5 Affordable Ways to Amp Up Appeal on Your Rental Property Investment

Market trends in the past decade have shown a huge shift from home owning to long-term renting, and one of the ways that this has changed the investment business is in the way that renters look at potential homes. Rentals used to be generic, neutral, and temporary. Because more and more families are opting to live in rentals long term, however, investors have found that there is a growing need to put a bit more effort into making a rental feel like home.

In order to compete with investors who already get it, your rental properties need to have a little more interest. But investing in appealing details can quickly eat away at your budget. Here are five low-cost ways to transform a rental investment property into an appealing home.

Updated Fixtures

Outdated hardware in the kitchen and bathroom is a big no-no when it comes to attracting renters. Purchasing a bulk order of contemporary hardware for all of your properties can lead to serious savings, and it’s a super fast way to instantly make the space more appealing to modern renters. Matte finishes are preferred over high-gloss finishes, and while copper is making a comeback, it’s usually best to stick with silver metals.

Give the Outside Some Love

The interior of rental properties is usually where investors focus, covering up holes or getting rid of old carpets. But renters want the outside of their homes to look just as nice as in the inside, so be sure to consider an updated coat of paint or just a good power washing. Painting the trim or the door a bright accent color can set your rental property apart from the dozens of similar properties potential tenants have already seen.

Focus on Contemporary Neutrals

It’s well-known that using bright or bold colors on whole rooms or large walls in a rental is a bad idea. It’s hard to predict the style of your tenant, or who might be uninterested in living with the color you chose. But the days of painting everything beige or eggshell are long gone as well. Contemporary neutrals include grey, sea foam, and similar tones. With just enough color to be inviting, but soft enough to fade into the background, these neutrals make it easy for a potential renter to picture their furnishings in the space.

No More Carpet

Flooring can be one of the more expensive updates to make for an investor, but carpets are a pain for everyone. They get incredibly dirty between tenants, they carry smells, and they get torn or frayed easily. One of the best investments you can make in the appearance of your property is to get rid of carpets for good. Tile or wood won’t need to be replaced often, and both are far less maintenance. While it’s tempting to go with a cheaper laminate flooring, real wood or tile is a fantastic way to improve the value of the property and a good reason to raise the rent. Just picture all the rental ads in big cities that include the phrases “sun-drenched wood floors”, with prices that raise even the most manicured eyebrows attached.

Invest Slowly

Remember that you don’t have to make every change you want to all at once. Choose the most important or noticeable feature in each property and start with that. If the outside is hideous but the inside just needs a good clean, focus on giving the property some curb appeal. If the carpet is smelly but the walls are a serviceable, if not exciting, tan, start with replacing the flooring.

With this method of low-cost improvement, you can ensure that your properties stand out as a place that a long-term renter will want to live in, not just stay in. This means stable income for you, and a happy home for your tenant.