For many property owners, attracting good, long-term tenants is a major challenge. In some rental markets, such renters are in high demand and have their choice of where they want to live. If your property is rundown and in need of some work, you may find attracting tenants to be incredibly difficult. In this article, we’ll review some of the most effective upgrades for attracting these long-term tenants, and what you can do today to get more of them visiting your apartment, condo, or home.
Remodel the Kitchen
If you’re looking to both add value to your rental property and make it more appealing to prospective renters, a kitchen remodel is a great place to start. To get the most return on your investment, avoid major structural changes to the kitchen’s layout, and instead invest in new, high-quality countertops and cabinets. Wherever possible, choose durable materials that will hide scuff marks and surface damage: after all, you can’t always control what wear-and-tear gets put on a kitchen by renters.
To complete your kitchen, turn to small upgrades and improvements that won’t blow up your budget. For instance, hang pendant lighting over the kitchen island for a modern look that highlights the kitchen’s best features. Or, find and install a tile backsplash that complements the countertops and cabinets. There are a nearly endless number of ways to take your rental property’s kitchen to the next level.
Renovate the Bathroom
A newly renovated master bathroom is something every prospective renter will enjoy. Just as in the kitchen, you can get by with a less-is-more approach. Avoid moving plumbing fixtures or electrical outlets: this can balloon your costs. Instead, focus on the shower, vanity, and toilet. By doing so, you’ll limit your upfront investment in the project while simultaneously getting more out of it.
If you are working with plumbing—including the bathtub, the sinks, the shower, or the toilet—be sure to hire a professional plumber to help you with moving or reconnecting pipes. This tends to be where many bathroom remodels go wrong, and you don’t want to get a call from your tenant two months from now that the sink drain is leaking into the vanity.
Focus the Curb Appeal
They say not to judge a book by its cover, but many prospective tenants are going to make subtle inferences about your place based on what it looks like on the outside. Fading paint, overgrown plants, trees, or broken fencing could all send the wrong message to renters before they even step inside. We recommend that you spend the time cleaning up the front and back yard of the property to make sure it looks its best prior to having prospective renters over for a visit. Since most renters today will first find your property online, it’s probably also a good idea to take new photos of your property and put it in its best light.
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