Landlords are often looking for ways to improve their rental property. Upgrades can make your property stand out in the rental market, attracting more potential tenants. They also make it possible to charge a higher monthly rental rate. Tenants are willing to pay more for the convenience and aesthetics of modern fixtures and appliances.
Improving your rental property allows you to attract a higher quality of applicants with longer rental periods and fewer vacancies. It also increases the value of your property. If you ever decide to sell it, you’re one step ahead of the game. Potential buyers seek out homes that are well-maintained with updated amenities.
Table of Contents
1. Exterior Changes
The first thing people see in a home is its exterior, so updating it just makes sense. Work toward a beautiful curb appeal with a well-lit porch and a clean facade. Install new house numbers that are easy to read from the road. Buy a new, sturdy mailbox that matches the style of the home. These touches will add to the curb appeal of the house.
Plant low-maintenance flowers and shrubs. In sunny areas, use sedum, a low-growing perennial that reduces the presence of weeds. They bloom in early spring and have light green leaves after the blooms have faded. Sedum requires no maintenance from your tenants. In the shade, plant ferns or hostas. Both plants die back in the winter months. They require little to no maintenance and add variety to a yard while keeping out weeds.
Installing a playground in the yard of your rental home will ensure that families apply to move in. Playground equipment can include swings, a slide, a climbing wall, and a jungle gym. Parents typically will appreciate the outdoor activities available for their children.
2. Updated Kitchen
The kitchen is the heart of the home. It’s where people spend a large amount of time — 1,000 hours per year, in fact. If they’re not preparing a meal, they’re cleaning up afterward. Many people find preparing meals enjoyable and often cook together with other family members. Having a functional, beautiful kitchen is important to tenants.
Access to modern, matching appliances is a must in a rental home. While they don’t need to be brand-new or high-tech, they do need to be recent models. Since clean-up should be easy, ensure that you provide a dishwasher for your tenants. Tenants also look for kitchens with plenty of cabinet space. If necessary, add a pantry cabinet to hold canned goods and other foodstuffs.
You may be unable to fully remodel the kitchen. However, there are steps you can take to improve the look and feel of the room without breaking the bank. Add a pretty backsplash or replace the sink faucet. These are inexpensive touches that create a big impression. You can also replace the light fixture for a stunning and practical improvement.
3. Security System
In 2022, there were almost 2,000 property crimes per 100,000 Americans with the most common crime being theft. Other property crimes included vehicle theft and burglary. With stats like this, people are correct in being worried about their property’s security. You can add to your tenant’s safety and enhance their peace of mind by including security features.
You can start by adding outdoor lighting. Make sure that the front door can be lit up, and add lighting to the backyard. You may want to put in motion-sensor lights that will illuminate if an intruder tries to enter the yard. Your tenants won’t need to keep these lights on for long periods, wasting electricity and potentially bothering the neighbors.
Security cameras are another feature that tenants often appreciate. They help in situations where a thief attempts to steal a package that has been delivered. They are also useful in knowing who is at the door. Smart locks are another security feature that most people appreciate. They allow you to let in who you want, when you want. The kids can get into the house without a key. Or your tenants can allow service people in, like the house cleaners or a plumber. Tenants often find properties with security enhancements more attractive.
4. Energy Efficiency
Providing energy efficiency features for your rental properties will help improve interest from potential tenants. When upgrading the kitchen, purchase energy-efficient appliances. They not only provide energy savings and increased home value, they also are environmentally friendly. For instance, energy-efficient dishwashers use less water and electricity than older models, helping families with their carbon footprint.
You can also improve the insulation throughout the home to lower heating and cooling costs. Similarly, energy-efficient blinds can be installed to help keep the indoors cool in the summer and warm in the winter. This lowers energy bills and can keep your tenants comfortable year round. Plus, they come in a variety of styles and designs, including blackout and motorized.
Replacing the light bulbs throughout the house with energy-efficient options is another method of reducing costs. Switching to LED lighting can save a household around $225 per year. The family will get the same amount of light for less money.
Elevating Your Rental Property
As a landlord, you are regularly looking for ways to improve your rental property. It helps you attract high-quality tenants who will live in your house for longer without yearly turnover. In some cases, it gives you the ability to charge more for monthly rent.
Tenants often appreciate the actions taken by landlords to improve the property. They may be big steps like painting the exterior and installing new kitchen appliances. Or they could be little things like making sure the light bulbs are energy efficient. Every effort to enhance your rental property is beneficial for your tenants and will be appreciated in the long run.
