Knowing what amenities renters value the most can guide you in choosing projects that will not only boost your property's market appeal but also the rental income you can command. Moreover, the decision to opt for more durable and easy-to-maintain upgrades can save you considerable maintenance and replacement costs over time.
How extensively you should renovate your property will partly depend on the tenants you aim to attract and the prevailing market conditions in your local area. If you're unsure, a professional property management company can offer valuable advice on which improvements will effectively increase your rental property’s value and provide a good return on investment.
Based on our extensive experience in the property management sector, we have identified five key improvements that are most likely to enhance the value and appeal of your rental property.
In the DC area, renters consistently place a high value on outdoor relaxation space. When space and budget allow, adding or upgrading a patio, deck, or balcony can be a worthwhile investment. A new brick patio, for example, averages $15 per square foot, making it a relatively affordable project. If you already have outdoor space that is looking a little tired, small, cost-effective upgrades like power washing a worn deck, updating lighting fixtures, or adding new planters and flowers can breathe new life into the area.
Across the board, tenants consistently prefer units that come with washers and dryers, and they are often willing to pay more in rent for this convenience. The cost of installing these appliances will depend on the available space and the complexity of connecting plumbing, electrical, and vents. Rather than flashy models, go for cost-effective, durable appliances. Some manufacturers even offer combo washer/dryer units and ventless dryers that are perfect for locations where space is at a premium or adding a vent is problematic.
Simply applying a fresh coat of paint and installing new flooring can dramatically improve a home's aesthetic appeal. Durable laminate floors in the living room and bedrooms are popular with tenants who prefer the look of wood. They’re relatively easy to clean and typically don’t need to be replaced as frequently as carpeting. For kitchens and bathrooms, consider tile as it wears well and is resistant to moisture.
A sleek, modern kitchen can greatly enhance the appeal of a rental, while a dirty-looking bathroom can deter prospective tenants. Therefore, periodic upgrades in these areas can be critical. Focus on improvements that deliver a big difference for a small investment. Worn cabinets can be refinished or repainted. Inexpensive new vanities, faucets, lighting fixtures, knobs, and towel bars can make these spaces look like new. Replacing old or mismatched appliances with popular stainless steel is more costly but can be a smart investment, especially for higher-end units.
As more and more people become environmentally conscious, energy-efficient improvements can attract these potential renters and even save on utility costs. Consider installing energy-efficient appliances, LED lighting, and double-glazed windows. A programmable thermostat is another attractive feature, offering tenants more control over their energy use and comfort.
Upon completion of these improvements, don't underestimate the power of effective marketing. Be sure to highlight these upgrades and popular amenities in your property listings and during showings. With the right blend of modernization and strategic marketing, your property is sure to stand out from the competition.
Remember, the right property management company can guide you through this process, ensuring you make smart, beneficial decisions. They can provide you with valuable insights and advice, helping you navigate the complexities of property management while maximizing your return on investment.
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