If you plan on updating some of your rental properties this year, overall cost is probably a big consideration. You also may want to make sure you use the best materials to give you the biggest benefits without an excessive level of expense. Fortunately, there are several things that can be done in order to make sure any rental properties you own or manage are updated in the right way to bring in tenants and help you keep resident satisfaction and profits high.
Classic and Modern Can Work Together
Choosing the most modern and trendy options when you update your rental property seems like a good idea. But remember that those trends might not be so popular in another year or two. Because trends in fashion and style change frequently, you want to make sure you’re making updates that will stand the test of time. A few modern touches can be a great thing, and can make a place feel up to date, but the basics — the bones of the place, so to speak — should be classic, timeless styles that will be as popular in 10 years as they are today. That’s one great way to consistently bring in good tenants.
Let Go of “Perfect” for “Good Enough”
If you spend too much money trying to make your rental properties look perfect, you’ll end up pricing yourself right out of business. When you update the properties, it makes sense to raise the rent. Still, you can only raise the rent so much before people will decide that they can’t afford it and will look elsewhere. The main goal of an update to your rental properties is that the properties are clean and safe. You want them to look good, but you don’t necessarily need granite countertops, stainless steel appliances, and high-end finishes. Lower priced options can still look great, and keep your budget more realistic.
Take Note of What Matters to Residents
There’s no reason to make updates to a rental property if those updates won’t be appreciated by the majority of residents. (For example, if you survey renters and they don’t care about a pool, don’t put in a pool.) Instead, you want to choose updates that your renters have been consistently requesting. Those requests from current tenants can give you a good idea of what’s popular with renters today and what kinds of trends are being seen for the next couple of years. Then you can choose which of those updates works for you, and what you can provide that works for your budget and the renters you hope to attract. Logically, the money for updates should be spent on the things renters and future renters find to be most important.
Don’t make this the year that you promise to update your rental properties and then don’t. That won’t make your residents happy, and word gets around. It could easily keep other renters from moving into your properties, because they will be concerned that you won’t follow through with the changes you said you would make. Making sure you provide residents with what you said you would offer them, and that you know what kinds of changes you’re willing and able to make before you start advertising what you’ll be doing. That can help tenants and potential future tenants feel good about what you’re doing and the kinds of services and rental properties you offer.
Updating rental properties can bring in more renters, but you want to make sure you’re following the right trends or you could lose applicants.
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