Rental Property Renovation Ideas
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. Given rent prices are high and renovations and improvements can raise asset values considerable before selling, and since renovictions are a way of dealing with chronic asset underperformance, the renovation possess new value.
Renters know they can’t buy a home and they want a living space they can enjoy for many years. An apartment can be an enjoyable and preferable accommodation for many people. Which is why remodeling and improvements are a great way to secure leases for many years.
Remodeling and Improvement of Asset Value and Tenant Lifestyle
The focus now is on remodeling, upgrading and even renovating apartments, houses and condos to present the kind of living experience millions of upscale renters crave.
Renos can be a savior for landlords suffering from continuous, painfully high maintenance and repairs bills. Getting everything renovated at once makes good financial sense
Reasons to Consider Apartment Renovation?
- supports higher rents that you may need to charge
- increase capital asset values
- reduces future maintenance costs and big repair bills
- improves tenants lifestyle, comfort, safety and enjoyment
- provides functionality, better space utilization and extra storage space
- opens up new space to accommodate furniture or beds
- improves value of apartment or condo
- compete better vs other landlords properties and rental units
- interest rates are low keeping your financing costs low
- write off your improvement costs on your taxes
- government grants/subsidies may be available for disabled access
- grants/rebates for energy efficiency upgrades
Today, renters want new fresh, apartment designs to maximize space, lighten up rooms and add functionality. An office space is one feature many would love to have.
Repainting and repairing fixtures and adding a new appliance might not be enough to meet the “upgrade” criteria that attracts better renters and higher rent yields. So 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 associated renovation budget.
Cost efficiency kitchen and bathroom renovation may generate the best potential rent price gains.
20 Ways you can Enhance your Tenant’s Lifestyle
These 20 apartment renovation ideas get to the heart of what attracts tenants and inspires them to pay higher rent. You should be investigating those improvements that will drive higher rent prices. Employment and wages are rising and high quality tenants will be willing to pay that higher rent.
- 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 selling 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 with tenants.
Are you ready to move to a simplified yet powerful all in one landlord software? You’ll find ManageCasa has the features you’ve been hoping for. Let go of the past, for an affordable platform designed for modern landlords.
More articles on the Landlord Software: Rental House Renos | Rental Advertising | Interest Rates and Rentals | Apartment Painting | Property Management | Rental Market | Houses for Rent | Choose Property Management Software | Reviews of Rental Property Software | Housing Market | Property Management | Landlord Software | Accounting Software | Accounting for Property Managers | New Property Management Apps