1. Renovate the Kitchen
Matching the finishes of the oven, refrigerator, dishwasher and microwave will instantly give the kitchen a more cohesive look. You don’t need to spring for top-of-the-line products, but upgrading will increase the kitchen’s functionality, which is a huge win for renters.
- Give the cabinets some attention: Before spending too much money on all new cabinetry, simply sand and paint the existing ones yourself. Top them off by adding new hardware for a modern look.
- Invest in new countertops: If you can afford it, new granite countertops give the kitchen, and even the entire apartment, a newly-renovated look. At the very least, choose a kitchen countertop material that’s durable and can withstand heat, scratches and stains.
2. Remodel the Bathroom
Because an up-to-date bathroom is something many potential tenants look for, remodeling this area of your rental is important. At the very least, some of the easiest improvements include replacing the toilet seat – or the entire toilet if necessary – adding a new shower head and updating the faucet and cabinet hardware.
If you’re working with a small bathroom, do what you can to maximize the space and provide storage. This will give tenants a functional space, which is valuable but hard to find.
3. Update Curb Appeal
The outside of the building is the first thing your future tenants will notice, so be sure to make a good first impression. Landscape the front lawn, but keep it low-maintenance and inexpensive so it doesn’t require much attention from either you or the renter. Or something as simple as replacing or painting the front door can be an eye-catching change that gives the property an updated look.
Up your curb appeal with simple outdoor rental property maintenance like:
- Planting new grass.
- Adding a small garden.
- Painting the entire exterior.
- Trimming back trees and shrubs.
- Installing planters in front of an apartment building.
- Pouring new concrete or install new pavers or bricks.
4. Create an Open Floor Plan
If you have the time and money, knock down some walls to open up the space. Open concepts are popular and will make the rental feel larger and brighter. Adding more windows will also make the interior feel bigger and bring in more light.
If you’re making this a DIY project, make sure to identify the type of wall you plan to knock down before you dive in with a sledge hammer. If the wall is load bearing, it holds the weight of the building. You probably want to leave it alone, or involve a professional’s help.
5. Add Popular Amenities
What sets your rental property apart from other landlords’? Here’s a few amenities and improvements to improve rental value, fill vacancies and possibly even give you an opportunity to raise the rent.
- Storage space: Renters also look for function in their home. Give them the room they need to store their belongings comfortably.
- Parking: Having a driveway or carport, can really hook a potential renter. Covered parking spots are big sellers .
- Outdoor living areas: Whether it’s a patio or balcony, provide a place to sit outside and enjoy the weather when it’s nice.
