When a rental property sits vacant, it presents an opportune moment to strategically invest in upgrades that can significantly enhance its appeal to potential renters. Vacancy periods provide a valuable window to improve and optimize the property, maximizing its attractiveness and value. By implementing targeted upgrades, you can captivate the interest of prospective renters and expedite the process of securing new residents. Here, we will explore upgrades renters want that are worth considering, each of which has the potential to transform your property into an irresistible opportunity. These upgrades encompass various aspects, ranging from the interior to the exterior, ensuring a comprehensive approach to enhancing the property’s desirability. By seizing this chance to invest in upgrades, you can make your property stand out, attracting more renters who recognize its true potential and minimize that vacancy rate.
It’s all about the finishes
The kitchen is often a focal point for renters. A well-equipped and aesthetically pleasing kitchen can significantly increase the property’s appeal. If budget allows, appliances or countertops will impact today’s renters more. Consider upgrading the backsplash, light fixture, or cabinet handles to create a modern and attractive space.
Like the kitchen, upgrading the bathroom(s) can significantly impact a potential renter’s decision. Consider installing new fixtures, updating the vanity, or adding a fresh coat of paint to create a clean and inviting atmosphere. Rental-friendly peel-and-stick wallpaper is a fun way to elevate a bathroom space without a huge price tag.
Smart Storage Solutions
Renters often prioritize ample storage space. Consider installing built-in closets, shelves, or cabinets to maximize storage capacity. This upgrade can appeal to residents with various storage needs and reduce vacancy time.
Upgraded Flooring
Modern flooring can make a positive impression on potential renters. Replacing worn-out or outdated flooring can significantly improve a property’s overall look and feel. Consider installing peel-and-stick carpet squares, water-proof vinyl planks, or peel-and-stick vinyl flooring that is durable and visually appealing.
In-Property Laundry
Providing a washer and dryer is a significant selling point for renters. Gone are the days of washers and dryers being a luxury. Investors consistently ask our team of experts if a washer and dryer are necessary to command competitive market rent prices. Our answer is an absolute “YES.”
Fresh Coat of Paint
Update the interiors with a contemporary color palette that complements different design styles. A fresh coat of paint can breathe new life into the space, making it feel modern, vibrant, and ready to welcome new residents.
A neutral color scheme provides a blank canvas for residents to personalize their living spaces. It allows them to envision their décor and furniture without being limited by outdated or bold paint choices.
Impactful Amenities
Consider adding attractive and impactful amenities that will set your property apart from others in the market. This can include features like a dedicated outdoor space, pet amenities, smart home technology integration, or secure parking. These additional amenities can make your property more appealing to potential renters and decrease vacancy time.
By taking advantage of the vacant period to implement strategic upgrades, you can position your property as an irresistible option for potential renters. The enhancements mentioned above offer diverse improvements, targeting key areas such as the kitchen, bathroom, energy efficiency, flooring, curb appeal, and interior paint.
These upgrades enhance the property’s aesthetic appeal and increase its functionality, energy efficiency, and overall value. By aligning your upgrades with renter preferences and market demands, you can significantly reduce the vacancy time between renters, maximizing your return on investment.
Real Property Management Iowa is here to help. Our experienced professionals can provide expert guidance and management services to ensure your asset is well-maintained and attractive to potential buyers. From marketing and resident screening to property inspections and maintenance, we offer comprehensive services to help you maximize your investment. So why wait? Seize the opportunity to transform your property into an attractive and sought-after option, enticing renters with its upgraded features and potential for lucrative returns.
Contact Caleb or Nate with Real Property Management Iowa today, and let us help you take your property to the next level!
Download April 2023 – Iowa Market Stats
Des Moines | Ankeny | Ames