• Refreshing wallpapers and flooring can make a rental property more attractive to prospective tenants.
• Upgrading appliances and fixtures is another great way to make your rental property more attractive.
• Ensuring access to clean and safe water is essential for any rental property.
• Improving curb appeal is key to making the rental property look more inviting.
Good tenants are the lifeblood of any rental property. That’s why it’s so important to find ways to attract quality tenants and make your rental property stand out from the competition. Fortunately, there are several cost-effective upgrades that you can do to attract good tenants without breaking the bank. Here’s a closer look at some of these upgrades and how they can help.
Refreshing Wallpaper & Flooring
A fresh coat of paint or new wallpaper can go a long way in making your rental property more attractive to prospective tenants. Painting is an especially cost-effective upgrade for landlords because it is relatively inexpensive yet has a huge impact on the overall look and feel of the space.
Choose neutral colors like beige, gray, and white for bedrooms and bathrooms, as these colors have universal appeal. You can also use a bolder color in accent walls or other focal points of the room, such as a living room wall.
Replacing the flooring in your rental property is another great way to make it more attractive to potential tenants. New flooring looks much nicer than old, worn-out carpet or vinyl, and it can also make the space more up-to-date.
Hardwood flooring is an excellent option for landlords because of its durability and classic look. Laminate flooring is another great choice since it’s affordable, easy to clean, and relatively low maintenance.
Upgrading Appliances & Fixtures
Outdated appliances are a major turnoff for prospective tenants, so upgrading them could make all the difference in attracting good renters. If the budget allows, you should consider replacing the following:
Old Refrigerators
Refrigerators have come a long way in recent years, so replacing an outdated model with a newer energy-efficient one can save tenants money on electricity bills and make the rental property more attractive.
Outdated Dishwashers
Dishwashers are a must-have for most renters, so replacing an old, inefficient dishwasher with a newer model could be just the upgrade your rental property needs. You can look for an Energy Star model certified to save on operating costs.
Existing Bathroom Fixtures
Replacing outdated bathroom fixtures such as toilets, sinks, and showers is a great way to upgrade the look of your rental property. If possible, try to choose fixtures that are low-flow and water efficient.
Doors and Windows
Replacing single-pane windows with double or triple-pane windows can help reduce energy costs and make the rental property more attractive to tenants. Additionally, new doors can give your rental property a much-needed facelift and add value.
Water Systems
Water is an essential resource for every household, and having access to safe, potable water is a basic human right. Ensuring that your rental property has efficient water systems in place is an important part of keeping tenants happy and healthy. Here are some things you can add or update:
Water Softener System
If your rental property has hard water, then an efficient whole-house water softener system is a must. Not only will it reduce the amount of scale build-up in pipes and appliances, but it will also make the water taste better and be better for bathing and cleaning.
Water Filtration System
Installing a water filtration system is a great way to upgrade the rental property and make it more attractive to potential tenants. Water filtration systems are relatively inexpensive to install and can help reduce harmful contaminants from the water supply.
Water Heating System
An efficient water heating system can help tenants save money on their energy bills and make the rental property more attractive. Consider switching to a tankless water heater or installing solar water panels for even greater efficiency.
Curb Appeal
The exterior of your rental property matters just as much—if not more—than what is inside when it comes to attracting good tenants. So take some time to spruce up your curb appeal by:
Power-washing Sidewalks and Driveways
Power-washing sidewalks and driveways can make a huge difference in making your rental property look and feel inviting. Plus, it’s relatively inexpensive and easy to do.
Trimming Bushes
Trimming bushes, trees, and fences can make the rental property look more appealing to potential tenants. Be sure to trim any overgrown shrubs or trees, remove debris from walkways, and clean up broken fence posts.
Planting Flowers
Adding some colorful flowers to the landscape is a great way to make your rental property look more inviting. Choose drought-tolerant flowers and plants that don’t require too much maintenance, as this will help you save money in the long run.
Attracting quality tenants is essential if you want to maximize your return on investment when renting out a property. Fortunately, there are plenty of cost-effective upgrades that you can do to make your rental property stand out from the competition while still staying within budget. Simple things like refreshing walls and flooring, upgrading appliances and fixtures, and improving curb appeal will all help make your rental more attractive to potential renters without breaking the bank.
