Want to draw in or hold on to better-paying, more dependable tenants? Maintaining high tenant satisfaction levels is essential to increasing the value of your rental properties over time. This can be achieved by keeping your properties up to date, appealing, and comfortable. Here are five possible updates that, if carried out, will enhance your apartments in a noticeable and profitable way.
Update kitchen appliances
Possibly the easiest way to make a big improvement to an apartment is to update the kitchen appliances. Even though a prospective renter might not recall every detail about the kitchen cabinets, counter space, or appliances, anything that is brand-new or in poor condition will stick out. Prioritizing the removal of outdated appliances over high-end upgrades is probably the best course of action if you’re trying to attract renters who are more valuable.
Provide ample parking
Landlords frequently fail to recognize the importance that tenants attach to convenient parking. Inadequate parking options are probably a deal breaker for those tenants who care, but they don’t really stand out during a walkthrough unless you look for them. The type of rental property you have will determine the demand for parking improvements. For some, that might mean enclosed areas, particularly for renters who reside in areas that experience frequent snowfall and rain. For some, it might entail completely enclosed private garages. If your tenants are currently having trouble finding parking, it might even just mean that they have guaranteed spots off the street.
Invest in impact windows
Elegant windows always make a statement and serve to highlight the other features of a rental home. You will benefit more from investing in new windows that can be retrofitted if your existing windows are older. There are many advantages to replacing outdated, low-efficiency windows with the newest, high-efficiency models, for both the tenant and the property manager. Impact windows provide the greatest number of benefits. Impact windows are built with sturdy, long-lasting materials.
Update flooring
No matter what price range your apartments are currently at, better flooring is always a winner. Property managers should stay abreast of local flooring trends because, contrary to popular belief, these trends can move quickly in the home décor world. The lovely shag carpet of the present turns into a deal-breaker of the future.
Like kitchens, bathrooms are frequently the centre of attention for those looking for an apartment. For many prospective tenants, a great bathroom can make an otherwise boring rental worth the extra money. A bathroom can feel exceptional with just one distinctive appliance or feature. Think about changing the shower head, bathtub, toilet, or even the glass shower doors. The number of bathrooms can be even more important, particularly in smaller homes. If you can add a bathroom to your home within your renovation budget, it’s a surefire way to increase its value.
Keep updates and renovations on a set schedule
Finally, don’t cut corners if you’re a property owner considering renovations to increase profits. In the short term, it may make sense to use used products, hire inexperienced installers, and invest in cheap materials. But tenants will notice, and you might experience a decrease in foot traffic. Aim for dependable, contemporary, and secure apartments. After that, you can worry about adding opulent touches to catch prospective tenants’ attention.
Apartment remodelling, NYC is now a cake walk. All you need is the right contractor. We recommend RZ Constructions for your next apartment remodelling project.