The average asking rent for apartments in the US has been steadily increasing since 2008, but this doesn’t mean that property owners and landlords should not innovate to further increase their units’ profit. In fact, if you own a rental property, you can do many different things to raise its value.
By making some simple upgrades, you can make your property much more attractive to potential tenants—and, as a result, charge more rent. This blog post will discuss three different upgrades that you can install in your rental property to raise its value. Keep reading to learn more!
1. Energy-Efficient Appliances
One of the best ways to make your rental property more valuable is to install energy-efficient appliances. Not only will this save your tenants money on their utility bills, but it will also be good for the environment. Tenants are increasingly looking for eco-friendly options when searching for a place to live, so this is a great way to make your rental property stand out from the competition.
For example, you could install a tankless water heater, saving your tenants money on their monthly water bills. Or, you could replace all of the light bulbs in your rental property with LED bulbs, which use less energy and last longer than traditional incandescent bulbs. These are just a few of the many different options you have when it comes to
Another great way to make your rental property more valuable is to install a smart thermostat. A smart thermostat allows tenants to control their heating and cooling using their smartphone or another mobile device. This is a great convenience for tenants and can also help them save money on their utility bills. As an added bonus, you can use the smart thermostat’s data to ensure your property is running as efficiently as possible.
If you really want to go above and beyond, you can install solar panels on your rental property. Solar panels are a great way to reduce your tenants’ carbon footprints and save them money on their energy bills. Solar panels are becoming increasingly popular, so this is a great way to make your rental property stand out from the competition.
Regardless of which energy-efficient appliances you choose to install, doing so is a great way to make your rental property more valuable.
2. Advanced Water Filtration System
Another upgrade that you can install in your rental property to raise its value is an advanced water filtration system. This is a great option if your rental property is located in an area with hard water. Hard water can damage appliances and plumbing fixtures and make it difficult for tenants to take care of their clothing and personal hygiene. By installing a water filtration system, you can make your rental property much more attractive to potential tenants.
There are a variety of filtration systems available on the market, so you’ll need to do some research to find the best option for your rental property. A good place to start is by looking for an ultra filtration system. These systems are designed to remove a wide range of contaminants from water, including bacteria, viruses, and minerals. This will make your rental property’s water much safer for tenants to use and extend the life of your appliances and plumbing fixtures.
Installing an advanced filtration system is a great way to make your rental property more valuable. Not only will it make your property more pleasing to prospective tenants, but it will also save you money in the long run by extending the life of your appliances and plumbing.
3. Security System
Finally, installing a security system is one of the most efficient ways to make your rental property more valuable. This will give tenants peace of mind knowing that their belongings are well-protected and deter criminals from targeting your property. There are a lot of different security systems on the market these days, so be sure to do some research before making a purchase.
An advantage of security systems is that they can be tailored to meet the specific needs of your rental property. For example, if you have a large property with multiple tenants, you may want to invest in a system that includes video surveillance. This will allow you to keep an eye on everything that’s happening at your property.
Alternatively, a simpler security system may be more appropriate if you’re renting out a small studio apartment. A door and window sensor would be sufficient to protect against burglary, and it would also be relatively affordable.
No matter what type of security system you choose, it’s important to make sure that it meets the needs of your tenants. After all, they’re the ones who will be using it!
As you can see, there are a lot of different upgrades that you can install in your rental property to raise its value. By making some simple changes, you can make your rental property much more attractive to potential tenants—and charge more rent as a result. So what are you waiting for?
