Make Your Rental Apartment Warm and Inviting
For a full century, rental apartments were thought of as empty boxes for renters to occupy and adapt to. Apartments were a place to sleep and eat, and not so much as a location for a great lifestyle. In the last 5 years that’s changed.
Apartments then were thought of second class accommodations in comparison to houses. 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
Of course, in the past, rental units weren’t designed for renovation, and there may not have been enough funds for interior decorating. And was there anyone to actually perform the design and decorating? Interior design then was painting the walls. And property management? Well, that was collecting the rent, handling complaints, and unplugging drains! That’s just the way it was then.
Today, landlords need to build an edge for their apartment building or individual apartment unit. Although occupancy rates are high, landlords are hoping to attract a higher quality of renter at higher rent prices.
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
And when a renter is made to feel good or encouraged to the interior of their apartment, they become more committed to staying leased. It increases their living comfort, content, and mimics a sense of ownership.
A lot of advice on apartment decorating is actually aimed at tenants, as though it’s tenants responsibility to enhance the rental apartment. Many landlords are hesitant to let their tenants go to town on their rental apartment.
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 landlord 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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