With new housing complexes increasing constantly, keeping your rental property competitive is crucial. To keep ahead of inflation and rising living costs, you’ll have to raise the rent sometimes. However, renters may be unwilling to pay if you don’t increase your property value. How can you increase the value of your units without breaking the bank?
Here are some tried-and-true ideas to get you started
Curb Appeal. If you’ve heard it once, you’ve heard it a thousand times – curb appeal is everything. It may take a coat of fresh paint and some landscaping, but you have to get renters in the front door before they sign a lease! While you’re at it, invest in a good cleaning service. Ground in dirt or stained grout ages a property and makes renters less willing to commit.
Upgraded Kitchens and Bathrooms. Since bathrooms and kitchens are used more than other rooms in your rental units, you’ll need to update fixtures and appliances. When you update, get smarter or more energy-efficient versions that will appeal to renters and save them money.
New Paint, Lighting, or Flooring. Even if you can’t afford a full bathroom or kitchen remodel right now, some simple cosmetic changes may improve a tenant’s impression of your property.
Modern, Neutral Design. Light fixtures and color schemes can date your units, so remain simple and neutral to maintain a tenant-attracting look.
Pet-Friendliness. Many tenants, including families with kids and seniors, love their pets. If they can’t bring their cat or dog with them to your property, they may look elsewhere, even if your location is more conveniently situated than others. Making your property pet-friendly will help you gain many friends—both the four-legged and two-legged variety.
Amenities. Smart thermostats are an inexpensive way to update the property, and a garage EV charging station may desirable residents with an electric or plug-in hybrid vehicle.
Appliances. Including appliances such as a Refrigerator, Washer and Dryer can open your property to a wider audience of prospective residents that may not own their own, or do not want to purchase them.
There are many ways to increase your rental property value. Creating good first impressions, keeping current, and allowing for different lifestyles could help you appeal to a wider pool of applicants. And with more reliable rental income, you’ll be better able to make reasonable rent increases as the market demands.
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is completely dedicated to property management, and we’re here to help landlords navigate the rental market.
