Landlords are always seeking ways to maintain happy tenants, and ensure they have a property that will attract new tenants. Investing some money into your rental property is a great way to ensure you will be able to keep your vacancy time at a minimum. Landlords want to see their property value increase, and the best way to do this is to focus on keeping your property updated. Small upgrades over the years will help to improve its value while also attracting tenants to limit vacancy times. Consider the following small upgrades to boost your rental returns.
A great way to improve your property without needing to invest a lot is to upgrade all of the fixtures. Modern fixtures are an easy way to give the unit a new, fresh look. Changing the kitchen and bathroom fixtures are not expensive, and they can actually save money because they can reduce water consumption compared to the older fixtures. Just make sure you stick with the same fixtures for all of the areas in the unit so they match and give it a uniform look.
A small upgrade landlords can offer is to provide a fresh coat of paint to all of the units. Some landlords will allow their tenants to select and paint the units and provide a discount on monthly rent. A fresh coat of paint offers a simple, effective way to give the unit a new look.
On average, carpeting wears out within about five years of a landlord installing it in a rental unit. Carpet shows it’s age quickly, so its recommended to install wood flooring in your rental unit. New flooring gives the unit a beautiful finish, and tenants can choose to add their own rugs if they’d like to give it more personality. Wood flooring is decently easy to maintain, and it can last upwards of 25 years.
Laminate countertops do not always wear well over the years. New countertops like granite, quartz, or slate can provide a new look to the unit. The countertops being upgraded change the look of the entire kitchen. If you are doing a remodel to an older unit, plan on redoing the entire kitchen to bring up the property value.
Maintenance and Upkeep
One of the best ways to keep your tenants happy is to perform routine maintenance and upkeep to the unit. Spending some time to power wash the exterior of the unit is an easy way to keep the unit looking clean and fresh. Other things you can do include:
- New front door
- Repaint the garage door
- Wash windows
- Add shelving to the garage
Taking the time to add some upgrades to your property is the best way to keep tenants happy and be able to boost rent. Keyrenter Property Management Salt Lake City, UT provides residential property management services to landlords of single family homes, duplexes, condos, and small multifamily units.