Are you looking for ways to add value to your rental property? If so, you're in luck! I will be telling you the 14 easiest ways to increase your property's value. Some of these methods are simple and inexpensive, while others may require a bit more effort on your part. But no matter what, they are all worth trying! I won't keep you waiting, let's get started!
14 Ways to Add Value to Your Rental Property
Here's the deal, there are several ways to add value to a rental property. And the best method can differ depending on your property and the rental market in your area.
By following these tips, you can make your rental property more valuable and appealing to potential tenants. This will help ensure that you get top dollar when it comes time to renew leases or attract new tenants.
1. Start with the basics: Curb appeal
Curb appeal is always important, whether you're trying to sell your home or simply make it look nicer. But when it comes to rental properties, the first impression is especially important. After all, you want potential tenants to be impressed from the moment they pull up to the property!
There are a few different ways to improve your rental property's curb appeal. First, make sure the lawn is neatly cut and polished and the landscaping is attractive. This doesn't mean you need to go crazy with it - a few well-placed plants can make a big difference. You should also pressure wash the outside of the property and touch up any paint that is chipped or peeling. Consider adding a few fancy elements like hanging plants or a welcome mat. These small changes can make a big difference in how your property looks - and how attractive it is to potential tenants.
2. Keep it clean
Do your elbow grease daily schedule cleaning (like vacuuming and dusting) and repairs, and also report the issues that exist. Your renter will be more interested to renew their lease if they feel like the property is clean and neat and you have cared for it very well (treat it like it is your own home). The possible new renters will be more willing to pay a few hundred dollars for a rental house that is in good condition and looks nice.
3. Make repairs promptly
Here's another important way to keep your rental property in good condition: making sure that any repairs are made quickly. This includes both major and minor repairs, such as fixing a broken window or repairing a leaky faucet. Not only will this make your property more comfortable for tenants, but it will also make it more likely that they'll renew their lease.
4. Be proactive about pest control
One of the last things you want is for your rental property to be infested with pests. Not only is this a health hazard, but it can also damage your property and make it less attractive to potential tenants. That's why it's important to have a proactive approach to pest control. Regular inspections for signs of pests, as well as treatment if any are found. By taking these steps, you can help keep your rental property pest-free and more attractive to potential tenants.
5. Keep up with the latest trends
Having property upgrades can also be helpful, like painting the walls, putting in a new carpet, new floors, or new-looking light fixtures. These types of improvements in your investment property (or rental property) can make a big difference in how attractive the rental is to potential tenants.
It’s important to keep up with the latest trends in the rental market. Know what amenities tenants are looking for and make sure that your rental house has them. I'll show you what I mean: if pet-friendly rentals are in high demand in your area, then allowing pets could be a great way to add value to the property. And also many renters now expect their rental property to have high-speed internet and be equipped with smart devices like thermostats and locks.
6. Add some extra amenities
While you don't want to go crazy, adding a few extra amenities can also be a great way to add value to your rental property. For example: if you have an outdoor space, you could add a grill or outdoor furniture. Or, you could add a washer and dryer to the unit. These are just a few examples, but the possibilities are endless.
7. Offer flexible lease terms
Another way to add value to your rental property is to offer flexible lease terms. This means allowing tenants to sign a six-month lease instead of a year-long lease. Or, it could mean giving tenants the option to renew their lease every month.
8. Be responsive to tenant needs
It's important to be responsive to tenant needs. Responsive means being quick to respond to repair requests and addressing tenants' concerns. By being responsive to tenant needs, you can show potential tenants that you're dedicated to providing a good experience and that your rental property is a great place to live
9. Keep rents affordable
While you want to get the most rent possible, it's also important to keep rents affordable. If you charge too much rent, you could price yourself out of the market. And, if you charge too little rent, you could end up losing money on the property. By keeping rents affordable, you can strike the perfect balance and add value to your rental property.
10. Offer incentives
What's another way to add value to your rental property? By offering a discount for tenants who sign a year-long lease. Or, it could mean giving a free month of rent for referrals.
11. Provide excellent customer service
Did you know that it's important to provide excellent customer service? Providing excellent customer service can add up your property value points. Being available to answer questions and address concerns is a must. Being on the dot with repairs and responding to maintenance requests is also crucial.
12. Hire a professional property manager
If you're not interested in managing the property yourself, you could always hire a professional property manager. By hiring a property manager, you can take the stress out of renting the property (If you are tired of dealing with bad tenants, let them handle it and take the stress off of yourself) and a property manager can help you with some strategies to add to your property value.
13. Invest in marketing
Investing in marketing is a good idea. This means creating attractive listings, using social media, and doing whatever you can to get the word out about your rental property.
14. Pay attention to the little things
It's important to pay attention to the little things. Being attentive to the deets and going the extra mile for tenants is everything. By paying attention to the little things, you can show potential tenants that you're dedicated to providing a good experience.
By following these tips, you can make your rental property more valuable and appealing to potential tenants. This will help ensure that you get top bucks when it comes time to renew leases or attract new tenants. So why not start making some changes today? Your rental property will be all the better for it.
With over 30 years of experience, Axel specializes in full-service Property Management in the Lehigh Valley, PA, and surrounding areas. We provide services to fit your needs as a landlord, investor, and homeowner. We tailor our services to ensure that you have the highest level of service for your home. Learn more about us here.