If you are a landlord or property manager, you know that the rental market is pretty lucrative right now. But, how can you keep up with the competition when demand slows down? Besides lowering the rent and decreasing your profit margins, what are some ways you can increase your home’s appeal as a rental?
By making a few simple improvements inside and out, you can increase your chances of attracting quality tenants and getting top dollar for your rental property or rooms. Here are some tips to get started using your house or room in your home as a rental property.
Tips For Attracting Tenants
If you are looking to increase your home's value as a rental, there are several things you can do to make it more appealing to potential tenants. Cosmetic appearance is just as important as location, the structural condition of the home, and its monthly rent. Some of the basic requirements for attracting tenants to your house include:
- Making sure the rental is in good repair and up to code
- Including amenities such as covered parking, on-site laundry, and an outdoor space.
- Updating big-ticket appliances such as the refrigerator, range, and dishwasher.
Having these details in a rental listing can attract tenants who will then walk through your property and hopefully fall in love.
It also goes without saying that when you have a clean house, you are less likely to have issues with common pests that can tar the image of a home. If you do want to be sure you don't have any issues, look into employing the services of reputable pest experts such as those at https://www.pestcontrolexperts.com/, experts like these can check there are no pests scurrying around when potential tenants, real estate agents, or inspectors are taking a look. You also don't want any signs that there were any pests to begin with, such as their droppings or any scratches. You may need to hire a house painter and/or professional cleaner as well if you have had a previously serious issue that has left some cosmetic damage.
Let’s look at some other suggestions for increasing your rental home’s appeal and room value.
Go Neutral
Another big draw for tenants is a neutral color palette. As much as you might love an accent wall or bold, bright colors, renters want to be able to visualize themselves living in your property. This is easier when the walls and permanent fixtures are neutral colors.
Neutral colors add a sense of refreshment and relaxation to a space, yet still keep things classic. Besides being pleasing to all eyes, neutrals are also easy to accessorize for potential renters.
Top Ten Neutral Paint Colors
Not sure what the best color is? Consider this list of neutrals for interior spaces:
- Benjamin Moore Pale Oak
- Benjamin Moore Revere Pewter
- Benjamin Moore Gray Cashmere
- Dunn Edwards Swiss Coffee
- Benjamin Moore White Dove
- Benjamin Moore Cloud White
- Sherwin-Williams Alabaster White
- Sherwin-Williams Sea Salt
- Benjamin Moore Chantilly Lace
- Sherwin-Williams Repose Gray
Provide Storage
Another way to increase your rental home's appeal is by adding more storage space. Whether you have long-term renters at your house, or someone who stays for just a year, storage is another factor to consider. If you can’t add more square footage to your rental, consider getting creative with vertical shelving to maximize the space available to your tenants.
Best Ways To Add Storage To Your Home
- Shelves, shelves, and more shelves
- Closets with built-in cabinetry
- Hanging pot rack in the kitchen
- Outside shed
Can you install permanent, adjustable shelving throughout your rental? Do the kitchen cabinets go all the way up to the ceiling? Is a closet outfitted with hanging rods, cubbies, shoe storage, and shelves? Is there room in the carport or garage to install additional, locked storage such as a shed or chest?
Make Repairs And Upgrades Now
Before potential renters tour your property, make repairs now. Any lingering damage, whether structural or cosmetic, can be a big turnoff for people looking for a new place to live. The experts at Rhino Property Management always suggest making a property more appealing while still keeping it affordable. Here is how you can achieve that goal:
Best Updates To Make To Increase Home Value
- Replace exterior doors - including the front door and the garage door
- New interior paint - remember to go neutral!
- Minor kitchen remodel - new appliances, cabinets, flooring
- Siding replacement
- Window replacement
- Landscaping
- Smart home technology - thermostat
- New lighting - interior and exterior
- Minor bathroom remodel - new fixtures, recaulk the tub/shower, new mirror
- New flooring
Yes this list is lengthy and expensive but you must think of it as a property investment that will pay dividends in mostly passive income. Before listing your home for rent, it is important to take the time to make any necessary repairs. Think about replacing any broken appliances or repairing electrical or plumbing systems. For example, new windows can help insulate the house better, while new garage doors can provide a much-needed layer of security for your property. If you are not sure what type of improvements you should make to your rental, Advanced Door has some questions you should ask yourself. They apply not only to the type of garage door you should invest in but your home’s exterior upgrades as a whole: What Type of Garage Door is Right for Your Home?
You should also consider doing some basic landscaping to improve aesthetics and the overall appeal of your rental house. You don’t have to put the same effort into extensive remodels that you might if you were selling the home; however, some effort is required to maintain the integrity of the home so renters can see the appeal.
By taking the time to make sure everything is in perfect working order, you will be ensuring that your tenants have a comfortable living space and you'll have one less worry when managing this investment.
Stage It And Photograph It
Whether you are listing your home yourself or turning it over to a property manager, it is important to get it professionally photographed. If you can budget for having the property staged for photographs, it is even more attractive to potential renters viewing your listing.
Why It Is Important To Stage A Rental Property
Staging your home offers potential tenants an interior glimpse into the character of the rental and can make it easier for them to see themselves living there. It is important to remove personal items and showcase any design features that will draw prospective renters in. Aim to make a space that is comfortable and inviting while still appearing neutral enough to not deter interested parties. You can use some of your own furniture to stage the rental, rent some, or have it digitally added to photographs before they’re used in the listing.
A few small investments in efficient furniture or interesting décor can have a big return when it comes time to show off the place!
Be Consistent
It may seem overwhelming to have to do all of this before renting your property, but if you remain consistent with maintenance, you won’t have to do these updates or repairs every time you need to fill a rental. A regular inspection schedule with your tenants and preventative maintenance and care can keep your rental home’s appeal from fading.
