Renovations Landlords Must Do to Increase Renter Interest
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In the competitive world of real estate, landlords and professionals can’t afford to let their properties become outdated. Renovating is more than just a facelift — it’s an investment elevating a property’s appeal.
From modern kitchens to energy-efficient features, the right upgrades can make a property irresistible, drawing in high-quality tenants willing to pay a premium. Don’t underestimate the power of smart renovations to increase interest and add significant value to a property.
1. Update the Kitchen
A modern kitchen is the heart of a home, often tipping the scales for potential renters during their decision-making process. An aesthetically pleasing kitchen can also signify a well-maintained property. Key upgrades — like quartz or granite countertops, shaker-style cabinets, and stainless-steel appliances — can make a remarkable difference.
A minor kitchen remodel can recoup up to 85% of its costs in added property value. For landlords and real estate professionals, updating the kitchen is an intelligent business move, creating a win-win situation for tenant satisfaction and their bottom line.
2. Enhance the Bathroom
Regarding tenant satisfaction, always appreciate the impact of a clean, modern bathroom. It’s a personal space where renters expect comfort and functionality. A dingy or outdated room can be a deal-breaker, while a sleek, inviting one can seal the deal.
Consider installing new tiles or updating the fixtures for quick and effective upgrades. Modern faucets, showerheads, and a new toilet can significantly elevate the space without breaking the bank. New tiles on the floor or walls can also rejuvenate the room’s overall feel.
If the bathroom lacks windows, create a well-lit, inviting space. Use lighter colors to reflect artificial light, install high-quality, bright lighting fixtures, and consider adding decorative mirrors to give the illusion of space.
3. Upgrade Flooring
Floors play a starring role in the first impressions of potential tenants. Clean, modern flooring brightens up a space and signals the property is well-cared for. The best-suited floor can transform a room from “just okay” to “wow,” making attracting and retaining high-quality renters easier.
When selecting flooring, durability should be a top consideration. Options like hardwood and laminate balance style and longevity. Hardwood gives a timeless, elegant look, while laminate provides a budget-friendly but stylish alternative. Both are easy to clean and maintain — consequential for long-term tenant satisfaction.
In the search for a new home, many potential tenants view flooring as a significant factor. It can indicate the level of maintenance and quality they can expect throughout the property. Good-quality flooring can set a property apart in a crowded market, making it more appealing to discerning renters.
4. Uplift Outdoor Living Spaces
Extending the living space outdoors through patios and decks can also make a strong impression on potential tenants. Especially in warmer climates or during summer months, these outdoor spaces become an extra “room” for relaxation or entertainment. Investing in a well-designed patio or deck can significantly enhance the property’s appeal.
For existing outdoor spaces, consider refinishing the surfaces or adding built-in seating. Simple touches — like new planters or an outdoor rug — can make the space more inviting. These outdoor renovations increase tenant satisfaction and offer a decent ROI, further boosting the property’s overall value.
5. Improve Energy-Efficiency
The demand for energy-efficient homes is rising as renters become more conscious of their environmental impact and monthly utility bills. It’s a trend that’s becoming a deciding factor for many tenants. It presents an excellent opportunity for landlords and real estate professionals to stand out in a competitive market.
One of the easiest upgrades is switching to LED lighting, which uses up to 90% less energy than traditional incandescent bulbs. Another smart move is installing a programmable thermostat. They allow for more precise temperature control, providing comfort and savings.
Landlords can promise potential tenants lower utility bills by making these energy-efficient upgrades, adding significant appeal to the property. In addition, green homes can save tenants up to 30% on utility bills more than traditional appliances.
6. Elevate Curb Appeal
First impressions are crucial in the rental market. Before potential tenants even set foot inside, the property’s exterior has already spoken volumes. A well-maintained facade sends a strong message that the landlord values quality and attention to detail, making the property more inviting from the get-go.
Improving curb appeal doesn’t have to be costly or time-consuming. Simple steps — like freshening the paint, maintaining a well-groomed lawn or adding decorative plants — can make a difference. Consider also upgrading outdoor lighting or adding a new mailbox for the extra touch of polish.
Not only does enhanced curb appeal attract more and better-qualified tenants, but it also positively impacts property valuation. Investing in curb appeal is a wise, long-term decision for landlords and real estate professionals.
7. Modernize Security Features
Safety is a top priority for most renters, especially those looking for long-term leases. A sense of security in a property fosters peace of mind and is a strong incentive for tenants to stay longer. It’s a factor landlords and real estate professionals simply can’t afford to overlook.
Modern security features like smart locks and video doorbells are excellent upgrades. Smart locks offer keyless entry and the ability to manage access remotely, making life easier for landlords and tenants. Video doorbells add an extra layer of security, allowing tenants to see who’s at the door before opening it.
Renovations, The Path to Rental Success
Every upgrade in the kitchen, bathroom, or a property’s outdoor space is an investment in a more profitable future. Don’t let properties lag in a competitive market. Commit to invest in these renovations today.
For more insightful articles and actionable tips about finance and business, check out Capital for Business’ The Working Capital and Financing Blog.
Did you enjoy this article? Here’s more to read: Boost the ROI From Rental Properties With These 7 Tricks
Evelyn Long is a writer and editor focused on home building and construction. She is the co-
founder of Renovated, a web magazine for the home industry.
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