We took a look at the results of a survey conducted by Multifamily Insiders about apartment shoppers' top five things they look for when searching for a new home and we found the results to be surprising. According to the results, price was outranked by 17 other features including location, laundry facilities, hardwood floors, closets and storage, appliances and fixtures, pet policy, safety, and management. So what does this mean for rental property owners? You can make your rental home more appealing to renters by upgrading your home. The plus side to upgrades? Upgrades boost your rental rates!
Flooring
Upgrades come in all shapes, sizes, and price points. If you decide to make one and only one upgrade to your rental home, spend the money to upgrade carpet to hardwood floors. Hardwood floors ranked 3rd amongst apartment shoppers and many said whether or not a rental had hardwood floors became the deciding factor.
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| Homerwood |
There are numerous benefits to hardwood floors, not only are they easy to clean and maintain, but a quality product can reduce your turnover costs. The cost of continually replacing carpet and having it cleaned can add up over time. Increase the longevity of your flooring by upgrading to a quality product. A cheaper alternative to traditional hardwood floors is laminate wood-look flooring. There are numerous options on the market for quality laminate flooring that can have the impact of hardwood and the benefits of easy maintenance and low costs.
However, if you decide not to upgrade to hardwood floors, make sure the carpets in your home are clean. Good, clean carpet is a must with renters! Hire a professional carpet cleaning company before leasing your home and after every tenant. If the carpet won't come clean or is worn, replace it!
Laundry Facilities
The state of your laundry facilities can make or break a home for a potential renter. If you provide a washer and dryer to your tenants, consider upgrading your appliances. I recommend searching for cost effective, energy efficient machines. Small updates like changing out dated flooring or giving the laundry room a fresh coat of neutral paint can turn the laundry facilities from drab to fab. Adding adjustable storage cabinets or shelves can be a big benefit to renters because it provides options for additional storage.
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| Four Generations One Roof |
Appliances and Fixtures
If you have an older home, replacing outdated appliances and light fixtures can help make a home look like new! Most renters don't want the hassle of cooking on a stove from the 1970's that doesn't cook evenly or using a dishwasher that doesn't clean their dishes the first time. Light fixtures from the 1980's don't work well with modern decor. Updating fixtures to ones that will work well with almost any decor will help renters of all types envision their decor in your rental space. So ditch your harvest gold appliances or brass fixtures to appeal to more prospects.
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| Olive and Love |
Counters
When viewing a potential rental home, first impressions are everything. As an owner, you have only a few minutes and at times only a few seconds to make a lasting impression on a potential tenant. Put your best foot forward by updating your counters in your kitchen and bath(s). Updated counters are a major plus to renters and can give a dated kitchen/bath an instant facelift. You don't have to break the band and install granite or solid surface counters, rather you can go with a laminate granite-look that is much more budget friendly.
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| HGTV |
Privacy
Every day we get calls from renters requesting homes with fenced in yards. Consider adding a fence to the backyard or at the very least a privacy fence. Fenced yards appeal not only to renters with pets, but also renters with children and renters concerned about safety.
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| Lowe's |
Pantry
If your rental property doesn't have an actual pantry, consider installing additional, adjustable shelving to storage areas. Renters are always looking for ways to maximize on storage space.
Paint
Believe it or not, the color of your walls can turn potential tenants away. Renters are looking for a space that will accommodate their decor and personal style. Having different colored walls can turn out to be an issue and leave your rental property sitting vacant. Consider painting your home in neutral colors. Keep in mind that eggshell or satin finish paints are much easier to clean than paints with a flat finish.
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| Better Homes and Gardens |
Giving your old cabinets a fresh coat of paint is another way to upgrade your space especially if your cabinets are looking dingy. Paint can make old cabinets look like new!
Hardware and Knobs
One of the cheapest ways to upgrade your rental and boost your rentals rates is to update your hardware and knobs. You can purchase contractor packages of hardware at home improvement stores such as Lowe's or Home Depot. Purchasing hardware and knobs in bulk minimizes overall costs.
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| Better Homes and Gardens |
Just imagine, you could give your kitchen a whole new look just by painting the cabinets and updating the hardware!
Upgrades don't have to happen all at once. If cost is an issue or the idea of home improvement makes you wary, start small. Choose less expensive and easy upgrades to start with and then choose a larger, more expensive upgrade to tackle further down the road.
Check out the full results of the Apartment Shoppers Survey.
Check out our other Property Management related posts:
Why Hire a Property Manager Instead of DIY?
Please note that we do not receive commission in anyway for the promotion of content from other websites/blogs. The intent and purpose of all information in this post is merely for reference.
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