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Did you know that the market size of the apartment rental industry is $169.5 billion?
You want to make some affordable upgrades to your rental property, but you’re not sure what will attract renters.
It can be tough to know where to start when it comes to making your rental property more appealing to renters. There are so many things that could be upgraded, and it’s hard to know which ones will be the most effective.
But don’t fret. Keep reading because this guide includes a list of seven affordable rental upgrades that we know will make your property more appealing without breaking the bank. From painting the walls a new color to installing new flooring, these upgrades are sure to help you find tenants in no time!
1. Update the Kitchen
A kitchen is often one of the most important deciding factors for renters when choosing a property. A dated or tired-looking kitchen can be a big turn-off, putting potential renters off even if the rest of the house is in good condition.
If your rental property has a kitchen in need of an update, there are some easy and relatively inexpensive changes you can make that will have a big impact.
Something as simple as changing out the hardware on cupboards and drawers can give the whole room a new look, and updating appliances or resurfacing countertops can also make a big difference without breaking the bank.
By taking care of these small details, you’ll make your rental property more attractive to potential tenants and help ensure that it attracts higher-quality renters.
2. Replace Light Fixtures
Installing new light fixtures is an easy way to modernize your rental and make it more attractive to potential tenants. Bright overhead lights or wall sconces in key areas like bedrooms and living rooms will instantly breathe life into any room.
Not only will this make your rental more inviting, but it will also help to cut down on energy costs. New light fixtures are a great way to make your rental more efficient and appealing.
3. Refinish Floors
Give your floors a fresh look with some simple refinishing. If you have hardwood, wood-look laminate, or luxury vinyl plank floors in the rental, consider lightly sanding and recoating them to give them an updated look.
Even replacing old carpets can be done quickly and affordably, so take the time to shop around for good deals.
4. Add Paint
Adding a fresh coat of paint is one of the quickest ways to update any room without spending too much money. Choose light colors like whites, tans, and greys that can easily match any style of furniture renters may have.
Doing this will also help your rental look much brighter and more inviting, which is a major plus for potential tenants.
5. Update Bathroom Fixtures
When it comes to making over a rental property, many landlords focus on the living room and kitchen while neglecting the bathroom. However, the bathroom is one of the most important rooms in any home and shouldn’t be ignored.
One quick and easy way to update a bathroom is to replace old fixtures like faucets, showerheads, and towel racks with new, modern ones. This upgrade will give the bathroom a fresh, chic look that tenants will love.
Plus, new fixtures can also help save water and energy, which could lead to lower utility bills for your tenants. So if you’re looking for a quick and easy way to improve your rental property, consider investing in some new bathroom fixtures.
6. Upgrade the Entryway
First impressions are important, and the entryway is often the first thing that people see when they come to your rental property. If the entryway is shabby or outdated, it can give potential renters a bad impression of the property as a whole.
By upgrading the entryway, you can make a big impact with a relatively small investment. Something as simple as installing a new door or adding a welcome mat can go a long way toward making your rental property more inviting.
In addition, it’s important to make sure that the entryway is well-lit and free of any potential safety hazards. By taking these simple steps, you can increase the curb appeal of your rental property and create a more welcoming environment for potential renters.
7. Install Smart Home Technology
Finally, installing smart home technology is another way to attract tech-savvy tenants to your rental. From automated lighting systems to voice-activated thermostats, these features can create a modern living experience for renters without requiring too much money from you.
Not only that but having these features can help boost your rental attractiveness in the market as well. Popular devices like the Amazon Echo and Google Home are becoming increasingly commonplace in homes, so offering them in your rental can make them more appealing to prospective tenants.
Plus, with smart home technology, you can remotely monitor and control your rental property from anywhere in the world. So if there’s a water leak or power outage, you’ll be the first to know.
Installation is usually quick and easy, so there’s no excuse not to add these high-tech features to your rental property today.
If you want help managing your property, check out this property management company.
Ready to Try These Rental Upgrades?
Upgrading your rental doesn’t have to cost a fortune. By making some simple and affordable rental upgrades, you can make your rental properties and rental units more attractive to potential tenants.
If you’re not sure where to start, try out one of the 7 upgrades we listed above. With a little effort, you can give your rental home the facelift it needs without breaking the bank.
To learn more, check out our blog for more articles like this!