- Make necessary repairs and updates to the unit to increase the appeal of a rental property.
- Enhance curb appeal by using fresh paint on exterior walls and adding potted plants or outdoor furniture around the entranceway.
- Invest in home automation systems like automated door locks, smart thermostats, and voice-activated light switches to attract tech-savvy renters.
- Repair any damaged or outdated items on the exterior of the building for a better first impression.
- Stand out in the neighborhood by sprucing up your property and creating a memorable first impression.
In 2021, around 46 million households embraced a rental lifestyle. Consequently, renters made up over one-third of all U.S. residences. In contrast, homeowners composed the remaining two-thirds based on data from the Census Bureau’s 2021 American Housing Survey (AHS). Interestingly enough, this number was considerably higher than 10 years prior!
If you’re a landlord, you know that attracting potential tenants and getting them to sign a lease requires more than just setting a fair rental rate. In today’s competitive rental market, landlords must think of creative ways to make their rental property stand out. Here are some tips for increasing the appeal of your rental property.
Make Necessary Repairs and Updates
The condition of the unit is one of the most important factors for tenants when deciding whether or not to rent a property. Go around the team and make necessary repairs and updates before putting it on the market. This includes fixing leaks, repairing broken fixtures, replacing worn-out carpeting, etc.
Peace of Mind
Keep in mind that prospective tenants will be more likely to rent if they don’t have to worry about making repairs themselves. Make sure to keep track of all receipts for the repairs and updates you make, as these can be used as a tax deduction at the end of the year. Additionally, updating appliances, fixtures, and flooring will help attract tenants and increase your rental income.
Investing in quality materials and labor upfront will pay off in the long run. When you’re finished, take pictures of the unit and post them online as part of your rental listing. This will help lure potential tenants in and make it easier for them to visualize themselves living there. Taking care of necessary repairs and updates is a great way to set your rental property apart from the competition.
With a few simple improvements, you can make your property an attractive choice for tenants and maximize the amount of money you earn. Invest in your rental property now to reap the rewards later!
Curb Appeal Matters
Don’t let potential renters pass by without noticing your property. Make sure your unit stands out! A fresh coat of paint on the exterior walls can go a long way in making your unit look attractive and inviting.
Sprucing up window boxes, adding potted plants around the entranceway, or even investing in outdoor furniture can help enhance the curb appeal of your unit. Keep the lawn area neat and tidy whenever possible to give renters a sense of pride in the property. These small details can greatly impact your unit’s appearance—and ultimately help you attract more tenants.
Repair Damaged Exterior
Consider updating any damaged or outdated items on the exterior of the building. This could include replacing worn siding, replacing fixtures on the porch, or repairing broken windows. Making sure all these elements appear in good condition will help create positive first impressions and make your unit stand out from the rest.
Stand Out in the Neighborhood
Investing time and money into sprucing up your property’s exterior can increase curb appeal and attract more tenants. Make sure potential renters notice your property and take the time to create a memorable first impression. You can make your unit stand out from the competition and draw in more tenants with a little effort.
Invest in Home Automation Features
Home automation systems are becoming increasingly popular among renters these days because they offer convenience and added security at an affordable price point. Investing in smart home automation features like automated door locks, smart thermostats, voice-activated light switches, and more could be just what you need to attract tech-savvy millennials who are looking for modern amenities at their fingertips.
You can also work with a reliable company installing Control4’s home automation system into a home. The system allows you to control smart devices at home. It also enables you to monitor the house even if you are out using a connected smartphone.
Home automation can also provide peace of mind for renters who are away on vacation, allowing them to set up automated door locks and lights. The technology also allows them to remotely adjust the thermostat while relaxing by the pool. Home automation is a great way to make sure your property stands out from the competition and helps you attract high-quality tenants.
Whether you’re an experienced landlord or just starting with your first rental property, these tips can help increase its appeal and draw more attention from prospective tenants. With these strategies in place, you should have no problems finding quality tenants willing to sign a lease!