When it comes to rentals, small upgrades can make all the difference. Not only can the unit appear more attractive to prospective tenants, but it can bring in a higher-quality person, get owners a better rental rate and decrease turnover.
Given these benefits, it should come as no surprise that owners need to invest in upgrades. Unsure where to start? Don’t worry, we’ve got you covered. We’ve listed out the top four upgrades that are guaranteed to make a big difference to potential renters.
1. Painting
One of the least expensive, yet most impactful, unit upgrades are re-painting. Painting a unit is a great way to lighten up the space and make it seem new. This is especially true if the unit has brightly colored walls, where most prospective tenants are likely to struggle to imagine their items in the home.
Instead, consider painting these brightly colored or drab rooms with a neutral pallet. That way, when renters walk in, they are able to picture themselves in it. Also, be sure to continue the color throughout the home as mismatched walls can make the space seem disjointed.
It’s also important not to forget areas like the baseboards and door frames which can have a huge impact on making the place seem refreshed. Just be sure to pick a calming neutral color (whites, grays, and creams) for this upgrade to be a success.
2. Floors
Many landlords have the misconception that putting in new flooring is a costly endeavor. However, there are now many flooring choices that are elegant, refreshing, and inexpensive. For example, areas with worn-down carpets can easily be replaced with something like a vinyl plank. Vinyl plank is a great option as it is relatively inexpensive, durable, water-resistant, and comes in many designs and styles. Making it a win-win for owners everywhere.
3. Light Fixtures
A dark home is likely to be an unappealing one which is why it’s important to pay close attention to the light fixtures around the property. Not only will the light fixtures work to brighten the space but fixture upgrades can completely change the look and feel of a room. For example, installing sleek, simple fixtures can make a home seem more modern. In turn, working to attract a higher-quality tenant who is looking for an ‘updated’ home.
Lighting can also work to make a room seem more comfortable by using a softer bulb that gives off a homey glow. Regardless, all of these upgrades are rather simple and inexpensive, yet come with big payoffs for landlords.
4. Exterior Landscaping
Outdoor space is an attractive feature to prospective tenants which is why it’s important that this area is not overlooked. Tenants want their homes to feel welcome from the time that they are walking up to the door.
That’s why owners should consider doing things to the area like regular lawn maintenance, a power wash of the pavement and tiles, or even putting a few planters around the front entrance. All of these minor upgrades can make the place seem cared for and more attractive.
Further, if there are any unused outdoor spaces, consider adding things like a table, chairs, or benches that way it maximizes all the available space and gives prospective tenants an idea of what they can do with it.
So, if you’re an owner struggling to decide which upgrades are right for you, consider getting in touch with us at PMI Midwest. We have a dedicated team that can assess your unit to determine what upgrades would be the most impactful. Give us a call at 317-546-3482 or email info@midwestpmi.com today.
5/12/2022
