Increase Rental Value Without Blowing Your Budget

We all know first impressions are extremely important. Property appearance will have a big impact on the value and marketability of your rental property.

Extensive renovations are not always necessary to achieve this. There are a lot of inexpensive cosmetic changes you can make to any rental unit, but cosmetic changes are not the only things you can do.

With the right improvements, landlords can significantly increase the amount they can charge on their property. Here are some simple but effective improvements that can help increase rental value.

A PET-FRIENDLY RENTAL IS PROBABLY A GOOD IDEA

Deciding if you should allow pets in your rental property impacts how much profit you can make. 

There are negatives to pets, such as the ability to cause damage to your property, but if you allow pets in your rental unit, you can access an extra 70% of tenants who own pets, and you will be able to charge a higher rent price or pet deposit.

You will also be pleased to know pet owners typically stay in a rental longer because it can be more difficult for them to find other pet-friendly options.

LANDSCAPING IS MORE IMPORTANT THAN YOU THINK

Good looking, low maintenance landscaping will make your rental property more attractive to tenants. 

Most tenants don’t want to have to worry too much about maintaining too many plants and flowers and want a space that is functional.

If you allow pets, make sure your outdoor space is pet friendly, with a nice, durable fence, and a grass area that will not be easily ruined by a tenant´s pet.

POTENTIAL HOME OFFICE SPACE

Now, more than ever, tenants are looking for a place with a dedicated workspace that will allow them to have a peaceful and productive work/homeschool environment.

Having an extra bedroom or quiet area with good, natural light as well as good storage space can maximize your rental income. 

PAINT IS MAGIC

Paint is one of the easiest ways to transform a space. Choose neutral paint colors like white, gray, or beige. 

A fresh coat of paint on kitchen cabinets, doors and closets can also work wonders towards creating a clean and better-looking space.

OLD KITCHEN APPLIANCES HAVE TO GO

Tenants appreciate nice kitchen appliances. If yours are outdated, perhaps consider replacing the dishwasher, oven, or fridge. You will invest on new appliances, but tenants will pay more to have them.

THE IMPORTANCE OF FLOORING

Flooring impacts tenants’ perception of your property the moment they step in. It is a crucial part of any interior design and can easily make or break your space.

There are many inexpensive options of hardwood or laminate that will improve the look of your rental unit dramatically. If you have the time, you can save money by installing them yourself.

KITCHEN, BATHROOM AND DOOR HARDWARE

Replacing hardware like cabinet handles, knobs, or pulls is a small, inexpensive change that can have a big impact. 

Updating shower heads and faucets will also give an instantly refreshed look to your rental property and they are also relatively easy to replace.

Be aware what other landlords are offering tenants and find ideas on how you can make your property standout. The goal is to differentiate your property from competitors.

At Pristine Property Management we can also assist with any necessary renovations. Contact us today.