Six Ways to Improve Your Rental Properties’ Rentability
When you’re in the rental property investment game, making your properties stand out from the competition is your key tool in gaining tons of passive income year after year. Especially for those looking to use passive income from their investments to live off of, making sure your apartments and rental properties are buzz-worthy will make or break your efforts. Thankfully, there are some useful, trendy new renovation ideas out there that will ensure you can make your properties the talk of the town. To start you on your journey toward massive amounts of passive income, here are six ways to improve your rental properties’ rentability:
1. Convert a Room into a Home Office
As more and more people are working from home, even as we adjust to the pandemic’s effects, having a dedicated office space where you live has become a hot commodity. If you want to rent out an apartment space that’s meant for the working professional, turning a room into a home office is the way to go. Modern renters will often even specify that they are looking for spaces that can be a home office when seeking an apartment, so this is one quick way to stand out amongst competitors. Not only will it prove useful when renting out the space, but it will allow you to use the apartment for professional tasks as you’re working to get a tenant to fill the space.
2. Add “Smart” Appliances
From “smart” fridges to washers that can do work almost completely on their own, “smart” appliances add a ton of value to your apartment. Once again, working professionals will be absolutely drawn to this inclusion in your apartment spaces, as it will simplify their daily tasks and allow them to be the go-getters they’ve been dreaming of. There’s a more energy-efficient operation behind many of these appliances as well, making them great for keeping tenants’ energy costs down (and you get to help save the environment at the same time)!
3. Lighting is Key
Poorly lit spaces are a surefire way to scare away otherwise fantastic tenants. If you do not have lighting that is comfortable, efficient, and which can light up spaces in a major way, you’ll make it less likely that tenants will rent from you. Avoiding lighting setups that have potential environmental or other strong concerns is crucial as well. By taking the time to ensure the lighting in your living spaces is stellar, you’ll save the tenants the hassle of trying to find lighting that will mitigate poorly-set up lighting.
4. Rent Competitively
As rent prices rise at an astronomical rate, you stand to gain a lot of passive income from a successful rental property. That being said, if you cannot find a way to price your spaces competitively, you’ll lose that income to more well-funded competitors. Find the perfect space between ROI and affordability (combined with the rental-friendly qualities we’re talking about in the rest of this list), and you will see people flocking to your apartments in droves. The sooner you can get them in and settled, the sooner your dreams of making a ton of passive income will be achieved.
5. Add a Garage Bar
Not that many apartments have a garage space included these days. However, if you pick up an investment property that does, you’ll have the opportunity to install a garage bar in the space. Not only will this provide this space with one of the trendiest features a home can have in 2022, but it will make your apartment appealing to young professionals and hip tenants. The renovation is not nearly as expensive as you might expect at first, and the amount of equity it adds to the property will lead to massive ROI in the future.
6. Update Your Interior Design Choices
Beyond amenities and cost-saving features, making your apartments look beautiful is a key way to attract potential tenants. The capability you’ll have to post gorgeous interior pics of your spaces online will make it that much easier to get the property shown to tenants. Finding design choices that are trendy, affordable to implement, and fit to the taste of your specific clientele is key in nailing this step.
Here’s to Finding the Perfect Tenants
If you want to make a living off of rental investment properties, finding not only tenants to fill your spaces, but qualified, reliable tenants to do so, is an absolute must. Thankfully, with these six additions, you’ll be drowning in applications. The amount of capital you’ll need to add these updates is accessible for those with enough money to invest in rental properties, and as the rental market is getting more and more competitive with every passing month of 2022, diving into these tenant-attracting renovations is crucial.