Rental Property Upgrades to Maximize Return on Investment

Property owners are always looking for ways to update and improve their units to get top dollar on rent and attract better tenants. There is no need for a total gut and remodel, but small improvements over time are your best bet! Put on your tenant glasses, step into their world, and evaluate as if it’s your first time seeing your property. Then you can decide what changes make sense at your property and would provide the best return on investment. 



Fresh Lighting

Sometimes the simplest things are the ones that make a difference. An upgrade to lighting can be that small addition to a rental space that makes it feel inviting. Installing new light fixtures and making sure all lights are working in the property before showings make a difference. 



Add Fencing

Many renters, especially those looking at single-family homes, have pets or small children as a part of their family. In those instances, fencing around the entire property or the back yard can be a massive bonus for renters. Consider   



Paint it New

Walls are the first and most noticeable item potential tenants will get a glimpse at. A fresh coat of paint can go a long way to improving the look and feel of a unit and allow you to get top dollar on rent. We recommend light neutral colors to make the unit feel as open and clean as possible. If you have multiple units or multiple properties, settle on a universal paint color so you can buy in bulk and save time selecting each time around too!



Weeding and Mulching

Before folks enter a unit to look at the living space, they will drive up and see the exterior of your rental property. First impressions are crucial, so Improving curb appeal with weeding and mulching can make all the difference when marketing a rental and hoping to get top dollar. Hiring a professional or cleaning up flower beds yourself is a relatively inexpensive way to increase tenant satisfaction and will improve your chances of marketing and leasing quickly at the rate you want!



Install Smart Thermostats

Whether tenants are paying for utilities or they are included in the rent, smart thermostats are your best bet these days. Giving tenants the ability to control their heating/cooling on a timed system will provide them with a better renting experience and save money for you and the tenant in the long run. Smart thermostats have become much more affordable and are an instant improvement to any rental opportunity. 



Install New Locks

Another relatively affordable upgrade is to install new locks at your rental property. Tenants want to feel safe in the space they are in, so let’s give it to them. Consider installing new locks on all entryways (shared and private) to provide new renters with security. Installing smart locks may also be an option and one that will allow you to ask for a bit more in rent!



Update Appliances

You don’t have to outfit the kitchen in high-grade stainless steel to improve the look. Tenants always want to take a look inside the fridge and the oven to make sure they aren’t old and caked in dirt and grime. Choosing to replace aged appliances immediately lifts the unit and lets prospective tenants know you are serious about providing the best experience for your renters. Kitchen and bathroom updates tend to give the best ROI, so starting here wouldn’t be a bad idea.



Add Laundry Hook-Ups or Laundry Units

Modern amenities, like in-unit laundry, are becoming more of an expectation than a wish. Especially for young professionals that are frequently busy, having laundry hook-ups or machines provided inside of the unit is a big bonus. Typically, you can charge $50-100 more each month in rent if your unit has laundry options in an apartment or at least on-site at the building. Adding laundry isn’t the quickest or cheapest upgrade on the list, but it can certainly offer a good return on your investment. 



Pressure Washing

Many times, tenants pull up to a property and immediately notice that siding or sidewalks are dirty and covered in green slime. Renting a power washer for a few hours to clean the sides of your building and clear off walkways is an instant boost to curb appeal. We said before, first impressions are critical, and if you want to get top dollar for rents, don’t expect to do it with white siding that has turned a shade of green!



Create a Designated Pet Area

Pets are popular, let’s face it. According to the Humane Society, over 70% of renters have a cat or dog with them these days, so to deny them would be foolish. But what can we do to increase ROI and tenant experience regarding pets? By creating a designated pet area. Especially useful in multi-unit buildings, a separate pet area keeps some of the outdoor space clear and clean while giving animals a chance to operate freely in their area without disrupting other tenants. 


Consider these ten items, and plan to work on one or two of them each year to make things manageable. You’ll be able to lock in new tenants at a higher price point if you’re always improving the condition of the property and bettering the renter experience along the way. Good luck!



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Want to Receive a Free In-Home Make Ready Evaluation?

CALL US TODAY at (860)-613-6290

We’ll run a quick rental analysis on your property first. Then, once we’ve determined the appropriate rent valuation, our advisor can tell you exactly what areas need improvement to get your property ready to rent for more!