Some of the primary goals of every landlord and property investor are to maximize the rent on their rental properties while attracting the best possible tenants who will not only take good care of their living environment but also stick around for a while. After all, there’s nothing better than knowing that your rental is going to generate a sustainable income stream for the foreseeable future. That said, increasing rent without actually adding any value to the property is a pretty bad idea, and it’s bound to chase all potential tenants away, not just the good ones.
The modern tenant is ready and willing to spend a pretty penny on an amazing property, but only if the rental has what it takes to earn its elevated price tag. This is important whether you are managing local or international real estate, so let’s go over the best improvements and renovations that will allow you to increase the rent and attract quality tenants to your doorstep.
Start with the curb appeal and the exterior
A good landlord knows the real value of their property, but an experienced landlord knows that the potential value of the property is influenced by the tenant’s perception. In other words, you can put an inflated price tag on an amazing rental, but if the tenant doesn’t perceive the property to be as valuable, then they’re not going to commit. With that in mind, you have to elevate the real and perceived value of your rental, and the first way to do that is to start sprucing up the exterior.
The best tenants are very picky, and they have no problem judging the book by its cover, so remember that they will form their first (and probably final) impression as they’re walking up to the property. If you want to prep your rental the right way, tend to some landscaping, fix and repaint the fence, repaint the house, fix all wooden fixtures and elements, and charm-up the front porch and the patio to make the property as inviting as it can be.
Sell a vision, not a house
Next, a good salesman knows the value of a product, but the best salesman knows the value of a dream. Every tenant has a dream and a set of goals, they know exactly what they want, and whether you want to believe it or not, they will have no problem walking away if they feel like they can’t realize their dreams here. If you want to rent your property to the highest bidder, you have to sell a vision.
To achieve this, you will need to work on your pitch, yes, but you will also need to improve the ambiance. Let plenty of natural light saturate every room, and install programmable lighting to frame the design just right. Clean the interior thoroughly and add comfy accents everywhere such as throws and pillows. If the interior seems too small, consider knocking down a wall to create an open floor plan, which is extremely popular with modern tenants.
Small repairs and upgrades go a long way
You might feel tempted to replace old décor, appliances, hardware, and fixtures with new and shining models, but before you throw anything away, see if you can fix it or bring back its former luster. Always remember that small repairs around the house can make all the difference, so be sure to inspect the property thoroughly.
You can use your DIY tools to make small repairs around the property, but be sure to look for expert reviews at trusted sites like The Tool Square if you need to get a professional tool like a power drill or a table saw to get the job done. This is an affordable and effective way to make quick renovations and elevate the value of the property. When the new tenants swing by to check out the property, they will be delighted to see that it’s not only functional but that you have put serious effort into maximizing its aesthetic appeal.
Weave nature into the interior
Also known as biophilic design, the beautiful nature-inspired décor that you see featured in online real estate publications and architectural magazines is the foundation of modern interior design, and it has the power to elevate the value of the property across the board. Nowadays, tenants are looking to reconnect with nature anyway they can, meaning that they are looking for properties that boast natural décor and use sustainability to create an eco-friendly living environment.
From the air quality in every room to the natural décor and the VOC-free paint on the walls, all the way to sustainable materials such as bamboo and energy-efficient lighting, the biophilic design aims to create that oasis-like feeling that every tenant is looking for. Be sure to use this approach to dazzle every potential tenant and increase the real and perceived value of your rental.
Emphasize energy efficiency and functionality
Speaking of eco-friendly properties, it’s also important to note that modern tenants are looking to increase their functionality of living, which means that they’re looking for properties that are energy-efficient. Be sure to replace old appliances with their energy-efficient, smart counterparts to facilitate energy savings over the long term. Less spending makes your tenants happier and elevates the value of your rental, making you one step closer to financial freedom.
If you want to attract the best tenants while maximizing the rent on your property, you have to give something in return – you have to make an investment to see long-term financial gains. Tend to these renovations and improvements, and you’ll have no problem increasing the rent while inspiring the best tenants to reach out.