Do you own a rental? If you want to get the most value from your investment, making small changes to your rental property before you list can lead to higher revenue. Plus, although you might not think of yourself as a business owner, you are — and you don’t want to get a reputation as a slumlord if you hope to attract quality tenants.
However, times are tight for property owners, too. What improvements make the most difference in overall livability without costing you a bundle? What changes can you make to your rental property to increase profits without a ton of overhead?
1. Apply Window Film
If your tenants feel hot or cold when they walk past a window, they won’t get out the caulk gun. They may hang all kinds of things — from comforters to towels — to block the draft. This behavior leads to unsightly holes in your window frames and possible complaints from the neighbors.
Find a quality window film with the right Solar Heat Gain Coefficient to cut the air leaks — and your tenant’s electric bills. The right film hides the interior’s view from the outside, eliminating the need for curtains and making the residence look brighter. You can protect your rental while improving its look.
2. Add Windows to Garages
If your property includes a garage, enhancing it can bring in considerable added revenue. Tenants love areas that they can convert for multiple uses — such as turning their garage into a home fitness studio. Garage windows give them a brighter place to do so, and the view can inspire them to keep the space tidier, minimizing your chances of insect infestation.
3. Xeriscape
If your tenants don’t maintain their lawns, it can lead to trouble with your homeowner’s association. In some areas, these bodies have considerable power and can even place a lien on your property for uncorrected problems.
To spare yourself headaches, xeriscape your property. This process involves using native plants that are drought resistant. As a result of their hardiness, they require minimal upkeep, but they improve curb appeal. It’s one of the easiest and most effective changes to your rental property you can make.
4. Rip Out the Carpet
So many rental properties contain carpeting — why? Most tenants won’t pay for professional cleanings every six months as recommended, and dead skin cells and pet dander can accumulate. Worse, they may try cleaning spots themselves, which can create a moisture layer that spurs mold growth. Yes, it’s an economical flooring choice, but it leads to pricey headaches down the line.
Tear out carpeting and replace it with tile or hardwood. While this upgrade does entail a considerable upfront cost, it pays for itself over the life of your property. Hardwood can last through several generations, and tile won’t accumulate stains or odors. Linoleum is a less-expensive option, but you might find yourself replacing it after every move-out because of gouges or other damage.
5. Upgrade Appliances
The Energy Star program labels those products that meet high standards for energy efficiency. If you cover the utilities on your residence, you could save a small fortune in monthly bills. If you leave these to your tenant, you can justify higher rents by advertising what they’ll save in electric and water.
6. Clean Your Ducts
Indoor air can harbor a ton of bacteria and viruses. It costs relatively little to have your ducts cleaned, but it can result in considerably higher monthly rent. People today value a healthy home, and in the wake of a pandemic, they will pay more for a property that they perceive as clean. If musty odors waft out when they kick on the heat or AC, expect complaints.
7. Install Accessibility Features
Over 10% of Americans live with at least one disability, which can create liability issues for property owners. You don’t necessarily have to spend a ton on renovating your property to make accommodations, but it can result in increased revenue. Plus, if your tenant tries to make these modifications themselves, you can’t oversee the quality of the workmanship. Small details, like levered doorknobs instead of standard twist models, can make a considerable difference for those with arthritis.
8. Paint
Painting remains one of the changes you can make to your rental with the most substantial return on investment. You can complete many projects in a single weekend, and a fresh coat can make an aging rental look new. If you want to wow a prospective tenant and haven’t grabbed your brush yet, give them input over the color selection.
9. Insulate
Housing costs continue to rise, as do utility bills. If you bought an older rental, ask yourself when was the last time that you replaced the insulation — if ever. While today’s products can last for decades, older homes may still contain dangerous asbestos. Plus, if critters took up residence in the attic, they may have destroyed the existing fluff. Consider protecting your apartment from rain as well.
Making These Small Changes to Your Rental Property
The nine changes to your rental described above can let you demand higher rents while costing relatively little out of pocket. If you are getting ready to list, stop and make some repairs first.
Dylan Bartlett is a men’s lifestyle blogger from the City of Brotherly Love. He runs the site Just a Regular Guide, looking at other topics related to health and wellness, relationships, the outdoors and DIY. You can follow him on Twitter @a_regular_guide to get frequent updates on his work.
