14 May Home Rentals
Seven seconds is all it takes to make a first impression. And, home rentals are no different. First impressions are lasting impressions. Which means, if the exterior of your rental property is not up to par, prospective tenants may not even want to see your property. This can result in one of two things, one your rental property remains vacant, or two you attract the wrong kind of tenants. Both of which can be detrimental to your to your bottom line. That’s because the longer your rental property remains vacant, the longer you lose potential rental income. Remember, the success or failure of your rental properties depends on your ability to consistently attract good tenants. And, to do so, your rental property should have the qualities good tenants are looking for. With this in mind, we offer some insight on tenant friendly upgrades for home rentals.
Appealing to the Renter
To appeal to renters, you have to look at your rental property from their eyes. While location is always a key factor for someone searching for a home, so are features. Which means, you’ll need to take a closer look at what features or upgrades will make a renter pay more money and stay longer. Whether you own a condo, single family home, duplex, or small apartment building maximizing your rental income is always the highest priority. While implementing a good year-round maintenance checklist helps you protect your investment, it won’t necessarily get you top dollar when competing against other rentals on the market. To truly appeal to the renter, start from the curb and work your way in.
It All Starts At The Curb
The exterior curb appeal is often one of the most neglected areas of home rentals. In fact, many landlords forego the much-needed coat of paint leaving no appeal to attract the right tenants. While it might be tough to form an unbiased opinion, put yourself in the prospective tenant’s shoes. What is your first impression of your rental property when you look at its exterior? If you notice even one problem outside of your property that would stop you from wanting to live there, then it’s time to make some upgrades that will add curb appeal. That’s because a well-presented house appeals to more renters, meaning it will rent faster, and for a higher price.
- Fresh Paint: a little goes a long way to make a good first impression
- Deep Wash: give your property a good power wash
- Remove: weeds, trash, and debris
- Maintain: keep landscaping well-manicured
- Address the Address: by updating address lettering
- Dress Up The Door: add the right color to spark desire
- Light It Up: landscape lighting can give your property a magical look at night
- Restore The Roof: fix missing or broken tiles, pressure wash, and restore
Making Tenant Friendly Upgrades
Renters typically have the same wants in a rental home, but a few highly sought after upgrades also offer a substantial ROI. A can of paint has the ability to completely transform a space. A fresh coat of paint can revive walls, brighten up dim areas, and highlight architectural features. While exterior paint boosts curb appeal, interior paint can make most surfaces look brand new again.
Additionally, strategic upgrades like stainless steel appliances, and nice flooring can help attract a higher quality of tenant. Renovations in the kitchen and bathroom are especially appealing to tenants. By adding a backsplash or updated cabinet hardware, you make a big impact on the first impression. Remember, the more your rental property feels like home, the higher your chances of renting to the right type of tenant (instead of the wrong ones).
You only have seven seconds to make a first impression. Unmaintained, unappealing, or uninviting rental property exteriors will be the first to be eliminated from a prospective tenants list! And, the interior of your rental property is just as important as the exterior! As a rental property owner you must give prospective tenants a vision and help them answer the most important question “Can I see myself living here?” For this reason, you may want to consider hiring a property management company to help you.
At Rancho Mesa Properties, our contractors work to enhance your rental property. Our landscaping and remodeling services will help you ensure that your rental property reaches its fullest potential thus giving you the ability to not only attract the right kind of tenants, but also a competitive price for your rental. Contact us today at (858) 576-2176 to get started.