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Updating Rental Properties for More Revenue

July 22, 2022

Are you looking to bring in more revenue with your rental properties? You can boost your property’s appeal by updating your property. Consider these upgrades to significantly boost your property’s value and earn more revenue:   

Remove Carpet and Install Tile  

Carpet is a thing of the past. Carpet stains easily and is difficult to clean. When a carpet is stained, it doesn’t look good and can cheapen the overall look of the apartment. Many pet owners don’t want to rent apartments or houses with carpets because they’re worried their pets might make a mess. You can attract a larger pool of renters if your rental has tile floors!  

What should you install instead of carpet? Try installing a laminate floor or luxury vinyl tile! There are many different design options to choose from. There are even some options that look and feel like wood! More renters will be attracted to units with tile instead of carpet because it looks great and is much easier to clean.   

As a landlord or property manager, you can save thousands of dollars every time a tenant moves out by not having carpet in a rental. Why? Because you’ll have to pay to have the carpets cleaned before anyone moves into the unit. Carpet cleaning can get pricy–it can be even pricier if the carpet is beyond saving and you have to replace the carpet altogether.   

Instead of having the carpets cleaned, you can simply vacuum and mop the floors! Laminate flooring or luxury vinyl tiles are super easy to install, relatively inexpensive and can last a long time. It doesn’t scratch easily, so you won’t need to worry about furniture marring the floors. Many are also highly resistant to water damage and are easy to repair. As long as you have a few extra tiles around you can replace the damaged tiles and the floors will look like new.   

Upgrade to Energy-Efficient Appliances  

Consider upgrading the appliances in your rentals to energy-efficient ones! Energy efficient appliances will appeal to renters because they’ll be attracted to the lower energy bills. Prospective tenants will be attracted to energy-efficient appliances (and new appliances in general).   

New appliances typically mean there will be fewer maintenance issues, and both you and your tenant will be able to relax knowing that there won’t be issues shortly. Stainless steel is especially attractive, and you’ll be able to charge more for rent!   

Upgrade the Kitchen & Bathroom  

If you’re going to get new appliances in the kitchen, consider renovating the kitchen as well! A fresh kitchen will pique a prospective tenant’s interest. Paint the cabinets in a sleek color like grey and upgrade the hardware or go for new cabinets altogether. Consider installing new countertops to match the rest of the upgraded kitchen! A newly renovated kitchen will significantly boost the amount you may charge for rent.  

If you’re getting new cabinets and countertops in the kitchen, you may as well do the same in the bathroom(s)! Tackle the whole bathroom with all-new utilities. Prospective tenants will love having an updated bathroom.   

Install New Windows  

Old windows can bring poor insulation, leading to drafts and unhappy tenants. No one wants to be cold in the winter and hot in the summer. Not only do new windows look great, but they will also keep heating and cooling costs lower.   

Upgrading to new windows can bring you a significant return on your investment! Prospective tenants will love it if your rental has new windows. They will increase energy efficiency in your rental and will significantly boost the appeal. If you choose to install double pane windows, your tenants will love the added noise reduction from the outside world! There are so many benefits of new windows.  

Hire a Property Management Team  

Hiring a property management team can also boost the appeal of your rental property! Many tenants prefer working with a team that they know can respond to their issues quickly and are always on-site. By having your property management team, you can earn more revenue and add to the experience of your tenants.   

For the best property management experience in Middle Tennessee, look no further than MMC. With a wide range of services including an in-house maintenance team, thorough resident screening, and access to licensed real estate agents, MMC can help you grow your business while freeing you up to pursue your passions. Call today!