Rental renovations are a terrific method to draw in new tenants and raise the value of your home, which will allow you to charge higher rental rates and boost your income. There are various rental improvements you as a landlord may do, all for less than $1,000. Some low-cost remodeling suggestions include outside improvements like new landscaping, new kitchen appliances, and security improvements to safeguard your property and your tenants. Check out our list of six methods to remodel your rental home for less than $1,000 if you want to entice more potential tenants.
Shag flooring. Popcorn ceilings. deteriorated sidewalks.
These small elements in your rental property can significantly affect how potential (and present) tenants view it. You want it to appear attractive enough to draw customers, but not so attractive that you have to spend all of your money on gilded restrooms and doormen.
Finding and keeping good tenants are the two largest problems landlords confront, despite the fact that they have many others. Since 47% of apartments change annually, enhancing tenant retention and reducing turnover are essential. Other than being a good communicator and responding to maintenance needs right away, regular rental renovations are another strategy to keep tenants satisfied.
Rental renovations not only maintain your property up to date, but they may also assist landlords to find new tenants to replace their excellent current tenants. Additionally, if you renovate your rental property wisely and aim to find new tenants, you may have the option of raising your rent.
In recent years, the rental market has been overrun by high-income tenants.
Landlords are under pressure to think of methods to satisfy the demands and expectations of Millennials and Gen Z-ers, who make up a sizeable share of the rental market, thus modifications to carefully chosen properties can also be utilized to draw in specific sections of the renting population.
The good news is those cost-effective rental modifications are possible. You may take into account a variety of renovations under $1,000 to help improve your rental home and, eventually, your rental revenue. Please be aware that renovation costs can vary depending on where you live.
Making these modifications could help you boost your income, regardless of whether your property is vacant or you want to make changes to make your present tenant happy.
1. Exterior Improvements
Increasing curb attractiveness can be profitable. Inviting potential renters to schedule a showing by sprucing up the exterior will help your rental property appear better. Additionally, improving your landscaping could boost your property worth by 5.5 to 12.7 percent over time and help you draw in higher-paying tenants right now.
Try to imagine yourself as your tenant while thinking about ways to improve the curb appeal of your property. Your property won’t make a good first impression on the applicant if the exterior is dull, the windows are unclean, the yard is untidy, and the paint is flaking. Prospective tenants may legitimately anticipate that the interior will be in similar condition if they view a property that appears to have been falling apart for years.
Before making your rental listing, you might want to think about the following external improvements:
Care For The Lawn
A well-kept lawn may be interpreted by tenants as proof that their landlord does routine maintenance. To maintain the grass looking nice and new, remove all weeds and dead areas. The average cost of a lawn care visit is $35, though this can vary depending on where you live. You might think about including the expense of lawn care in your rental rates; just make sure you specify the rules for lawn care in your lease or rental agreement.
Patch The Driveway and Elevator
It’s only natural for commonly used pathways and roads to deteriorate over time; high-traffic areas typically exhibit the most obvious signs of wear and tear. Consider filling in any driveway potholes or entranceway cracks that can give the appearance that you’ve overlooked such elements. The cost of DIY driveway repair, if you decide to patch the driveway, might be under $300.
Grow a Tree
The appearance of an open area can be quickly improved by planting a tree. Additionally, strategically placed trees can reduce energy use in a normal household by up to 25%. Additionally, the growing demand for green rental properties and this eco-friendly selling factor may enable you to entice high-income tenants who are concerned with sustainability. Given that a tree typically costs around $200, this is a reasonable investment that might yield long-term benefits.
If your rental home has a backyard, think about expanding the outside improvements to include that area as well. The demand for outdoor living spaces increased by 19% between 2020 and 2021, and 90% of Americans think that their outdoor living space is more crucial than ever. Updating and maintaining your backyard might help you attract more applicants, and if you own a smaller house, the extra living space might be a big lure.
2. Security Enhancements
Landlords should constantly take into account making security-related upgrades to rental properties because they could make tenants feel safer there. Take initiatives to increase tenant security to attract more candidates. One in five renters reports feeling unsafe on common property.
You have a duty as a landlord to give tenants a place to live that is suitable for habitation. According to rules governing landlord-tenant relationships, landlords are required to install security features inside their rental homes; at the absolute least, all doors and windows must be properly secured and equipped with working locks. The law does not mandate the installation of alarm systems or other security measures in rental houses.
Modern security upgrades could be installed to support greater rental charges. However, if a high-tech security system is out of your price range, look into other options for enhancing security at your rental.
To help improve the security of your rental home, take into account the following improvement suggestions:
Get a New Front Door
Look for warning indications that an aging front door on your rental property might need to be replaced. If you discover rotting, cracks, or mold, it could be time to get a new door. The average price of a new door, according to HomeAdvisor, is $944.
Change Weak Locks
According to a survey, 34% of burglars enter a house through the front door. After a tenant move-out, be prepared by replacing worn-out locks and rekeying your home. The price to have locks rekeyed ranges from $40 to $100.
3. Interior Improvements
Think about what modifications you can make that are affordable and may also be appealing to potential renters before you decide to undertake an expensive and extensive interior renovation. Put yourself in the tenant’s position. Keep in mind that potential tenants will be attempting to picture their lives in the area when the rental property is being shown.
Consider making a few low-cost modifications to the interior of your home:
A New Coat Of Paint
Painting the interior of your rental can do wonders for it. Old wallpaper should be removed as a first step since it can peel, bubble, and fade. Then, visit your neighborhood hardware store and consult a paint expert there. They’ll be able to provide you with excellent advice regarding what hues, accents, and tools you might need to finish the job depending on the room you want to paint.
Consider this straightforward advice as you choose the paint color for your rental property:
Don’t use bright colors: Instead, choose neutral colors like off-white, beige, or grey.
Select the proper finish: Paint that is semi-gloss is simpler to remove.
The average price of painting a room is broken down as follows:
If you decide to paint your property yourself, the cost of materials will be about $200 per room.
You may expect to pay about $448 per room if you decide to employ a contractor to paint your interior.
Include a Backsplash
This decorative element is frequently found in showers, under sinks, and behind stoves. Installing a backsplash typically costs between $400 and $600, but adding some extra wow factor can help you attract excellent tenants.
Upgrades to appliances
You can think about replacing your old appliances with newer, more effective models to stay competitive. Since many appliances have a lengthy lifespan, buying them now could be a wise long-term investment that attracts tenants of high caliber.
BRAND-NEW KITCHEN APPLIANCES
You might think about concentrating your rental improvement efforts on the kitchen since it is one of the rooms with the highest volume of traffic in a house. Keeping up with the most recent trends will help to draw in new tenants as kitchen appliance technology develops and expands year after year. Modernizing the appliances in your rental property might pay you in the long run because many of them are built to last.
The average lifespan of typical kitchen gadgets:
Gas ranges: 15 years
Refrigerators: 13 years
Dishwashers: 9 years
Microwave ovens: 9 years
Compactors: 6 years
In-unit laundry: Laundry equipment shouldn’t be overlooked. One of the top 5 features that tenants demand is in-unit laundry.
An in-unit washer/dryer was cited as a must-have by 92% of renters in a report from the National Multifamily Housing Council.
The typical washing machine is $700, whereas the typical dryer is $600.
Both appliances have respectable lifetimes:
5 years using a washing machine with one load every day.
11 years, dryer, with one load every day.
When renting out your home, if you decide to replace your appliances, be sure to highlight them in the rental property listing because some tenants may look for “new refrigerators” or “stainless steel appliances” when looking for an apartment or a home.