How to Attract Better Tenants: Top 5 Renovations

In the cash home buying business, a diverse portfolio is essential. Expanding your portfolio to include multiple properties can build your investments. As a part of this process, you must find reliable tenants.

“Attracting reliable tenants to your rental property could maximize your return on investment (ROI)”. We found that one of the most effective ways to attract and retain reliable tenants is to invest in the property.

By investing in the property, we mean renovations. “Alex, more money?”

These are simple renovations that can have a long-lasting, positive impact on your property and tenants.

Refresh Paintwork

Nothing brings a breath of fresh air into a rental like a new paint job. While it’s a small (and inexpensive) change to make, a brighter, cleaner space can attract potential tenants.

Nobody likes moving into a place that looks like it has just been vacated by someone else a day prior. If there are signs that someone used to live in the apartment (like scrapes and scuff marks on the wall), you’re going to struggle to justify the rent.

If you’re looking for a good price for your property, you’ll definitely struggle to find good tenants. Most millennial tenants want to move into a house or apartment that looks new, fresh, and ready for them to move in.

Replace Poor Finishings

Some of the best tenants have a very keen eye. They know what to look for in a rental, and they know what they want. So, they will likely go through the rental with a fine-tooth comb until they are satisfied with what you’re offering.

With that in mind, there can be no room for mistakes on your end. Focusing on the details is a big improvement that can have a grand impact on the look and feel of the space. After all, it’s often the details that create a perfectly staged home, and they make a rental pop in the eyes of the tenants.

Invest in the Kitchen & Energy Efficiency

The kitchen is, without a doubt, the room that potential tenants focus on the most. Focus on upgrading kitchen appliances to maximize the overall energy efficiency of the kitchen as a priority. This is particularly important to millennial tenants.

Freshen Up the Exterior

If you’re renting an apartment in a building complex, there’s not much you can do to spruce up the exterior without the tenants’ association on your side.

However, if you own and control the exterior of the property, say a house, then you definitely need to include exterior renovation and remodeling in your plan to attract good tenants. This is because you can’t attract the best tenants if the quality of the exterior doesn’t match what’s on the inside.

Optimize & Scale Lighting

Lastly, make sure that the interior lighting is on point. The lighting scheme in your rental can make all the difference to a potential tenant. It has the power to shape the look and feel of every room.

Therefore, use curtains and blinds wisely and try to get as much natural light in as possible. For those hard-to-reach spots, use mirrors to bounce light through the space. For artificial lighting, be sure to use a combination of general overhead lighting with task and accent lights.

To attract even better tenants, consider investing in smart home technology, too. For example, you can install a programmable light switch in every room so the tenant can scale the lighting scheme for every occasion.

Conclusion

Attracting good tenants is an art that landlords have to master. And with these tips at your hand, that shouldn’t be too hard.