If you rent out a property, you understand the importance of attracting high-quality tenants and keeping them happy. An easy way to make your property more enticing is by adding a few easy upgrades. Take a look at the must-have features modern tenants are looking for and watch your bottom line skyrocket.
Who has the desire or time to head to the laundromat? Modern tenants have come to expect homes and apartments to provide in-unit laundry, and if you’ve forgone this important feature, it might be time to reconsider. Tenants are willing to pay more for a rental that offers a washer and dryer onsite.
If you own a multi-unit property, you might consider installing a few shared, coin-operated machines. This feature is a one-time investment that will allow you to ask for higher rental rates and make you more attractive to searching tenants.
Every tenant is looking for a property with new appliances. For most people, the kitchen serves as the heart of the home and can make or break your chances of attracting that high-paying prospective renter. With this in mind, consider the appliance upgrades that could set your house apart; whether it’s a new stovetop or brand new stainless steel refrigerator, you’ll find that kitchen appliances are a worthy investment that could see you pulling in higher rent rates within a month’s time.
New Landscaping Features
Curb appeal is important. Consider the message your landscape is giving to prospective tenants. If the grass is dead, paint is chipping, and flower beds are barren, it’s likely those tenants will keep on driving by without stopping to check out the interior of the property. Making even just a few minor landscaping adjustments can see you attracting the cream of the crop and improve your chances of landing the best tenant possible.
Whether you add earth berms or cultivate flower beds, getting your hands dirty can really pay off in the long run. One of the easiest ways to add aesthetic appeal to your front yard and street is by purchasing trees. The addition of just one tree can improve the value of your home immensely. Studies have shown that the inclusion of mature trees in a yard can increase the value of your home by a whopping 19 percent.
Changing the look of your space can be as simple as changing a lightbulb. The right lighting can make all the difference, and this inexpensive upgrades can transform your property. Whether you purchase new bulbs and lighting fixtures or install modern lighting features in various areas of your home, the right changes can help potential renters look at your space in a completely different way. From wall sconces floor lighting, outdoor motion detector lights to overhead kitchen lighting, it’s all about layering and levels of light.
Modern tenants, especially millennials, are increasingly interested in homes with sustainable, green features. Making efforts to add energy efficient upgrades can not only play to tenant desires but also greatly increase the value of your home. One of the most valuable investments you can make comes in the form of solar energy. Tenants will love the decreased utility costs, and you’ll find your home’s value skyrockets after installation.
Solar panels can be expensive, but there are solar panel financing options that can make it more affordable than you might expect. Many states have PACE programs, which stands for Property Assessed Clean Energy. This allows homeowners to apply the bill for their energy efficient upgrades to their property taxes, meaning you don’t need to shell out thousands of dollars to start saving money on your energy bills—or start attracting the best tenants.
Installing modern upgrades in your rental property is an easy way to attract high-quality tenants. Make the most of your investment and consider incorporating one of these features into your property and watch your profits rise.