Renovating your rental property—in order to increase your rental income—doesn’t have to break the bank! There are plenty of small ways to ensure you’re keeping up with the surrounding rental market.
The first trick, to save you money and worries, is to separate how you approach renovating your rental from how you would approach renovating your own home. While you probably have numerous personal preferences, the rental market doesn’t require the same intricate attention to detail. Rather than completely overlook the details, pay attention to these small fixes that have the biggest impact.
Replace what’s broken.
Your first priority should be fixing anything that’s broken in the rental—whether it’s a faulty appliance, a malfunctioning doorknob, or a leak. If the current shower head in the unit offers subpar water pressure, find another one! Some fixes are inexpensive and can make the rental that much more alluring to prospective renters.
Hire professional carpet cleaners or update flooring.
Some things may not need to be replaced at all. A professional carpet cleaning service can make a massive difference in showing your old carpeting in a whole new light.
However, keep in mind that hardwood flooring is typically seen as a desirable quality in a rental. Hardwood, vinyl, or tile flooring is also much easier to clean than carpet on a day-to-day basis.
It could be a deciding factor for a potential renter—especially for those with kids or pets. There are also plenty of affordable flooring options, including ceramic, vinyl, and laminate.
Concentrate on the kitchen and bathroom(s).
The Bureau of Labor Statistics notes that, aside from sleeping, Americans spend the majority of their time on personal care activities, eating and drinking, and household activities (including housework and food preparation and cleanup). These activities predominantly take place in the kitchen and the bathroom—the best rooms to focus your renovation efforts.
Little fixes like painting the cabinets, swapping out cabinet handles, and switching the light fixtures can make a big difference in these rooms. Granite countertops also continue to be a desirable amenity amongst renters. Instead of going for granite slab, opt for granite tile or prefabricated granite for more budget-friendly options.
Paint the walls.
Painting the interior walls of your rental property between tenants is considered a best practice for most landlords. This offers plenty of aesthetic appeal for potential renters while marketing your property, in addition to allowing you to track any wear and tear on the walls during each tenancy.
Stick with neutral paint color options in your rental, and be sure to use the same color throughout. Rather than express your individuality, this paint should be appealing to as many people as possible. Or it should at least be neutral enough to complement a variety of decorating styles.
Consider minor landscaping (if applicable).
Minor landscaping can be a fantastic finishing touch, if you have a rental with ground-level entry, a yard, or a front porch. A few low-maintenance potted plants or a neatly trimmed lawn adds to the curb appeal of any rental property. This may seem obvious, but an aesthetically pleasing exterior can definitely entice many potential renters. The same way an unkempt exterior can deter plenty of discerning renters as well.
Spring for a professional photographer.
If you have some room left over in your budget, hire a professional photographer to take pictures of your rental property! When you list your property online, you will want the photos to showcase the work you've done. (Plus, if you list with Apartments.com, your property will show up on our twelve network sites with millions of monthly visitors!) A pro can paint your unit in the best light, drawing even more potential renters to your property. High-quality photos will highlight your new renovations and decorations, and depict a truly great rental worthy of a higher rent price.
These small changes add up, making your rental property that much more alluring and deserving of increased rent. Remember that quality comes at a price. These small investments warrant great returns.
