Make Your Rental Apartment Warm and Inviting
For a full century, rental apartments were thought of as empty spaces for renters to occupy and adapt to. Apartments were a place to sleep and eat, and not so much a warm, inviting home. The word home was meant only for houses. In the last 5 years that’s changed.
The Covid 19 crisis has brought faster change. Apartment renters in dense hi-rise neighborhoods and buildings have left for larger single family houses seeking safety and space. It’s brought lower occupancy rates and downtrending rents.
Today, renters want new fresh, apartment design ideas to maximize space, lighten up rooms and add functionality. Landlords want to raise occupancy and secure rents again and making tenants happy has to be the goal. We’ve got 20 reno ideas below to keep everyone happy.
Big Turnover Leading to Apartment Renos
Landlords are selling apartment properties and new landlords must consider an improvement to the unit. That raises the matter of a renovation, or modeling upgrade.
Some properties are dilapidated and must be renovated. Such improvements will raise the asking rent price, help to keep tenants leased, make your apartment advertising much more effective and help your rental ads stand out. It will help you get the best renter applicants and new tenants. These are solid benefits to aid your bottom line.
Repainting and repairing fixtures might not change the mood in 2020 about apartment living. So when live in apartment owners themselves and landlords talk about changes, they make use words like makeover, remodel, reno, rehab, restoration or redesign.
Each words might describe the task at hand and the renovation budget.
What do Renters Want?
Renters want to be happy and comfortable. Surveys show apartment renters want space, and features such as balconies, modern bathrooms, and windows. Pet friendly and green space are big attractions. Perhaps your renovation can provide the functional and psychological benefits your tenants seek.
What do renters want? Apartments in the past were thought of second class accommodations in comparison to houses. And even renters were tagged with second class status due to renting. Renovations help renters live happier and feel more comfort and esteem about their apartments. There’s plenty of benefits for them and their landlords.
Creative apartment designers can make just about anything possible.
Today’s renters are concerned about their living experience in rental apartments. Lifestyle, comfort, and socializing are far more important to today’s tenants. And they search for a better apartment.
As a rental unit manager or landlord, you have an opportunity to show you care as well as to improve your asset value. Put your unit into a higher rent price category. If your unit is aging, these 20 best renovation ideas for apartments might be your ticket to higher rent and sustainable cash flow.
Tenant Expectations Have Changed
Better renters often have more sophisticated tastes and they expect a better rental lifestyle experience. The word lifestyle actually means something to them and they’d like a place which reflects the person they are.
Home Suite Home
As a landlord, you have plenty of options to upgrade your apartment to give it some class and style without getting too off on a tangent. And prospective tenants love anything that looks new, useful and something not available in other rental units.
20 Ways you can Enhance your Tenant’s Lifestyle
The condition of your rental says a lot about your intent, so find a way to impress them.
- stylish interior painting – rather than an off white color for the whole apartment, how about different shades for different areas? Paint is an affordable way to pick up the appearance to create an pleasant tenant experience.
- removable wallpaper for accent walls – “no wallpaper!” Well, if it can be removed, you might want to do some wallpapering yourself to enhance bedrooms or bathrooms.
- upgrading light fixtures and using led lights – get rid of those aging light fixtures and covering with something modern. New LED bulbs eliminate the dull yellow light with a brighter, whiter and clearer light that removes the dingy look of many apartments.
- removing a wall – if there’s any way to open up your old apartment by removing walls, it’s an affordable way to create an airy, expansiveness that modern tenants love. Just by eliminating that “cooped up” feeling, you’re going to get higher rent prices.
- new flooring – there are new flooring materials that are affordable and easy to install. Their appearance can give your apartment that new look that helps you charge higher rent.
- new windows – if possible, where permissible, new windows allow more fresh air and light in.
- stylish blinds – adding modern blinds allows tenants to adjust the amount of light and or heat from the sun into the apartment.
- new sinks and plumbing fixtures – easily the best way to create an upscale, penthouse look. New faucets controlled by touch are an elegant and handy feature.
- new shower fixtures – adding a rain shower head or a massaging wall show unit is an unusual amenity that most other apartments will almost certainly never have.
- flat screen tv wall mount – this can be positioned in the most useful and sensible spot to allow tenants to keep the TV out of the way and up off the floor.
- open kitchen wall with bar table and high stools – since socializing and entertaining are high on apartment and condo renters wish list, a kitchen with a bar nook with high stools keeps it fun and casual.
- large wall art frame – providing the frame and several insets, your tenant can choose and print their own art for display on the wall. It’s their choice of art, but importantly it lets them fill their empty wall space with images that make them feel comfortable and at home.
- replace light switch with a dimmer switch – dimmer switches are a thoughtful feature that lets them set their lighting levels to their mood and the time of day/evening.
- create more closet space in bedrooms if needed – making more space for closets is sure to please female tenants especially those career women on the go. It could be one of the more affordable renovations.
- new kitchen cabinet door and drawer knobs – no need for new cabinets. Just replace out of date doorknobs, and handles. Add quiet drawer slides which gently stop, sure to impress new tenants.
- use higher quality light switch plates – perhaps the cheapest way to give your apartment a professional, modern look, and combine that with new touch-based switches and dimmer switches.
- stylish toilet paper holders – there are an array of modern toilet paper holds that speak of elegance and upscale taste.
- new door handles instead of old style knobs – door knobs are passe. Handles are easier to open and close and look more upscale.
- wireless smart home devices – nest or wemo wireless smart home systems allow tenants to use their smartphones to control lighting, temperature, and even blinds.
- tile the kitchen counter backsplash – a modern tiled backsplash gives the kitchen a distinctive and upscale look.
That’s it for our top 20 apartment renovation tips. Should you want to sell your apartment in the next few years while prices are high, these improvements will help you get maximum price. If your apartment is the nicest in the building, or buyers think it is, they’ll be more eager for yours. You’ll have more leverage in negotiations.
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