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May 12th, 2019 by Kenneth Gordon
Whether you’re renting out a condo, townhome, single-family home or another type of property, getting the most out of your investment is a top priority. A primary goal for many landlords and property managers is to increase the value of their rentals to attract quality tenants and, hopefully, maximize their rent. To get the best return on your investment, it’s important to keep your rental rates at the higher end of the spectrum and improve your property’s value. You can do this by investing in add-ons and upgrades that will set your listing apart from the rest and encourage tenants to stay. If hearing the word “upgrade” has you taking a step back, never fear. There are plenty of easy ways to add value to your property without a major time and cost commitment.
Here are eight simple rental property improvements you can complete in no time at all:
1. Pressure wash the house.
To start, one of the easiest things you can do to improve your rental property is to give it a good wash. The outside of your rental is constantly being exposed to the elements. Over time, grime, mold and mildew can accumulate, causing the outside of your property to look filthy and discolored. Pressure washing your rental is a simple project that will make a huge difference in how your property looks to potential tenants. It’s easy enough to do yourself, but if that’s not your cup of tea, then a quick Google search will turn up results for plenty of companies that offer this type of service at an affordable cost.
2. Landscape the outside.
For many renters, their first impression of a rental property is formed from its curb appeal. This includes the outside of the building as well as the outdoor landscaping. Landscaping often goes overlooked by property managers, but a well-landscaped property can be the difference between grabbing a renter’s interest or having them walk away. If you’re willing to do the work yourself, landscaping your property can be relatively inexpensive and take no time at all. Beautiful landscaping doesn’t have to cost a fortune and can be as simple as planting more flowers or adding a stone border around a flower bed.
3. Install window coverings.
It’s a “plus” for tenants to see window coverings when visiting potential rental properties. In fact, many actually expect rentals to already come equipped with them. As a property manager, you’re not required to provide them, but most do anyway because it makes their listings easier to market and they can ask for a higher rental price. If your goal is to attract a quality tenant, then you may want to consider adding window treatments to your property (if you haven’t already). If you already have window coverings that go with your property, you should swap them out for new blinds and shades. You may be tempted to leave the old ones hanging in an effort to save some money, but trust us—old window treatments can make a property feel outdated and bring down its value.
4. Repaint the walls.
You would be surprised by how a fresh coat of paint can completely transform a space. Adding a coat or two of paint is a relatively inexpensive and not terribly time-consuming project that can make your rental look, feel and even smell brand new, which will translate positively to quality tenants. Although it’s not required to repaint your rental between tenants, most landlords are encouraged to do so. After all, tenants want to see a property that looks fresh and new, not dirty and dingy.
5. Update plumbing fixtures.
It’s so easy for faucets, sinks and other bathroom and kitchen fixtures to become old and grimy over time. The good news is that it’s just as easy to replace them. It’s recommended that landlords replace their old fixtures with newer, more modern-looking ones as needed. It’s a simple project that can give your bathroom and kitchen an updated look and boost the value of your property, allowing you to attract quality tenants and command a higher rate.
6. Increase storage.
One thing that renters (and most people in general) can’t get enough of is storage. In fact, storage is one of the top priorities for many tenants when looking for a property to rent. By increasing the amount of storage in your property, you can really set yourself apart from the other listings. A quick and easy solution for adding storage to your property is by installing additional shelving in the closets and pantry. For property managers aiming for a much higher return, consider a larger project, like framing an additional storage closet.
7. Upgrade ceiling fans and light fixtures.
Ceiling fans and lighting are one of the last things property managers replace. This is because they simply don’t receive the kind of daily wear and tear that floors and walls usually do. But if your fans and light fixtures are really outdated, it’s recommended that you make some upgrades. Lighting plays an important role in the overall aesthetic and mood of your rental property. Nowadays, tenants are making stylish and functional lighting a top priority in their rental search. Go for soft lighting in bedrooms and bright lighting in the kitchen and bathroom areas.
8. Install new door handles and knobs.
Even small changes can make an enormous difference. Cabinet door handles and knobs are easy to swap out and they’re a small and affordable project that can make a huge impact. Get creative and replace your old knobs and handles with fun, eye-catching alternatives.
These are just a few quick and simple projects you can do to improve your rental property. None of these projects require a large upfront investment in time or money, but they are guaranteed to increase your property’s value and make it more desirable to high-quality tenants.
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Kenneth Gordon serves as the Assistant VP of Factory Direct Blinds. Kenneth is responsible for overseeing the planning, development and execution of all Factory Direct Blinds marketing and advertising initiatives. Before joining Factory Direct Blinds, Kenneth served 6 years in the United States Air Force as a Military Police Officer. Kenneth enjoys spending time with his two sons and beautiful wife Brittany when he’s not working or writing.
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