5 Best Rental Improvements to Safely Increase Rent and Appeal to the Top Tenants
The COVID-19 pandemic has dealt the real estate world a heavy blow, and left many landlords without a stable income. Whether you’ve been without a long-term tenant for some time, or if you simply feel that the time has come to increase the rent but can’t find a justifiable cause to do so, you need to find a way to make your rental more profitable. In order to increase the rent on your property without alienating potential tenants, the best thing you can do is to refresh the home’s design.
Fortunately, you don’t have to break the proverbial bank to do so, because there are many affordable and semi-affordable solutions you can start investing in right now. Let’s take a look at some design choices and budget-friendly ideas that will make your rental more profitable in the new normal.
Tend to functional upgrades first
Before you start bringing in new furniture or choosing a new color palette for the living room, start by tending to those much-needed functional upgrades and improvements. For example, when was the last time the faucets have been updated, or how about the hardware and the cabinetry? Perhaps the bed in the master bedroom is squeaky and needs a new frame, or maybe the armchair in the living room has taken all that it could bear over the years.
It’s important that you take a tour of the home and note down everything that might be broken or outdated, and make a list of priorities. Start with windows and doors, and then work your way in room by room, making the necessary adjustments, fixing things, and replacing outdated elements.
Rejuvenate the interior with a new paint job
There is nothing that can bring an old interior to life like a fresh coat of paint, and it’s probably one of the most affordable improvements you can make in your rental. Repainting the interior is bound to breathe new life to your rental and attract more tenants, but most importantly, it will allow you to slightly increase the monthly price tag. Repainting is also a great improvement if you ever decide to sell the property as it will help retain its value.
Spruce up the floors with rugs
One of the best ways you can rejuvenate the interior and imbue it with that homey vibe is to make the floors as cozy and aesthetically pleasing as possible. And the best way to do that is to, of course, throw some pretty rugs into the mix.
Now, keep in mind that the carpets you choose also need to be durable and easy to clean, to avoid having to replace them after every tenant. For example, one of the leading brands Miss Amara even has pet friendly rugs that you can vacuum and clean easily, but they still boast an aesthetic design that will appeal to anyone who wants to feel cozy in their home. Introduce a beautiful rug in every room and in the hallway and you’ll have no problem elevating the real and perceived value of your rental.
Introduce sustainable features
Circling back to the more functional upgrades, it’s important to note that modern tenants are looking for homes that are built with sustainability in mind. If you want to attract the best of the best, it is imperative that you choose energy-efficient appliances, install programmable thermostats, and introduce water conservation features like low-flow toilets and shower heads at the very least if you want to preserve and elevate the home’s value.
Improve the lighting scheme
Lastly, rethink the lighting scheme and strive to illuminate the space as much as possible. One overhead light fixture per room won’t cut it, as you need to complement the base lighting with accent lights to create a specific ambiance. Install light dimmers as well to make the space even more comfortable, but also easy to adjust for every occasion.
Increasing the rent without losing tenants is not easy, but it’s not impossible. With these tips in mind, you will be able to improve your property’s appeal and attract high-paying tenants to your doorstep.