With the average person spending almost half of their monthly income on rent, it is important to create an environment that is not just a rental but also a place that they can call home. Presenting a well-staged and cared for space can be the key to finding the perfect tenant for your rental. However, if you want to increase the value of your property and charge higher rents, there are more factors that you need to consider.
With rent prices at an all-time high, landlords are in competition to find good tenants willing to pay the new market prices. Tenants are in position to be picky, they want the most value for money, and that means attractive and updated apartments that can be created into comfy homes. But what are the major factors that need to be considered when renovating an apartment?
Updated kitchens with sleek and modern appliances can provide a large “Wow Factor”, and can also make the biggest difference in the price. That doesn’t mean you need to tear out your outdated kitchen; there are affordable and easy upgrades you can do to rejuvenate a tired kitchen area to help create a stylish and inviting environment.
1. REPAIR NOT REPLACE:
If you already have a good-sized kitchen that just needs some love, then save on the expense of a complete teardown and rebuild by painting custom colors, or installing a back-splash. Utilize decorating and cleaning skills to create a new and fresh look. For example, clean up old hinges; paint under sinks and inside cabinets and drawers to give them a new feel. Add modern hardware, or a fun focal point such as a small chalk wall. Replacing old tile or Formica counter tops with granite or quartz will help give your kitchen a more modern and high-end look. A much lower cost option is to re-grout and seal tiles or have them professionally re-glazed. Even small things can add value and increase the rent at your property.
2. LOOK AT YOUR FIXTURES & APPLIANCES:
Clean appliances, fixtures and fittings can make a difference in the way people look at your property. Dripping taps, stained sinks and rusty piping are an instant turn off. Make sure all of your fixtures and fittings are in clean. An upgrade such as a $100.00 pull-down faucet and stainless steel sink can instantly modernize a kitchen sink area - providing an attractive, working and clean environment and will make tenants happy and more comfortable in their new home.
Matt from MrGarbageDisposal.com, a keen renovator of dated properties says, “Working appliances make all the difference in modern rental apartment trends and many tenants when looking for a great rental property always look at what’s included. Appliances such as washing machines and dryers can really help boost the rent.” Even stainless drop-in stoves can really change the look and feel of a kitchen.
3. MAKE IT A HOME, NOT JUST A RENTAL:
Being able to visualize the apartment as your own home is the first step of successfully adding value to your property. Simple things such as thinking about how to take out the trash more convenient for your third-floor tenant could make someone feel as though they have been thought about, because convenience is important in a busy life. Think about what would make you want to rent a unit, and what you would be willing to pay. It would help you to find areas that need work and may increase your property value. Look at buildings that are similar and within proximity to get an idea of style, price and updates on what your competition is doing.
It is always worth considering getting a professional evaluation from an interior stylist. Experts will be able to tell you what you would need to acquire higher rent, and how to achieve it. It may be as simple as a few of the suggestions mentioned, but it may mean you need to invest in your property to see better cash flow. Upgrade old appliances whenever possible, paint the walls, consider custom colors, and achieve the most desired look for tenants to find their perfect home at your property.
The biggest draw is having a place that looks brand new. Focusing on updating the kitchen and amenities will allow you to charge more in rent and increase your income.