If you own a rental property, you need to make it stand out to attract tenants. Today, young people rent much longer and demand more from their rentals than previous generations did. Many expect features like energy-efficient appliances, a metropolitan location, and more space. If you want to attract high-quality tenants to your property, here are a few ways you can make your rental pop.
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Renovate the Kitchen
Renovating the kitchen is one of the best investments you can make. The kitchen is one of the biggest selling points for any home, so investing now may offer huge payoff later. This can be an expensive undertaking, so the key is to know where to splurge and where to save. Choose simple, practical appliances that won’t break the bank, and spend more on cabinets, countertops, and a quality dishwasher. Need to save more? If the cabinets are still in good condition, paint them white to give your kitchen a clean, crisp look.
Update Bathrooms
Bathrooms are a close second to kitchens when it comes to attracting renters, and remodeling still doesn’t have to break the bank. One way to save is to keep the plumbing where it is and just replace the fixtures. If your toilet is in good shape, just add a new lid. As for the walls, repaint them a neutral color or add a simple backsplash to keep it
contemporary. Finish it off with soft lighting and a large vanity mirror to make your space appear larger.
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Go Green without a Lawn
A lush lawn is one of the biggest draws for tenants, but it can also cost a fortune. Save money for yourself and your tenants by installing a low-maintenance yard. Non-native foliage can cost you hundreds in water bills, but a yard with native flora can reduce waste and save you money. If your property is in an arid climate, plant a drought-resistant yard with succulents, cacti, and wildflowers. Save water, protect the environment, and reduce your bills when you plant a native garden.
Use Environmentally-Friendly Appliances
Make your rental more appealing with energy-efficient appliances. Environmentally-friendly appliances reduce waste and save more money over time. Virtually every appliance including faucets, washing machines, dishwashers, and toilets have energy-efficient models available. Energy Star is known for its water-saving dishwashers, washing machines, and refrigerators, so browse their selection and make an investment you can be proud of.
Open the Space
Millennials are renting much longer than previous generations, and many still live together into their late twenties and early thirties. This requires more living space. If you can’t expand your property, you can open up the interior by knocking out walls. Take a look at your current space and envision what you don’t need. The simplest solution is to bust the walls between the kitchen, living room, and dining room. Doing so makes the space feel less claustrophobic and allows more breathing room for tenants and their guests.
Repaint the Interior
Sometimes all your rental needs is a fresh coat of paint to stand out. You may love hot pink walls, but most renters don’t. Stick to classic beige and off-white tones, or make it contemporary with soft greys and blues. Finish off the room with crisp white crown molding and baseboards to keep the room looking fresh.
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Power Wash the Exterior
Your rental doesn’t always need new exterior paint. If your property looks worn and dirty, it may be time to power wash the outside. Hire someone or rent a power washer yourself to clean your rental—it will look like new in no time.
Update the Flooring
Shag carpet is a trend of the past. Install wood laminate flooring to update your space and give it a clean look. Real wood flooring is a luxury, but wood laminate is both high quality and cost-effective. Today’s wood laminate flooring comes imitates the color and grain of real wood. Renters will also appreciate that it’s easier to clean and stain-resistant.
Protecting Your Investment
Once you update your rental, be sure to attract quality tenants that will take care of your property. Screen tenants carefully using an online resident check to make sure you get renters who’ll appreciate your newly-renovated space and take care of it as if it were their own.
2 Responses
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