Landlords, take note! If you want to make your rental property stand out from the competition, consider making a few home improvements. If you’ve already made all the pre-listing repairs and upgrades, these projects will help you take your property to the next level. Not only do these improvements attract top-tier tenants, but they can also potentially save you money or increase your monthly income. Keep reading for tips on how to make your rental shine.
Make a Stunning First Impression
First impressions are everything! The way your rental property looks from the outside will make or break someone’s decision to lease with you. If your property has great curb appeal, future tenants will be eager to see what’s inside.
Invest in some landscaping to tidy up your yard and add some color. Plant flowers or shrubs in pots near the walkways to show guests they’d have an elegant entrance to their home.
If your home’s exterior needs a facelift, consider repainting or restaining the siding and trim. Essentially, any part of your home that makes it look unkempt can be a relatively inexpensive project that significantly impacts its appeal.
Of course, curb appeal matters most when people are coming to see your property. However, most tenants research properties online well before they visit them. With that in mind, you must also consider your digital curb appeal.
Get professional photos to make your listing stand out among others on hosting websites. Additionally, write a compelling property description highlighting your hard work to make the home the best it can be for future dwellers.
Go Energy Efficient
Making your rental property energy efficient is a great way to save money on utility bills and make your tenants happy. No one likes high electricity bills, so by making your property more energy-efficient, you’ll be able to pass those savings on to your tenants in the form of lower monthly rates.
One way to do this is to install energy-efficient light bulbs throughout the property. You can also upgrade to low-flow toilets, showerheads, and faucets to help conserve water.
If you want to take things a step further, solar paneling is a great way to make your rental property environmentally friendly. There are many good financial reasons for adding solar to your rental. Solar has been shown to increase property values and, in some states, solar-equipped homes qualify for tax credits.
In addition to the monetary perks for you, many renters want to see eco-friendly features in their prospective homes. Adding them will help you grab their attention, and you can enjoy the savings, too.
Keep Up With the Latest Smart Tech
The “Internet of Things” is taking over, which means more devices are becoming connected to the internet. From doorbells to thermostats, renters always look for smart devices that make life more convenient.
As a property owner, you can take advantage of this trend by outfitting your rental with the latest tech.
Some of the best choices for your rental include smart door locks, security technology, and even voice-activated assistants, like Amazon Echo or Google Home. By adding just a few pieces of smart technology, prospective tenants will see the advantage of choosing your home over competitors.
Add a Functional Outdoor Area
Outdoor living space is a huge selling point for any property, but it’s especially important if you want to keep your tenants longer.
Tenants are always looking for ways to make the most of their time, and an outdoor area gives them a place to relax or entertain guests without having to leave the comfort of home.
You don’t need a massive backyard with a pool to create a relaxing outdoor space that will attract high-quality tenants. Something as simple as a small patio with potted plants and a bistro table can make a world of difference.
If you own a luxury rental, consider adding an outdoor kitchen or fireplace. These amenities will make your rental property the envy of the neighborhood and ensure that tenants are happy to call it home.
Ask Your Tenants What They’d Like to See
The best way to decide what home improvements to make is to simply ask your tenants what they want. After all, they’re the ones who are living on the property day-in and day-out.
If you manage numerous properties, you could send out an anonymous survey via email. Landlords in more intimate communities with long-term tenants could stop by to chat and ask about any quality of life updates they might like. Understanding what works for your current tenants will help you attract future tenants.
The Best Improvements Attract the Best Tenants
If you’re looking for ways to make your rental property stand out from the competition, we’ve got some ideas for you. From updating your curb appeal to adding a functional outdoor area, these home improvements can help make your rentals pop. Keep in mind that not every improvement will be suitable for every property. It’s important to tailor each renovation to your target tenants’ specific needs and wants. So get creative and start planning those renovations!
Written by Jon Wade
Bringing significant experience in helping startup companies and a 16 career in business strategy, finance, and marketing, Jon Wade is unique in the real estate space. Licensed since 2005, Jon excels at finding solutions to deliver superior results.