A high occupancy rate is one of the best indicators of a rental property’s success. However, it’s common for landlords to go through times when vacancies are inevitable.
While this can cause stress, you can also use it as an opportunity to make impactful upgrades to your rental that will maximize your ROI long-term.
Over time, renters’ priorities change based on various factors. Amenities that were popular even a few years ago may feel out of date to tenants seeking a new home. That’s why we at Stringer Management have created this guide to rental property upgrades and renovations.
To increase your property’s value and make your rental more attractive to tenants, consider the following.
Renovating the Kitchen
Kitchens are often referred to as the ‘heart’ of a home. It is where people gather and make memories. Therefore, making an investment in your rental’s kitchen has the potential to generate a great return.
Rather than replacing all of your appliances or performing a major renovation, consider making small, impactful changes. For example, updating the lighting, changing a backsplash, or replacing light switchplates can make a world of difference.
Additionally, you can never go wrong with showing your cabinets some love. Cabinets make up a significant part of the kitchen. By simply giving them thorough sanding and a new coat of stain or paint, your kitchen will look livelier.
You can also change out the hardware on cabinet doors to give your kitchen a new aesthetic.
Updating the Bathroom
You might be thinking, “What can I do to improve the look of my small bathroom?” After all, many bathroom fixtures can’t be easily changed. However, with a little bit of imagination, you can transform your rental unit’s bathroom into something spectacular that tenants will love.
Whether it’s replacing the shower head, adding more storage, or even replacing light fixtures, a little effort goes a long way when upgrading a bathroom.
If you’ve got the time and funds, you could even go the extra mile and add en suite bathrooms to the bedrooms in your rental. This will allow you to increase your rent prices and add value to your home for the long term.
There are many ways to approach repainting your rental unit. While many landlords opt to use neutral colour palettes, that’s not your only option. Many tenants want their rental to feel like home. Painting is a great way to achieve that!
If a new or existing tenant comes to you with a request to paint the unit, don’t shut it down immediately. A great way to boots your passive income is by keeping long-term tenants. So, if you let your tenant have some agency with the paint colours in your rental, it could benefit you long term!
Investing in high quality flooring will not only help you attract new renters, it can also improve the value of your investment property. The flooring you choose will impact your tenants’ experience on your property.
For instance, tile amplifies sound while carpet dampens it. All kinds of flooring come with pros and cons, and your choice will ultimately have to meet your needs as a landlord.
Generally speaking, installing hardwood flooring is one of the best ways to upgrade your property. They have a timeless appearance, are easy to keep clean, and often make spaces feel larger!
However, flooring upgrades must also be done with the functionality of the space in mind. While hardwood floors look good, it would be impractical to install them in the bathroom. Wood and water don’t go well together. That’s why we recommend materials like linoleum or tile for bathrooms.
While we have spoken extensively about the interior of the property, it’s important to remember that the exterior of the property may need attention too! Before a tenant can be wowed by the amenities and fittings inside your rental, they’ll need to see your property from the outside first.
To enhance your curb appeal, and improve your rental marketing consider putting a coat of paint on your exterior walls. You could also replace your lawn with no-mow plants that are native to your property’s local ecosystem, trimming any shrubs, and installing outdoor planters.
While you might want to go over the top, think of options that will be low-maintenance.
By making changes to your kitchen, renovating your floors, or giving your walls a new coat of paint, you are increasing the value of your rental. This will help you enjoy less turnover and a more stable income from your investment property.
Stringer Management can help you make the right choices for your investment property! We offer professional advice and comprehensive property management services to our clients. Contact us today, and we can share information regarding our expert property solutions and services