Depending on where you live, the rental market might have more supply than demand or more demand than supply.
You’ll want it to be the latter if you’re a rental property owner since that will help keep your units occupied and limit vacancies. Vacant units mean lost opportunities as far as monthly rental income is concerned.
One way to lower vacancies, in addition to being in an area with more demand than supply, is to upgrade your property.
You don’t have to spend a ton of money — though major renovations may be necessary if your investment property is in a state of disrepair. Even if your property is already in pretty good condition, consider these five cost-effective upgrades if you want to add more value for tenants.
- Fresh Paint Goes a Long Way
Few things will give you a bigger bang for your buck than paint. A few coats of premium paint can go a long way toward giving the interior walls of your home a facelift. You can light up any room and make the walls look brand-spanking new.
Whether you go with neutral hues like beiges or light grays, or go with something bold with colors that pop is up to you.
It’s usually a good idea to repaint the walls when a rental unit changes hands. If you have a vacant unit, a coat or two of fresh paint is a good investment that can make your rental unit more attractive to tenants.
- Modernize Cabinet Hardware
While swapping out old kitchen and bathroom cabinets can cost a lot of money, you can save some money by repainting them instead. Not all of them are repaintable, of course. However, repainting or restaining is a possible option that could help to modernize the spaces in your rental units.
Another option, one that will be even cheaper, is replacing the drawer pulls, handles, and faucets to switch up the aesthetic. You might be surprised at how big of an impact such a modest investment can create.
- Install or Refresh Backsplashes
Another inexpensive upgrade that can make a big difference is a new or refreshed backsplash. It can modernize the kitchens in your rental units, and they’re the perfect DIY project.
You can even use the peel-and-stick options if you don’t want to do any tile work — which can make it the perfect weekend DIY project. You can get affordable backsplashes that mimic stone, tile, glass, and other materials. If you don’t want to replace the backsplashes altogether, another option is to refresh the ones already in place in your rental units.
- Replace Worn-Out Flooring
Yet another relatively easy upgrade is to replace worn-out flooring. If you have old carpeting that detracts from the overall aesthetic, replace it. It doesn’t have to be super expensive. You can get laminate flooring, engineered hardwood, or some other flooring type.
If you have the time and tools, it’s something you may be able to install yourself. You can bet renters will like the flooring upgrade.
- Add Energy-Efficient Features
Many renters will gravitate toward units that encourage energy efficiency and sustainability.
You can install smart thermostats that help tenants regulate the interior temperature remotely, ceiling fans to help reduce AC use, and low-flow showerheads to reduce water use. If tenants
pay for utilities, these features will save them money. It always makes sense to improve your rental property since happy tenants will stick around.
One way to get more help with your property is to hire a property management firm. But you’ll get more out of the partnership if the service provider is local. If you have a rental property in The Woodlands, for example, you’ll be better off hiring a Woodlands property manager.
You can also pick the property manager’s brain for more tips on how to make your investment property more attractive to renters.
