In a sea of rental properties, you want yours to stand out. But how can you if you share similar features with other properties? Landlords have a common goal of making sure their rental units remain consistently attractive, to keep vacancies at a minimum.
The key here is to focus on your property. Make time for assessment, so you know the strengths and advantages your property has over others. Zooming in on your amenities compared to others in the neighborhood will allow you to gain insight.
When you’re aware of what your rental property has to offer, it’s easy to find value for your property by building on these assets.
Tips to Help Improve Your Rental Unit
1. Paint the House
Sometimes you don’t need to spend too much to make your home more vibrant. Repainting your rental home every few years should be part of your property maintenance program. Different types of paint can help you achieve different results.
- High quality – pick a quality brand so the painting job is smooth and attractive. Even if you’ll spend a bit more, the finished product will be worth it.
- Suitability – pick a color that’s neutral or one that matches the design of your building. Avoid anything too loud or garish that might clash with personal tastes or furnishings a renter may add to the unit.
You’ll also have to decide whether to allow tenants to paint your rental property, as there are some important pros and cons to consider.
2. Renovate Home Interiors
Renters normally focus in on two areas of the home where they’re likely to spend a lot of time: kitchens and bathrooms. Bathrooms should look clean and modern. Meanwhile, kitchens should look spacious and bright.
- Bathroom – some ideas to improve the bathroom would be a textured tile shower floor, a medicine cabinet, and a hidden-tank toilet.
- Kitchen – some ideas to improve the kitchen would be backsplash tiles, pull out drawers, and a butcher-block countertops.
3. Install New Appliances
Renters are often delighted when they discover new appliances in a rented unit. It means safety of use is guaranteed, and there are more convenient features. What’s more, there’s less wear and tear to address.
- Energy efficient – if you’re paying for the utilities then you’ll want to install energy efficient appliances to save on your bills.
- Upgrade commonly used appliances – if you have a limited budget, just make sure your washing machine and refrigerator are relatively new. These are frequently used appliances and may be the cause of multiple repair requests.
4. Conduct Upgrades
Upgrading doesn’t necessarily mean emptying your bank account. You can have affordable improvements that will go a long way towards creating more value.
- Carpet replacement – compare a new carpet versus a shabby one. No doubt the former will improve the look of your home. This is a relatively inexpensive improvement that will make the unit more attractive.
- Upgrade flooring – wooden flooring is preferred to linoleum flooring. It’s more beautiful, durable, and can provide added warmth to the house.
- Install new faucets, replace broken knobs and handles – small changes do make a huge difference. These tiny details shouldn’t be overlooked. They’re cheap fixes and must be repaired to ensure a functional home.
5. Improve the Windows
If your windows don’t need replacement, then add details that will make the home more inviting and pristine. Windows add to the aesthetic appeal of a house. People don’t solely decide to rent based on price, but also on how comfortable and well-designed a rental unit looks.
- Blinds – a variety of contemporary designs cans enhance the interior of your home. Adding blinds to your windows keeps the bright daytime light away, especially if your window faces streaming sunlight.
- Clutter-free look – instead of using curtains, you can maximize the use of blinds. Curtains need to be replaced and washed constantly. Blinds in contrast are more practical, especially when your living space is small.
6. Maintain Your Rental Property
Properties may look similar to one another, but property upkeep can differ a great deal. In fact, a luxurious home that lacks maintenance can look unattractive in comparison to a simple one that’s consistently inspected.
- Professional cleaning – dedicate part of your budget for cleaning in order to keep your property in a superior condition, even if it’s currently vacant. A well-kept rental home will increase its value and will be attractive to prospective renters.
- Repair damage around the home – avoid ignoring details such as doors not locking and toilets not flushing well. Keep up with repairs so that if a prospect checks out the house, they won’t rate it lower based on preventable small damages.
Keeping your property well-maintained during a pandemic can be especially challenging, and requires organized and dedicated effort.
7. Curb Appeal
Home presentation matters a lot. Attractive curb appeal increases value in the eyes of the prospect. This is an area where impressions are made that will affect the decision to rent or not.
- Lawn maintenance – hire a professional gardener to enhance the garden and pull out weeds. Freshly cut grass and a well-tended garden create a strong appreciation for onlookers. If you’ll be handling the lawn work yourself, here are some tips to follow.
- Proper garbage disposal – it’s a landlord’s duty under certain state laws to make sure a proper garbage disposal system is followed. A clean environment creates a good impression for prospective renters.
The Bottom Line
Earning a spotlight in comparison to your competitors is easily achievable. It’s not all about the cost of your rental unit’s construction. What matters is the degree of attention the owner has assigned to the property. Is it clutter-free and pristine looking? Does it retain its attractiveness? Does it avoid common maintenance pitfalls? If so, it’s bound to stand out from similar properties.
Caring about your property will also inspire the renters to appreciate and respect the value of the rental unit. Find ways to conduct improvements here and there. If you’re consistent in conducting regular inspections to manage repair issues right away, they won’t build up or catch you by surprise.