A big part of succeeding as a landlord is good marketing. And a lot of people forget that. As a rental property owner, you have to know what your tenants want. By giving your potential customers the amenities you know they’ll appreciate, you can exponentially increase the appeal of your property. And, when you boost your rental property appeal, you can attract better long-term tenants and increase your property’s overall value.
One common misconception landlords have is that packing your rental with great amenities and features is an overly expensive venture. However, it doesn’t have to be. There are plenty of great inexpensive amenities that you can upgrade your property with without having to break the bank. These little things can go a long way with tenants, and even an investment of a few hundred bucks can make the property that much better of a place to live in.
Over the past couple of years, smart home features have become more and more important for tenants. These amazing little devices make daily life much easier and more seamless. And they are perfect for landlords who want to make their property look more attractive while staying on budget. You can get a couple of these and trip out your property with them for just a few hundred bucks. Of course, there is no need to go overboard. Your property doesn’t need to look like it was brought here from the future.
Smart home thermostats are great inexpensive amenities that will boost your rental property appeal.
We recommend sticking to the basics:
1. Smart thermostat - A smart thermostat is a perfect addition to a modern rental property. Your tenants will love the feeling of walking into their home at the perfect temperature without even having to remember to turn anything on by themselves. Additionally, a smart thermostat can help your tenants drive their electric bills down
2. Smart lights - These are great because they are super cheap and enjoyable. The tenant will enjoy walking into their home and having the lights turn on automatically, and you will have only spent a few bucks
3. Smart speaker/Home assistant - These speaker assistants are extremely affordable and loved by people. Getting one in your rental property is sure to attract both the younger and older crowd
How much this feature costs you will depend on your rental property, but you can always count on it to greatly boost your rental property appeal. Every tenant knows the absolute nightmare that is carpeting in rental properties. It’s a constant source of stress since even the smallest spill is next to impossible to get out. And that tiny spill has now cost the tenant their deposit. They also absorb smells way too easily, and it becomes exceptionally hard to clean them at a certain point. Other than being useful, these flooring options will help improve the aesthetic quality of your property while staying on budget.
If you already have hardwood under your carpeting, you’re in luck. All you have to do is rip up that carpeting and clean up the hardwood so that it looks brand new. Now you have an excellent attraction for future tenants for almost no money. However, if you’re not in such luck, we recommend installing laminate floors. These are a much cheaper option that still looks great and is easy to clean.
No one likes having to leave their home and walk around the block just to wash their clothes at a laundromat. Buying a washer and dryer set to install into your rental property is a fairly inexpensive upgrade that tenants will appreciate more than you might think. Of course, if you simply don’t have the space for it, that’s fine. However, if you do, you can be sure that it’ll increase your tenant market by a lot.
A washer and dryer will be greatly appreciated by future tenants.
This will also give you a great return on investment. You can increase your monthly rent charge for having an in-unit washer and dryer set. This can be as much as a $30-$60 increase on your current charge, depending on where you live and the age of the appliances. You may be able to find a lightly used set online, or you can go for an affordable but brand-new set in regular stores.
Maximizing the amount of storage space available in your rental unit is very important, especially if your property is on the smaller side. You can do this with just a few very inexpensive upgrades. Firstly, you can furnish your unit with double-duty furniture. This can be anything from a sofa that can open up to reveal storage space to a hall bench that does the same. Secondly, you can stuff any odd corner or extra floor space with decorative storage boxes. Don’t let any space go to waste.
Home security is of great importance to any renter. However, most rental apartments don’t offer much peace of mind to their occupants when it comes to this. Having good security features is going to boost your rental property appeal while also giving you a leg up on the competition, especially with families.
Of course, security cameras can get fairly expensive. However, once you’ve gotten those out of the way, the rest should be pretty cheap. For example, you can buy door and window alarm devices that go off every time one of them is opened for just a few dollars, and they are super easy to install. Other than that, you can always invest in a smart lock that uses a pin code to open instead of the traditional key.
Security cameras are especially important if your property is in the city.
As a final tip, we would also like to remind you of the importance of appealing to your tenants personally. While using these inexpensive amenities will attract more potential tenants to your rental property, you should also make sure to present yourself as an attractive landlord. And a great way to do this is to offer certain services to your tenants right off the bat. For example, professionals from Zapt Movers recommend offering to connect future tenants with great local moving service providers who will be able to help them get settled in properly. It’s a small thing to do, but it can go a long way when it comes to attracting more tenants.
If you want to boost your rental property appeal without breaking the budget, consider adding some of these wonderful inexpensive amenities. These are sure to broaden your demographic spectrum and get you in touch with a great tenant in no time. But don’t forget that offering useful amenities and improving your rental property is just one part of being a good landlord. You also have to work to strengthen your relationship with your tenants and be a professional.