As a landlord, it’s your job to keep your rental property looking in tip-top shape. In most cases, this requires periodic upgrades and upkeep. Although property maintenance may seem like a daunting task, there are easy and inexpensive upgrades that will allow you to include a rent increase at each lease renewal period. Whether you manage an apartment building or multi-family home, here are few affordable upgrades that are surefire ways to increase your monthly rent.
How to Increase Your Rent on Your Property Investment
One of the best ways to maximize your rental property’s return on investment is to add a fresh coat of paint to the walls. Not only does paint give your property some extra life, it can also get rid of rust, grime, scratches, and stains. Choose a neutral color such as tan, white, off-white, or grey so your property will appear larger, brighter, and will appeal to more tenants. Don’t be afraid to have an accent wall for a pop of color.
Depending on the amount of paint you buy, you’ll most likely spend anywhere from $100 to $1,000. We recommend buying a large bulk order of paint if you’re working on a large scale.
2. Make Repairs
Minor repairs may seem insignificant, but they add up in the mind of a potential renter. Here are some household fixtures that you need to repair or replace:
- Leaky faucets or tubs
- Old window blinds
- Outdated lightbulbs
- Worn out cabinet hardware
- Running toilets
- Dirty carpets
You’ll find that these inexpensive fixes will make your tenant feel more comfortable renting from you. Depending on what needs to be repaired or replaced, potential costs can range anywhere from $50 to $200.
3. Emphasize the Kitchen and Bathroom
Have you ever wondered which spaces add the most value when you’re looking for potential tenants? There are two hot spots: kitchen and bathroom. The best way to give these rooms a “wow” factor is to declutter, clean, refinish surfaces, and upgrade appliances. A nicely updated kitchen or bathroom will typically give a higher ROI than most renovations and lower your maintenance requests. Not only will you save time, but you’ll save yourself a lot of money in the long run. Depending on the number of renovations, the value of your property and rent is guaranteed to increase. As a bonus, these upgrades can be depreciated against your taxable income.
The exterior is the first thing potential tenants see when they are checking out properties to rent. If you want to crank up the curb appeal, we recommend minor landscaping for a quick beautification. For a decent rent increase, perform the following:
- Mow the grass
- Plant flowers if weather permits
- Cut overgrown bushes or trees
- Clean up and debris
We’ve seen firsthand how landscaping can directly reduce your vacancy rate and increase rent. As a bonus, landscaping should only cost you anywhere from $100 to $500.
5. Install Wood Flooring
Carpet tends to turn off potential tenants due to its ability to stain and give off odors. As a Property manager in Provo, we find that most property owners have to replace their carpet every 5 years. Wood flooring has huge cost advantages because they’re easy to fix when necessary. If you want your property to stand out and have a major rent increase to your monthly lease, consider installing wood flooring.
Potential costs will range anywhere from $3,000 to $10,000.
Maximize Your Property Investment with Keyrenter Property Management
We hope these inexpensive upgrades have given you inspiration and will help you achieve a rent increase for your rental property in Provo. If you have more questions about making the most of your investment, contact us today for a comprehensive analysis of your rental property.