Every month that a rental unit sits empty, property owners lose hundreds of dollars in potential income. Strategies to make a rental property more appealing can mean reducing rental property vacancies and decreasing lost revenue.
Top 5 ways to make your rental property more appealing
- Fix small things
It doesn’t cost much to make small improvements to your rental property but they can have a big impact in attracting new tenants.
Exterior fixes: clean away all the weeds, trash, and debris, install a new mailbox if the old one is dingy and dented, add a few classy flower pots on the porch, replace torn windows screens, and power wash the siding and driveway.
Interior fixes: Fresh, clean curtains and blinds, more efficient light bulbs, an appealing new throw rug in the dining area, clean walls, carpets and living spaces.
- A fresh coat of paint
New paint is the number one thing that will make your rental apartment look new again. Old, faded, peeling and chipping, or tobacco-stained walls and ceilings are a BIG turn-off.
It only costs $25 for a can of quality paint, and it may cost less than $100 to repaint at least all the most important parts of your unit. If you do it yourself, you don’t even spend money on labor – and it shouldn’t take more than one day’s work if you clear a full day in your schedule for the task.
As to color, stick with neutrals like white, beige, grey, or cream. You can let new tenants know they are free to repaint if they wish, but to attract more prospects to begin with, you need a color everyone can live with.
- Bathrooms and kitchens sell!
Not only are bathrooms and kitchens the most commonly renovated rooms of the house, but they are also the top two rooms that sell either a house or an apartment lease to lookers.
You don’t necessarily have to do a full makeover for either room – though that would certainly be appealing. Even just doing a super-thorough job of cleaning these rooms will make your empty apartments fill up faster. Take care of details like scrubbing clean dirty grout lines, making the mirrors immaculate, and perfecting scratched counters with matching touch-up paint.
If kitchen appliances don’t match, you can install stainless steel appliance covers to make them match (on a budget.) Re-painting old wood cabinets is an inexpensive way to make an impression. And a quick DIY epoxy job can make bathroom sinks and tubs look like they “belong” together.
- New carpeting
If you want to make your property more appealing with a minimal investment – one upgrade never to overlook is installing new carpeting or quality laminate flooring.
If the existing carpeting is too good to get rid of, still take the time to go over it with a deep-cleaning carpet machine to remove stains. But anything halfway or more through its “lifespan” should go – and you can always donate still usable carpeting you remove for a tax write off!
- Move-in specials
Finally, be ready to offer move-in specials to qualified applicants. A good tenant is doubly valuable because they prevent your unit from remaining empty and from being filled with a bad tenant!
Offering a free month’s rent after 11 on-time payments is a good approach. It sells apartments to good renters who know they will get the discount and you can factor in the cost over the first 11 months.
Son-Rise Property Management has been serving the property management needs of Bellingham and Whatcom County since 1996. Contact us today to see how we can help you find a rental property for your family or manage your rental properties.