Investing in rental properties is a gamble — especially when there’s plenty of competition. By taking the time to improve to your property, you can help it be a step above the rest. Here are five changes you can make to attract new tenants.
1. Add a Heated Pool
Pools are a hot commodity for many rental complexes and adding one could get more renters interested in your property. While an unheated outdoor pool may be standard for your area, you can put yourself ahead of the competition by heating your pool. Doing so makes your property more luxurious than other options. This and other changes could allow you to increase your rent, making up for heating costs.
Having a heated pool can help reduce your tenant’s stress, which could help make your interactions calmer. It can also improve their health — especially for older adults looking to ease their achy joints.
Create space around the pool for tenants to enjoy time with their families and friends. Pool chairs, umbrellas and tables can create a relaxing environment. If you have the space and budget, consider adding a hot tub.
2. Improve Your Laundry Facility
If you don’t have in-unit laundry, you can still impress your tenants by improving your laundry facility. Create a space with snacks and televisions. Upgrade your washers and dryers to newer models and use cold water so you can dedicate your energy savings to other priorities. Cold water can also help maintain your tenant’s clothes.
You want the experience to be as relaxing as possible. The laundry room could seem like an oasis from your tenants’ worries. Little things like supplying detergent and laundry carts, maintaining your machines so they shine, and providing comfortable seating can make doing their laundry more enjoyable.
3. Create a Walking Path
What may seem minor can make a big difference in your property. A walking path can allow residents to exercise, stay away from cars and easily navigate between buildings.
Consider a path that circles the entire property. If you have extra land, you could make a fun nature trail. Walking and running are excellent exercise methods — a path lets residents do so safely on their property. It increases feel-good hormones, helping you have a happier community. Plus, unlike a gym, walking trails aren’t intimidating. All your residents can enjoy them.
Surround your path with plants and other natural elements to create a calming and visually interesting space. Greenery is valuable — especially if you’re in an urban area. Consider placing benches along the path to enjoy the fresh air and nature. Being around living plants is suitable for your tenant’s mental health and is fun for all ages to explore. If you allow pets, the path is also safe and stimulating for them.
For a sustainable path, consider using stones or wood steps. While you can use concrete, it’s less eco-friendly and can get hot quickly compared to other materials. However, you want the path to stay level to avoid people tripping and falling.
4. Upgrade the Appliances
As a property owner, you should be willing to upgrade the inside of your homes and apartments occasionally. If you want your units to stand out, state-of-the-art appliances are a great way to ensure they do.
Sleek, stainless steel appliances can transform the look and functionality of your kitchens. To save energy and money, look for Energy Star units that pass the Environmental Protection Agency’s strict criteria.
Now is the era of smart homes, and getting smart appliances can make your tenants’ lives easier and more enjoyable. Touch screens, automatic safety features and wifi connectivity can help keep your property safe from forgetfulness or misuse.
The size and shape of the appliances also matter. You want them to be as large as possible to accommodate your tenants’ needs but small enough to fit well in the space. The good news is you can replace them one at a time. Even adding a single stellar appliance to your properties each year can increase their value.
5. Increase the Natural Light
Adding more natural light to your property is an excellent way to attract potential tenants. You can do so by installing more windows throughout private and common areas, painting your residences with light colors, and adding mirrors.
The colors and mirrors reflect light around the space, and the windows can make your buildings feel larger and more inviting. Natural light helps people feel happy and calm, which could benefit your bottom line. If you don’t want to add windows to each residence, consider adding doors with them and patios that allow tenants to enjoy a private outdoor space.
Making Your Properties Rise Above the Competition
You can attract potential tenants to your property by making small and large improvements. Their word-of-mouth and digital reviews can raise its value and secure your income. Consider these five ideas in your renovation budget.
