When renting out a property in a competitive market, landlords stand out by creating more value for their tenants. A strategic way to limit property vacancies is to consider regular property updates. Tenants are more keen to stay in rentals with improved facilities and new amenities.

Ask yourself what property features you would want to see if you were a tenant. Focus on the tenants’ needs and preferences since they are the occupants. Ensure that you avoid overinvesting, especially in aesthetics. Offer a functional rental space with upgraded and modern amenities.

Where Should You Focus On Rental Property Renovations

Providing rental property improvements can be accomplished in many ways. However, you will want to focus on areas that matter to the residents. Check out below some recommended ways to renovate your rental unit.

Invest in Popular Amenities

A great tip to attract renters is to include amenities that are valuable to them. Your rental remains competitive with newer units in your neighborhood. This method can also allow you to raise the rental price and gain back your returns on investment quickly.

These amenities are typically sought out by renters:

  • Storage shelves and cabinets provide extra space to properly store items.
  • A dishwasher adds convenience. Consider a unifying look with other appliances, such as stainless steel for a sophisticated feel.
  • Air conditioning delivers comfort during humid days and hot summer months.
  • Parking space is essential for residents with personal vehicles who want security.
  • Balconies and patios are ideal for residents to enjoy good weather and arrange gatherings.
  • Washer and dryer units offer convenience in managing your laundry.

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Consider an Open Floor Plan For Your Rental

Spacious rentals tend to attract more residents since they offer more comfortable living spaces. You can try fusing spaces by combining smaller rooms. Bay windows also allow more light in, brightening the rental home.

However, make sure to consult a property blueprint or a contractor so the structural foundation remains uncompromised. It is best to seek professional advice before carrying out a DIY project.

Go for Easy Home Updates

Wear and tear can make the appearance of your home grow dull over time. You can perform simple home upgrades on your own, such as installing new lights and touching up walls with a new coat of paint.

When painting, choose neutral colors to make it easy for residents to decorate their living areas. You can also hire a professional painter to avoid messing up your interiors if you lack experience in DIY painting.

Easy updates can also be done. You can purchase modern light fixtures or bathroom and kitchen fixtures to improve the look of the rental at an affordable budget. Replacing curtains, door knobs, and carpets are easy tasks you can take on.

Plan Floor Replacement in Your Rental

Hardwood floors remain popular since they are easy to maintain and create an elegant ambiance. Apart from that, hardwood floors are a good investment that lasts for a long time.

In comparison, carpets can be harder to maintain since you need to perform steam cleaning or engage the services of a third party. Carpets tend to absorb foul smells, requiring more maintenance.

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Although hardwood floors require more investment, these floors can last up to a decade, as long as they are carefully maintained. Other less costly alternatives are porcelain tiles and marble floors that can have a long lifespan when installed and maintained properly.

Improve Your Curb Appeal

No matter how modern the interiors of your rental space are, if your rental exteriors look run down, then it would not attract potential tenants. To attract more tenant, it is best to focus on upgrading your curb appeal by paying attention to the landscaping. You can hire a professional gardener to enhance your outdoor spaces.

Other ways to uplift your curb appeal are:

  • Planting new grass and getting rid of weeds.
  • Repainting the doorway, mailbox, garage doors, and fence.
  • Cultivating a neat garden area.
  • Adding planters near the entranceway.
  • Cutting overgrown branches and trimming shrubs.
  • Creating a paved path with attractive materials.

Upgrade the Bathroom

Remodeling your bathroom can gain more interest from potential renters. Simple fixes are required, such as replacing toilet seats, opting for a walk-in shower, and installing more cabinets to maximize the space.

You can also start by replacing bathroom faucets, showerheads, and cabinet hardware to enhance the look of the bathrooms.

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Why Do You Need to Renovate Your Property?

If you want to add more reasons for your current renters to renew their leases, you need to add more value. Simple upgrades can encourage more signups and help deliver more comfortable living areas. Landlords will be able to avoid vacant units and reduce their marketing costs.

Here are other reasons property renovations should be considered by landlords:

  1. Your unit stands out from other rental spaces. Even small updates can attract more prospective renters. Investing in better upgrades creates an opportunity to set a higher rental rate and earn more.

  2. You can match modern standards in energy efficiency. Renters also seek to pay lower utility bills and purchasing appliances with energy-saving features can help with that goal. It will be far easier to attract potential tenants when your rental home is filled with energy-efficient furnishings.

  3. You can sell your property at a higher price in the future. Since you invested in areas that bring more value, you can assign a good price that matches the value you offer through better amenities available in your unit.

  4. Your renters can be fully satisfied. Improvements in the rental enhance the living experience of the renter. Landlords will also attend to fewer maintenance requests if they regularly update furnishings around the rental.

Bottom Line

Making property renovations part of your plans helps you achieve rental success. This strategy lowers vacancies, encourages tenant loyalty, and adds value to your property.

If you are looking for a reliable partner to help you manage your rental unit better, contact Pro X Property Management Bentonville today!