Out with the old and in with the new! Increasing the value of your rental and attracting higher quality tenants will require some necessary updates. People like to see the value in the features of the home they are living in. Renters are no exception! Here are a few ways property owners can increase their rental value by making the most effective home updates that renters want to see.
Stainless Steel Appliances
Kitchens are often the center of the home. This is where we gather for family time, entertain friends, and enjoy a home cooked meal. That’s why upgrades in this room are so noticeable. When renters see old, outdated appliances, they will immediately devalue the property. Upgrading to stainless steel appliances can really boost the appeal of your rental! While stainless steel appliances are typically more expensive, they don’t have to be. Many websites sell pre-owned, higher end appliances for less that are still in nearly mint condition. Aside from the increase in renters that having better appliances will attract, there’s the added benefit of having good quality products in the home that are less likely to break and require repair or routine maintenance throughout the term of the tenant’s lease.
Aside from appliances, countertops are the second tell-tale sign of a nice kitchen. Everyone dreams of having nice granite or marble countertops, which is why either is a really great choice that will attract more tenants. These are sturdy options that can last a lot of wear and tear over time. Some more affordable options are quartz or solid stone. If you’re looking for a quick fix to the countertops you already have in place, try placing wooden slabs on top to create a DIY butcher block that’s both stylish and functional.
Whether your rental property has carpet, tile, hardwood, or all of the above, it needs to be in good shape in order to earn the most money. We always suggest hardwood floors and tile over carpet, as both are much easier to clean and show less damage from past tenants. While hardwood is more expensive, it looks best and will hold up over time. Still, even hardwood can look dingy after a while, which is why we suggest trying to restore your hardwood floors if you cannot afford new hardwood floors. Also, laminate flooring is a suitable alternative that will provide a similar look for less.
In rooms that have carpet, be sure to get them professionally cleaned in between tenants and specifically detail in your lease agreement how carpet damages will be handled so you don’t run into any problems or surprises later on when the tenant moves out.
Scuffs, marks, and holes are bound to appear on your rental’s walls. New renters never want to see the damage that old renters are leaving behind. That is why a fresh coat of paint can make a big difference in a room! Renters want to see neutral walls, such as gray, beige, or tan, which can easily match almost anyone’s style. Keep in mind what color your appliances, fixtures, cabinets, etc. are and choose a color that will compliment your overall look. To save some money, we highly recommend negotiating a bulk paint discount when buying and look for other options that can provide some cost savings.
If you are looking to catch a trendy audience of renters, wallpaper has really made a comeback and can add a great statement to your walls. With wallpaper, the key is to start small and limit the amount you use or else you risk it being overpowering. Try adding a fun pattern to an accent wall, entryway, or bathroom.
When it comes to finding the perfect home, renters want all of the latest and greatest. This can obviously become pricey very fast, so you have to consider the other features of your home, your area, average rent rates and what will help you receive the greatest return on investment over time. It can be tricky to figure out exactly what will work best for you and your budget, which is why we recommend speaking with a property manager who can point you in the right direction when updating your rental property. In the end, if you are able to upgrade your home, renters will notice and you will see more traction that will lead to better tenants!