useful, a high-quality technology upgrade doesn’t just end with electrical outlets. Things like high-tech security systems, video doorbells, or smart locks are things that many tenants are willing to pay extra for in exchange for peace of mind in their homes.
Any tenant you have is going to have security and safety on their mind when it comes to their living environment, so taking extra steps in this department will ultimately pay off.
Another area to consider when it comes to incorporating technology into your rental home is offering an online property management system to your tenants. With this option, tenants can make their rent payments conveniently and quickly by paying online.
Additionally, they can make their repair requests online, which will streamline the maintenance process and make it easier for both you and the tenant.
The following are some valuable technology upgrades you can make for your rental properties:
- Smart Home Security Systems.
- Video doorbells.
- Smart locks on all entry points.
- Motion lights for the exterior of the home.
- Outlets that feature USB ports.
- Online rent collection.
- Online maintenance request system.
2. Lighting
When it comes to the lighting in a rental home, it’s important that it isn’t dingy or outdated. Newer lighting fixtures tend to be more stylish and energy efficient, which will be greatly appreciated by your tenants.
Investing in a cohesive lighting scheme for your rental unit will present a more attractive and polished overall look.
3. Fixtures for Saving Water
If your tenant is responsible for paying their own water bill, chances are they will appreciate anything that will save them money. Upgrades that are as simple as swapping out the faucets in the bathroom and the kitchen of your property can help your tenant save some money.
Using low-flow fixtures will limit the amount of water that ends up flowing through them, meaning less money is being spent on your tenant’s water bill. Just make sure you don’t forget the showerhead! While these fixtures may be a larger investment at first, they will be sure to pay off in the long run and keep your tenant happy in your property.
4. Flooring
Many property owners struggle to decide on what flooring is the best choice for their rental homes. While every option has its own pros and cons, having flooring of any kind that looks outdated or poorly maintained is not ideal.
It may be true that modern tenants tend to prefer hardwood, tile, or laminate flooring as opposed to carpet, but hardwood can have financial setbacks that carpet doesn’t.
Luckily, there are plenty of modern, innovative options that can offer you both style and durability without breaking the bank.
When you’re running a rental property, durability is one of your biggest assets, as this means that you can spend less of your time and money on maintenance.
Below is a more in-depth review of different flooring options for your property:
Carpet
While carpet may seem like the most cost-effective option at first, the costs of its upkeep can add up quickly. Carpets stain easily and show signs of wear and tear sooner than other flooring materials.
Additionally, carpet is not as attractive as other flooring. Carpet can also hold allergens, which can complicate conditions such as asthma or allergies.
Hardwood
When deciding on a new flooring material for your rental property, wood, laminate, ceramic tile, and vinyl can all be excellent choices. The goal for any landlord is to balance cost with durability.
While one material may cost more initially, the maintenance may be significantly lower over time, meaning that you will ultimately save money in the long run. Laminate offers the best benefits, as it comes at a generally lower cost, and features excellent durability.
Mixing Materials
If you are unable to upgrade your property’s flooring to hardwood or laminate, mixing materials can be an excellent alternative.
Use carpet flooring in lower-traffic areas of the home, such as the bedroom, and more expensive and durable materials in higher-traffic areas. This will allow you to save money.
5. Curb Appeal
While focusing on the interior of your rental home is the first instinct of many rental property owners, the exterior and curb appeal should not be overlooked.
A shabby or unappealing exterior can indicate to tenants that you don’t care about maintenance or that the home’s inside is run down.
This is why it is important to take care of the lawn, hedges, patio, or any other aspect of the outside area.
6. Kitchen
While it may seem small, having a cohesive and attractive kitchen area for your rental property can be the difference between an occupied rental home and a vacant one.
Investing in matching, energy-efficient appliances in the kitchen has the potential to pay off in a big way.
Another way to enhance the home’s kitchen space is to upgrade your countertops. While appliances can be swapped out, countertops are a different story. Options for this upgrade include a wide variety of materials such as granite, cement, and quartz.
Remember to always focus on durability and functionality, in addition to style!
7. Painting
This upgrade may seem simple, but you’d be surprised at what a fresh coat of paint can do to liven up a space! When choosing a new color for your rental property, simple is almost always best, as it can help you appeal to a wide range of tastes with tenants.
Once you choose a color, try your best to stick with it!
8. Bathroom
Like kitchens, bathrooms are a room that can always use a good upgrade. For cost-effective options, try upgrading the vanity or swapping out the light fixtures. When you select a new vanity, try to find one with additional storage, as this is attractive to new tenants.
Even these simple upgrades can give your bathroom an entirely new feel!
What to Avoid When Upgrading Your Rental
- Don’t replace things that you can repair: Simple repairs for items that are still functional can liven up a space for a fraction of the cost. For example, instead of replacing outdated cabinets in full, try repainting them to give them a fresh look.
- Avoid materials that are not durable: At the end of the day, a rental home can see a lot of turnovers. That’s why durable materials are a must in order to get more for your money. For example, when choosing a countertop material, opt for a light-colored, resilient one that hides scratches well.
- Avoid luxury upgrades: While luxury materials definitely have their place, rental properties are not one of them. A luxury upgrade won’t mean higher rent prices if the neighborhood average doesn’t support it. In most rental markets, tenants will be less likely to pay extra for these upgrades.
Bottom Line
When it comes to your rental property, it is important to make strategic upgrades that improve the space while saving you money and attracting new tenants.
Using the tips above, your property will be looking good as new in no time!
