3 Ways to Upgrade Your Rental Property to Attract Renters
If you own or manage rental properties, upgrading them is one of the best ways to attract new tenants and keep old ones happy. While the cost of an upgrade might discourage you, there are ways you can curb the costs while adding appeal to your rental properties. Here are three ways to upgrade your rental properties properly.
Forget the ‘Perfect Palace’ and Think Practical
Trying to transform your rental property into the perfect palace can become costly. While increasing the rent is normal when you upgrade your rental properties, you don’t want to increase it so much that you force residents to look elsewhere. Instead of aiming for perfect and emptying your pockets for it, think practical when investing in an upgrade. Your priorities should be safety, cleanliness and efficiency.
Find a Look That Works for Your Property
Once you’ve handled the practical aspects of upgrading your rental property, such as investing in energy-efficient appliances, think about the aesthetics. While using today’s trendiest options for modernizing your rental properties might seem like the way to go, it’ll end up costing you more as you try to keep up with the times. Instead, find a timeless look that works for your rental property. Although a modern touch or two helps, your property should feel as vibrant tomorrow as it does today.
Take Your Residents’ Thoughts Into Consideration
Last, but certainly not least, you should survey your residents often and take their thoughts into consideration when performing upgrades. This will give you insight into what’s popular with today’s renters and what they’re thinking about. Of course the upgrades should fall within your budget, but it’s important that renters know their thoughts count. What’s important to them should be equally important to you.