The key to tenant retention is to present yourself and your rental property in the best possible light. However, many landlords are unsure about fixing every single issue as they believe the task at hand could be very expensive. Renovations are expensive; there is no two way about it. But what you can do is instead focus on the cost-effective ways to renovate your rental property. Here is how to do that.
Keep the Property Clean
While this has nothing to do with renovations, it has everything to do with cost-effectiveness and improving the appeal of your rental property. Clean properties sell much more. This is precisely why home staging is so popular during the home selling process.
In recent times, landlords put a lot of focus on keeping the property clean. While there are obvious reasons why everyone should do that, a messy property will never appeal to any tenant. So even if this has nothing to do with renovating, it has everything to do with first impressions.
Focus On the Impacting Areas
Whenever tenants come in and have a look at your rental property, the front door and hallway are the first thing they see. So when it’s time to renovate, focus on these two first. This will help you make a good first impression even more than the previous tip. If the front door of the rental property is old and outdated, consider replacing it. No doubt front doors do cost a pretty penny, but it is a necessary change.
When renovating the hallway, there is a reason why most Millennials prefer magnolia walls. Magnolia paint gives feelings of warmth. People are drawn to the color and it creates an illusion that you can use to your advantage. So one of the first cost-effective renovations to do is to give the hallway walls a fresh coat of magnolia paint.
Focus On the Most Important Areas
What parts of the home are most important to families? A likely guess is the bathroom and kitchen. We’re all aware that the kitchen is the room that most buyers look at first. This isn’t an untrue statement, but a fact. According to the National Association of Realtors, the kitchen is the third most important room to stage when selling a house.
And the fact is no different when presenting your rental property to potential tenants. The kitchen is slowly becoming a very versatile space. Families gather there, they eat, drink their coffee, and even socialize. But what about the bathroom? The bathroom is just as important for buyers and tenants.
Although you don’t have to stage the bathroom, you will have to do a couple of renovations. So what are the cost-effective kitchen and bathroom renovations that help you present both rooms to tenants?
When looking at the kitchen, getting new cupboards is the most cost-effective way to renovate the space. You can find new cupboards without going overboard. If you’re on a budget, then there are some pretty inexpensive options out there.
For the bathroom, replacing the old and out-of-fashion tiles is the obvious renovation to go for. You can even consider replacing the bathtub with a standing shower. Although plenty of other cost-effective renovations exist, the goal is to focus on these two spaces along with the entrance area.
Make the Space “Feel” Bigger
No doubt a single bedroom apartment in Manhattan can cost a fortune to rent. But what’s even worse is the fact that they’re so small. Tenants struggle when living in small and crowded spaces. This is even more evident if they’re living with multiple people.
So one thing you can do is to renovate the space and feel much bigger than what it is. The best way to do that, without buying the neighboring condo and breaching the wall between, is to create an illusion. To do that, you will have to think outside the box.
The make a particular space feel much bigger and less cramped, the simplest thing to do is to add plenty of lighting. Lighting gives the illusion that the space is indeed much bigger than what it actually is. It makes it feel open and that can have a huge impact on your tenants.
Not only that but adding a few mirrors around the place will make do the trick even more. A mirror is necessary for your tenants, so make sure to provide at least one mirror where tenants can look at. In addition, mirrors reflect light and make the space feel even bigger.
Fix Underlying Issues And Continue To Do So
The job of a landlord isn’t only to collect rent. Landlords have a responsibility to keep the rental property in top-notch condition. So the reason why you’re renovating is to prevent unhappy tenants from leaving. Tenant retention is important, but what’s even more important is to present your rental property in the best possible light.
To do that, make sure to fix all underlying issues with your property. Not only that, but you also have a responsibility to continue doing so. You can do all kinds of cost-effective fixes that help renovate your rental property.