It is true that small improvements can increase the rent, or better yet create long term residents. The days of “it’s just a rental” are long gone. As rental rates increase so do resident expectations.
These are the top 10 small improvements we recommend to increase rent. You could also consider some of these as renewal retention perks to keep residents happy longer!
- Paint– Try a two tone with accent walls instead of just plain old white. Don’t get crazy with colors a nice gray or simple beige to warm up the home is always a great idea. You are painting anyways, make it a little nicer. Two tone walls stand out in marketing pictures!
- Matching Outlet covers– While you are painting, update the outlet covers. Make sure none are cracked and they all match. If you really want to get fancy, consider the USB outlets. Residents will really enjoy that convenience.
- Cabinets– Do they open smoothly? There is nothing worse than having a nice kitchen where you have to yank on the drawer to open it.
- Doors– Maybe its time to paint the front door or change out the handle. This little update can really improve your first impression!
- Fresh caulking– Look at the toilets and sink. This cheap fix can take something from gungy to great really quick! Oh and don’t forget to look at the tile flooring. If it is discolored or cracked, now is a good time to re do it. Or check out this cleaner Zep Grout Cleaner! It works wonders!
- Refinish the countertops- This is little bit more pricey but can give you the update look without buying the granite!
- Replace carpet– with Vinyl Wood Planks- carpet is so undesirable and the lifespan is only about 5-7 years. Especially for people with Allergies! So when it is time to replace that carpet, consider other options. Don’t stop there- take it into the kitchen and baths so that you have uniformity! Make sure your colors match well with the paint too! If you are going to do it- do it right!
- Zero Scape- Another pricier option, but it all depends on what you do. A little bark and some flowers can go along way. See below!
- Solar– Reducing energy costs are a big selling point. Many programs out there offer a max monthly payment. Residents will love knowing exactly what to expect each month!
- Leak Detection Systems- Check this one out by Moen- Flo by Moen™ is a revolutionary smart home water security system that features a suite of products to protect your home from water damage and leaks, 24/7. The Smart Water Shutoff monitors your entire water supply system for leaks and vulnerabilities, while the Smart Water Detector senses leaks and moisture outside of the pipes, such as overflowing drains, appliance failures, or weather-related issues. Giving residents and owners peace of mind!