Keeping your tenants 100% happy should be your priority if you have a rental property.
Whether you own a rental flat or house, it should feel comfortable, well cared for, modern, and worth the rental price.
The best way to do this is to upgrade your property. Even if you only carry out minor renovations, you can attract more high-quality tenants and increase your rental yield.
Here are the best upgrades for rental property, as recommended by our friendly team of estate agents at Cobb Farr.
1. Boost your kerb appeal
How does your rental property look from the outside? Does it invite prospective renters to book a property viewing? Is your ‘kerb appeal’ as good as it could be?
If not, we highly recommend you give it some TLC. Give the exterior of your rental property a fresh coat of paint, clean the front door, cut the grass, trim trees or hedges and consider planting flowers.
Some landlords like to pave or gravel over front lawns to create a fresher and neater look and avoid future maintenance. A word of caution against this. Aside from not being very environmentally friendly, it doesn’t take long for weeds to appear and the kerb appeal to look a bit tired and unloved. It’s often better to create a mix of hard and soft landscaping to create the best look.
By making these small but smart property upgrades, you’ll boost your kerb appeal and attract higher-quality tenants.
2. Make the rental property more energy efficient
Modern tenants are looking for energy-efficient, double-glazed homes with insulation, eco-friendly heating systems and even smart home tech such as a smart thermostat and smart lighting.
This will increase the potential rental yield of your property, keep its environmental footprint low, reduce energy bills and make your tenants’ lives easier.
3. Give it a fresh coat of paint
When a prospective tenant enters your property, they should be impressed with how fresh and well maintained the property is and be able to imagine themselves living in the space.
That’s why one of the best property upgrades is giving the interior walls a fresh coat of paint in a neutral colour such as white or cream.
Although these colours may not seem inspiring, they offer prospective tenants a ‘blank canvas’ that they can decorate according to their tastes, broadening the appeal of your property and increasing your potential rental income.
Best of all, it won’t cost much compared to other property upgrades but will have a huge impact.
4. Upgrade the flooring
You can also appeal to a higher-quality tenant by upgrading the flooring of your rental property to wood, laminate or even tiles, if you have the budget.
Carpets are great but they often get stained and can make your property look old and dated quickly.
Choose wooden flooring (or similar) and your tenants will enjoy a durable, easy-to-clean surface that looks fantastic. They can also easily personalise their rental home by adding rugs or smaller carpets.
(Quick tip – always check the lease as some flats do not allow wooden floors due to the noise pollution to tenants downstairs.)
5. Refresh the kitchen
Kitchens are one of the most-loved rooms in any house, but they can also suffer significant wear and tear and look dated quickly.
Easily upgrade the space by cleaning, sanding, priming and painting the cupboard doors and consider buying new handles to transform the space without breaking the budget. For a relatively small investment you can also replace cupboard doors whilst retaining the carcasses and worktops. This can give the kitchen an impressive facelift.
If you have a larger budget, also consider replacing countertops, cabinet hardware or even appliances for a modern touch that enhances your potential return on investment.
6. Upgrade the lighting
Does your rental property’s lighting create warm and inviting living spaces? Or do you still have functional ceiling lights to keep costs low?
If it’s the latter, invest some time and money to create a welcoming ambient, layered lighting scheme.
Replace those light fixtures, add ceiling fans for extra appeal and comfort, and consider placing lamps around the room for a modern and sophisticated look.
7. Make it clean and smelling lovely
Who wants to rent a property that smells unpleasant, musty or old? Or with old cooking smells still hanging in the air?
Thats why, if you want to attract good quality tenants, you should give your rental property a good clean then position air fresheners and essential air diffusers throughout
Before you look for potential tenants, give the property a thorough clean then add air fresheners and essential air diffusers. This will get rid of any lingering smells and create a fresh space ready to be rented.
8. Add storage space
Storage space is always tricky with rental properties, especially apartments.
However, if you can add extra storage space such as built-in shelves and cabinets, you can increase the value of your property and make it more appealing to prospective tenants.
They will be able to keep their belongings safe and organised and you will reap the benefits of this small investment.
9. Give the bathroom some love
Quickly and effectively modernise your bathroom by purchasing a new shower curtain, replacing old fixtures, adding new tiles and updating the sink and toilet seat.
Again aim for a neutral colour palette to ensure it appeals to a wider market and ensure everything is clean and smelling fresh,
10. Create welcoming outdoor space
Any outdoor space you have can also be tweaked to enhance the value of your property and make it appeal to a wider audience, especially if your property is in an urban area.
Consider adding outdoor furniture, decking, plants and garden features to transform the space for summer and show that the garden is perfect for outdoor relaxation and entertaining.
Summary: Best Upgrades for Rental Property
Attract a higher-quality tenant and ensure you gain maximum yield from your rental property by making these small, relatively inexpensive upgrades and improvements.
By giving the property a fresh coat of paint, upgrading your bathroom, kitchen and outdoor space, cleaning well, creating a modern lighting scheme and adding smart tech, you will generate more rental income and keep your tenants happy.
Want to attract more high-quality tenants to your rental property? We can help.
Contact our friendly team at Cobb Farr to find out how today.
