Rental units that are fresh and stylish in appearance are the ones people want to occupy. You should strive to maintain your units with the latest upgrades, but stay at a monthly rent that the majority of people in your target market will pay. There is no point in spending money if you do not know what return you will get on your investment.
Some upgrades save money
Vinyl siding and composite decking may cost more up front, but they can save you ongoing labor costs for painting and staining. New windows can justify an increase in monthly rent because they save your tenants real dollars in heating and cooling costs. Energy-efficient windows can also extend the life of your HVAC units by reducing the start and stop cycles needed to maintain a comfortable temperature.
Consult with a designer
You want long-term tenants who take pride in their place of residence. You should avoid chasing the latest trends and aim for warm, bright colors that go with any decor. Durability often trumps style when it comes to carpet, but floor coverings need to be replaced often in rental properties. Look for attractive floor coverings that hold up to heavy use. You want to remodel and upgrade due to wear and tear, not just because the style trend has changed.
Keeping up with technology
No interior design trend changes as quickly as new innovations in technology. You may like being an early adopter in your personal life, but equipping all of your apartments or rental houses with the newest smart home equipment would be foolish.
Speak with your insurance provider about which security features will help you get a lower rate. Parking lot cameras and exterior lighting have come a long way in recent years. You can reduce the likelihood of property theft, improve security for your occupants, and lower your insurance premiums with some affordable LED lights and quality exterior cameras.
Consider other perks
A complimentary alarm monitoring service included with their lease can add another layer of security and tip the scales in your favor with new tenants. Upfront costs are always a concern for people moving. Having a moving van available to new tenants is a perk that has worked for landlords for many years. If you do not have an on-site gym facility, offer a complimentary gym membership to a nearby location.
Be sure all of these perks are available to new and existing tenants who sign a one- or two-year lease. Your goal is to entice current occupants to stay and attract new tenants – to put the sizzle back into your rental units.
Related Articles:
3 Inexpensive Landscape Makeovers for Your Rental Property
How to Study Your Rental Market and Outperform Your Competition
Multifamily Tenant Retention Strategies
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