Property Renovation Ideas to Attract More Potential Tenants
If you’re a rental property owner, being able to find the “right” tenants can be a really big deal. Not only does this ensure you get a steady stream of passive income, but you’ll also rest easy knowing that your tenants are taking good care of your investment.
But in order to source great tenants, you first need to gain a lot of interest in the rental market. There’s a lot of competition you’ll likely be facing, so finding impactful ways to improve your property can make all the difference when it comes to getting more foot traffic to your rental.
One of the best ways you can increase the interest in your property is by making smart home renovation investments. In this article, we’ll highlight some great renovation ideas you can explore that are sure to garner more attention from potential tenants.
Popular Amenities That Most Renters Look For
Before you start knocking down walls or pulling up your flooring, it’s important to first have a good understanding of what modern renters are looking for. Some popular amenities on most people’s list include:
- Inviting Interiors: All renters want to feel welcome in the space they’re living in, even if it’s temporary. This means having high-quality flooring and unique design touches that add character and personality to a space.
- Practical Design Concepts: Outside of just having a clean aesthetic, property renters also want to make sure the space they live in is highly functional. A home should have a practical layout that balances form and function while also having important amenities like energy-efficient appliances that help to keep utility costs low.
- Adaptable Color Themes: Although most people can appreciate more modern property layouts with unique features, it’s also important not to make a space too overwhelming. Potential tenants need to be able to visualize themselves living on the property, which means neutral color themes are typically the best way to go.
- Shared Community Amenities: When renting in a building that has multiple units, tenants have come to expect a certain availability of shared amenities. This might include a pool, accessible outdoor lounges or patios, a fitness area, or community centre.
Renovation Ideas For Attracting More Interest
When thinking of different renovation ideas for your rental property, here are some practical steps you can take to help attract more renter interest:
Focus on the Kitchen Space
The form and function of your kitchen space can carry a lot of weight when individuals are making rental property decisions. The good thing is you don’t necessarily need to make significant changes to the space to get a good return on your investment.
A good place to start is simply changing the look and feel of the kitchen. Think about adding a fresh coat of paint on the walls or investing in some new hardware for the cabinetry.
If you want to make larger changes, consider changing out countertops, adding a new kitchen island, or changing out appliances to more modern and energy-efficient versions.
Redesign Your Bathrooms
Your property’s bathrooms are the most-used rooms next to your tenant’s bedrooms. Because of this, it’s no surprise that most renters want to make sure their bathrooms are highly functional, clean, and up-to-date.
A good investment you can make when renovating your bathrooms is to switch out older features to modern, water-efficient ones. This is not only great for the environment, but it will also significantly lower your monthly utility bills.
It’s also important to make your bathrooms feel relaxing and inviting. Consider upgrading the lighting or adding a new bath or shower to give the space more of a resort- or spa-like atmosphere. This can help the property really stand out from others.
Invest in Quality Flooring
Investing in quality flooring for your rental can be another smart home renovation choice. You not only want to have floors that look great, but also can endure the wear and tear that most families put on them through everyday use.
While carpeting is becoming more of an outdated flooring option, this doesn’t mean you can’t still use it. Just make sure you’re using durable, high-quality fiber that won’t wear out easily and is relatively easy to clean. Remember that you’ll want to properly disinfect your carpets between tenants, so the higher quality it is, the longer it will last.
If you’re considering upgrading to a harder surface solution, laminate can be a relatively cost-effective way to go. It’s friendly on your budget and incredibly versatile. Vinyl is another option to explore, offering low maintenance and water resistance. This can be a great investment when trying to improve the look of your property without adding significant maintenance costs to it.
Add More Storage Solutions
Improving the practicality of your rental space is an effective way to attract more interest from potential tenants. One way to do this is by making your home feel more spacious. This means looking for ways to incorporate more storage space without impacting the overall flow of a space.
When maximizing space in your bedrooms and hallways, consider adding built-in closets wherever it makes sense. This lets you keep a clean, organized look without sacrificing your tenants’ need to store their belongings.
Depending on the amount of floor space you have to work with, you could also get creative and install concealed wall storage units or hidden storage compartments in larger pieces of furniture. You could also install wall hooks in entryways or add wall shelving to bathrooms and laundry rooms to give your tenants more flexibility in where and how they store clothes or other personal items.
Make Your Rental Property Hard to Resist
Rental markets can be highly competitive, and it’s important that you come up with practical ways to help your listings stand out from the rest. By focusing on smart, impactful renovation upgrades for your property, you’ll be able to get the interest you need to find the perfect tenants for your rental while bringing you a sustainable source of passive revenue.
Author Information
Author Name: Michael Alladawi
Author Bio:
Michael Alladawi, CEO & Founder of Revive Real Estate, is a Southern California real estate veteran with a proven track record as a builder, investor, and respected home flipper. Michael created Revive Real Estate to share his industry knowledge and help homeowners maximize their profits when selling their homes. Michael’s passion for his work is as big as his desire to create lasting partnerships. For Michael, it all comes down to how much value one offers, both in business and life relationships.
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