- Invest in quality furnishings and decorations to increase the appeal of rental units and make them desirable for potential tenants.
- Incorporate technological advances, such as smart home devices, into rental units to make life easier for landlords and tenants.
- Make rental properties energy efficient to reduce carbon emissions and utility costs and increase appeal.
- For peace of mind, implement security features, such as motion-sensor lights and well-lit outdoor spaces.
- Provide tenants with an online portal for rental payments and maintenance requests for improved convenience.
From the first quarter of 2020 to the third quarter of 2021, renter households experienced a notable increase. The Housing Vacancy Survey revealed that 44 million renters resided in homes across America during this period – an 870,000 household surge.
As a rental property entrepreneur, you know your success hinges on several factors. You need to make sure your tenants are happy, and you also need to ensure that your property is attractive enough to draw in new tenants. That’s why it’s essential to take steps to increase the appeal of your rental property. Here are some tips for boosting the appeal of your rental property, so it stands out from the competition.
Invest in Quality Furnishings and Decor
The furnishings and decorations inside a rental space make all the difference when making an impression on potential tenants. Quality furniture and decor can be costly, but the return on investment is well worth it.
Luxurious and Comfortable
Potential tenants can walk into a rental unit and see how luxurious and comfortable it is with their belongings inside. They’ll be more likely to sign a lease agreement with you. Plus, having quality furniture will also help preserve the value of your rental units over time. And, if you choose to rent out furnished units, quality furniture can be a great selling point for potential tenants. So make sure to invest in quality furnishings and decor so that your rental units will look beautiful and last for many years.
Make Use of Technology
Another great way to increase the appeal of your rental property is by incorporating technology into the mix. Smart home devices like thermostats, door locks, lights, speakers, cameras, and security systems are becoming increasingly popular among tenants—and not just in high-end properties! Incorporating these types of technologies into lower-cost units can go a long way toward increasing their overall appeal.
Smart Devices for Safety
Plus, having access to smart home technology makes life easier for landlords and tenants. Smart smoke and carbon monoxide detectors can alert landlords of potential issues. At the same time, tenants may appreciate the convenience of remotely controlling their apartment’s environment.
Tenant Online Portal
In addition to smart home technology, consider offering tenants an online portal for rental payments and maintenance requests. This will make it easier for both parties to stay organized without relying on traditional mail or telephone communication.
Make the Property Energy Efficient
Making rental properties energy efficient is integral to being a responsible property owner. Not only can it help lower the utility costs for those living in the rental, but it also improves the sustainability of the building and reduces its environmental impact.
Enhancements for Energy Efficiency
Taking steps to make rental property energy-efficient helps to reduce carbon emissions. It can also help to make the property more desirable to potential tenants. Some of the ways a landlord can make their rental energy efficient include:
- Installing insulation in walls and ceilings, as well as weatherstripping around windows and doors
- Making sure appliances, lights, and electronics are ENERGY STAR® certified
- Installing efficient heating and cooling systems
- Ensuring windows, doors, and skylights are properly sealed
- Installing a programmable thermostat to better manage temperature control
- Utilizing natural daylighting techniques to reduce lighting needs
- Upgrading plumbing fixtures to low-flow models
- Incorporating energy-efficient windows, such as those with Low-E coatings
- Installing solar panels to generate renewable energy.
Save on Utilities
Making rental properties more energy efficient can help landlords save money on utilities and reduce their environmental footprint. You can also arrange an EPC analysis for the property. An energy performance certificate (EPC) shows the energy efficiency of your property. It also shows you how your tenants can reduce energy costs.
Focus on Security
Finally, one key factor that should always be considered when attempting to increase the appeal of a rental property is security. Tenants want to feel safe in their homes—especially if they live alone or with family members. So, providing secure entryways with deadbolts or other locking mechanisms can help provide them with peace of mind while living in your units.
In addition, investing in motion-sensor lighting along walkways and other outdoor areas can also help deter potential intruders or criminal activity around the premises. Finally, ensuring that the property is well-lit, especially at night, helps reduce the risk of illegal activity on your rental property.
Increasing the appeal of rental property requires careful consideration and deliberation on behalf of landlords and entrepreneurs. Following the tips enumerated in the article can make all the difference when it comes time for prospective tenants to decide which unit they want to rent from you. With these tips for increasing your rental property’s appeal in mind, you’ll have no trouble attracting new tenants and keeping them happy throughout their stay!
