Here’s one for all you current and prospective landlords out there. If you’re looking to attract higher paying tenants in a competitive rental market, you need to ensure your property is up to date with the upgrades choosy tenants are seeking. Some cost a pretty penny, while others are inexpensive fixes. Read on and determine which upgrades could best suit your apartment aims and see your financial health gain in leaps and bounds this year.
Usable Outdoor Area
One upgrade today’s tenants are looking for is a property’s emphasis on usable outdoor space. Put some money into landscaping the yard space you do have if applicable. Consider investing in a barbecue to help prospective tenants envision their ability to entertain should they move into your space. If you’re trying to appeal to millennials, you may want to focus on making this area communal. Most millennials cite community involvement as an important factor in their search for a home, and combining a space for use by all tenants (if you rent out multi-family units) could do the trick while coming at a relative low cost to you.
If you have the ability to provide indoor laundry equipment in your property, you should definitely consider it. While it may seem like a steep investment at first, this small step will allow you to justify higher rent and attract better quality tenants. If you’ve got the hookups easily available, the purchase cost of a washer and dryer can be offset by higher rental rates. You can also choose to install a machine that requires quarters for an extra incentive. Convenience does trump all, so this may be enough to sway a potential candidate to sign the lease.
High-Speed Internet Access
While this isn’t an option for every landlord, the benefits of providing your tenants with high-speed internet access can be extremely lucrative. If you have a multi-unit property, one setup could handle the entirety of your apartment. In a world that places unprecedented emphasis on connectivity, this aspect could be very attractive to younger tenants, allowing you to capitalize on the millennial generation. Companies can help you set up high speed internet throughout your property with little to no effort, and the costs can be covered by your increased rent prices. It’s a win for everyone.
Looking for an inexpensive way to spruce up the entirety of your property? Look toward hardware. From the kitchen faucet to cabinet accoutrements throughout the home (focus on the bathroom and storage areas), small touches can make the biggest difference. Update outdated handle pulls and knobs, outdated light fixtures, and other common items throughout the home. Expand your hardware updates into the bathroom and install a rain showerhead, new toilet paper holder, a new mirror, and maybe a tiled backsplash for that extra wow factor. If you’re looking to spend a little more (and gain more in return), consider purchasing some molding or stock trim for an added bit of elegance that will add understated appeal to your property.
You wouldn’t believe the difference good lighting can have on the impression tenants receive from your property, whether it’s an apartment or home. You’ll want to take advantage of natural lighting as much as possible, which may mean getting rid of bulky curtains or drapes. A bright space directly translates into a welcoming atmosphere. When it comes to artificial lighting, stay away from fluorescent bulbs that cast a sterile glow. Harsh overhead lighting won’t gain you any points during walk-throughs, so get rid of that hospital vibe before you show the home and move toward energy efficient options that mimic natural light as much as possible.
Once you have your apartment up to the standards laid out before you, make sure your hard work and investment don’t go to waste by renting to unworthy tenants. Services for tenant screening can provide credit scores and criminal and eviction histories, and give you an extra safeguard as you improve your rental business.