As a rental property investor, you need to always be thinking about how you can increase your home’s rental value. While the market has a large impact on what you can and cannot charge in rent, one thing you can control is property condition. The best tenants in Arcadia will be willing to pay more for a rental home that’s modern, updated, and attractive.
Where to start and how to prioritize what you should upgrade and remodel?
We have some ideas. As Arcadia property managers, we know that these upgrades and improvements will deliver higher rents.
Choose Hard Surface Floors over Carpet
One of the fastest ways to raise your rent is with new floors.
Carpets can get old and tired really quickly. We know it’s easy enough to steam clean those carpets during every tenant turnover. Most rental property carpeting will have to be replaced every five or six years when cleaning them isn’t enough to keep the home habitable and attractive.
Consider hard surface flooring instead of carpet. You don’t have to spend a lot of money; plenty of laminates and faux woods look great. This upgrade provides several benefits:
- It looks better. Hardwood floors or vinyl laminate or tile have a cleaner, more modern appearance.
- It’s better for prospective tenants who have allergies or pets. There aren’t any fibers to trap dog hair and dust.
- It’s easier for tenants to clean and maintain.
- You’ll get a longer lifespan out of hard surface flooring than you will from carpet, so your replacement costs go down per unit.
If you have a passion for carpets, keep the carpet in bedrooms. But, if you want to earn more money on your rental home, provide tenants with an option for better flooring.
Invest in Kitchen Upgrades for Your Arcadia Rental Home
The kitchen is going to get a lot of attention when you’re marketing and showing your Arcadia rental property. This is where tenants tend to connect emotionally with a property. It’s where they cook and gather. Most days will start and end in the kitchen. Leverage this when you’re investing in upgrades and updates.
Provide a clean and welcoming space in the kitchen that is clean and modern. Consider installing tile or ceramic backsplashes and new faucets. Replace drawer pulls and cabinet hardware. If the appliances are looking worn or old, replace them. Energy-efficient models will last longer and be more attractive to your prospective tenants. That means higher rental values.
Improve Your Rental Property Lighting
Light is both an aesthetic issue and a security issue.
Inside the home, switch to energy-efficient fluorescent bulbs. Make sure the lighting in the kitchen is bright. Provide softer light in bathrooms and bedrooms.
Outside, you want enough light that tenants feel safe in their homes. The porch or front walkway should have a light so tenants can see who is out there at night. You also want the parking area in a multi-family home to be well-lit. Make sure there’s a clear, safe path from the parking to the building.
These are just a few upgrades we recommend when Arcadia rental property owners are looking for ways to earn more rent. If you’d like us to make some specific recommendations for your investment property, we’d be happy to. Contact us at ZenPro Property Management.