One of the best ways to attract new tenants is by investing in cosmetic improvements for your property. But what type of improvements have the most potential to increase rental value? Renters tend to place a premium on the kitchen and bathrooms, so let's start there.
Kitchen Updates Provide The Most Value
New appliances go a long way toward increasing your property's attractiveness and rental value. Matching the finishes of the dishwasher, microwave, oven, and refrigerator will instantly give the kitchen a fresh, cohesive look. They don't need to be top-of-the-line appliances, but making these upgrades along with new countertops or higher quality flooring can also help you increase the property value.
Modern Bathrooms “Sell” Rentals
An up-to-date bathroom can make or break a place for potential tenants. Replacing fixtures like the shower heads, faucets, and sink handles will help the space appear newer without having to take on any major renovations. Installing a new toilet and vanity, plus updating the cabinet hardware can also make a big difference to your bathroom. If you're looking to increase rental rates even more, go for wow-factor luxury fixtures like rainfall shower heads.
Washers and Dryers Are A Huge Bonus
Many potential tenants are willing to pay more in rent if the property includes an in-unit washer and dryer. Renters do not want the hassle of purchasing expensive appliances they may not need in the future. Make it an easy decision to rent your property by providing these essential amenities.
You may be asking yourself if updating your rental property is really worth all the time and effort. With the help of Gia, you can avoid the typical issues that many landlords face and more importantly, achieve a rent increase for your property.