Upgrades to a rental property not only increase the value, but attract better potential renters. To increase retention and profitability, building owners will need to compete with neighboring properties. This means keeping the rental upgraded through renovation projects.
The four rental property upgrades most likely to appeal to potential renters are:
- Bright Lighting
Dull lighting can create a depressing feeling in a rental. Installing bright lighting will create a more open, cheerful, and welcoming atmosphere when showing the rental. Building owners should put in energy-efficient bulbs as well to cut down on electricity costs.
- Durable Flooring
Flooring is more likely to get damaged. Installing flooring that is durable and high-quality benefits everyone. It will make the unit look more polished and not need to be replaced as often. Most rentals have laminate due to it being cost-effective and highly durable.
- Kitchen updates
Old, worn out cupboards, countertops and appliances in the kitchen can date a rental property. Many renters appreciate a nice kitchen with enough storage space and modern countertops and will overlook other flaws in an apartment if the kitchen is comfortable.
- Paint and Replace
If the walls are faded or marked, it’s time for a paint job. Before painting, be sure to patch any holes in the walls. Also check the carpets for wear and tear and deep clean the carpets between tenants. Blinds shouldn’t be bent or broken and window screens should be intact.
Deep cleaning between tenants should be standard. This includes sanitizing appliances and replacing the furnace filter if needed. When deep cleaning, take notice of the overall appearance of the unit. Is it time for a renovation?
Contact Building Resources Inc. for rental property renovation needs. They specialize in construction and multi-family renovations, making sure to stay within the timeline and budget provided. They’ll make rental property renovations less stressful for the owner.