A well-maintained rental property inspires loyal tenants and reduces vacancies. Many landlords renovate their rental properties in order to add value and attract tenants. However, it’s important to note that not all renovations carry the same ROI. As a landlord, it’s important to keep your updates functional and appealing to a wide range of potential tenants.
So how do you determine the best renovations for your renters and your wallet? The answer is to study your local rental market and assess the tenant’s needs. When you have identified what areas tenants prioritize, you can invest in renovations and upgrades that tenants will appreciate—turning your rental into an even more profitable investment!
Keep reading to learn more about five renovations that could add value to your Brevard County rental property.
The kitchen is one of the top areas of the home to renovate or update. As the hub of the home, tenants use the kitchen to store food, create meals, and even entertain family and friends. With rising energy costs becoming a concern for many Americans, energy-efficient appliances are rising in popularity. In fact, many tenants look out for energy-efficient items when searching for their next home. In addition, tenants also look for aesthetically pleasing kitchens with matching finishes and a functional, coordinated design.
Of course, this doesn’t mean you have to splurge on top-of-the-line appliances. In fact, you can find high-quality, modern appliances that look great at a reasonable cost. If your budget can accommodate it, opt for stainless steel appliances, as they are more durable and will last many years.
Another area that prospective renters place value in is a spacious, functional bathroom(s). Fortunately, you can remodel a bathroom relatively cheaply by updating bathroom fixtures, repainting in a bright neutral shade, and optimizing space and storage. For example, replacing a bath with a walk-in shower can help your rental home appeal to a broader scope of tenants. Another way to optimize space in your rental property bathroom is to install cabinets or shelves for the tenant’s bathroom items.
Update Your Flooring
Although not the cheapest renovation on this list, updating your rental property flooring can make a huge difference. Many tenants prefer hard flooring over carpets for a number of reasons. Hard flooring is easier to maintain, more convenient to clean, and more hypoallergenic than carpet. Because of this, hardwood flooring, tiling, and laminate are worthwhile and cost-effective updates in the long term.
A fresh coat of paint can completely transform and elevate your rental unit. When making cosmetic updates, it’s essential to appeal to as many potential renters as possible. For example, using neutral hues like white, beige, and gray will ensure most tenants can easily imagine their furniture in the space.
In addition, updating light fixtures, door handles, and window finishings can also make a huge difference in your rental home aesthetic. Opt for inexpensive and modern finishings for maximum impact.
Clever, space-saving storage solutions are essential to most tenants. In addition, sufficient storage can help tenants keep their rental homes organized and clean— a win-win!
When adding storage to your rental home, you don’t need to spend thousands of dollars on custom built-ins. In fact, there are many affordable storage options for smaller spaces available online.
If you want to stand out from the competition and increase tenant retention, consider making cost-effective updates to your rental property. Want to know what updates and amenities tenants in Brevard County value? Speak to a local property management expert to find out. Rent In Brevard Property Management has helped thousands of landlords in Brevard County manage their investment properties. Contact us today to learn more.