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Looking to attract or retain more reliable or better-paying tenants? Keeping your rental properties modernized, attractive, and comfortable is critical to high tenant satisfaction, which is, in turn, vital in raising your rental property values over time.
Property managers, here are five potential renovations sure to improve your apartments in a tangible, profitable way.
Update Kitchen Appliances
Updating kitchen appliances is perhaps the simplest way to improve an apartment significantly. A potential tenant may not remember all of the details of the kitchen appliances, counter space, or cabinets—but if something is in bad condition or is brand new, it's going to stick.
If you're aiming for higher-value renters, it's probably best to focus on eliminating old appliances before investing in high-value upgrades. Savvy, responsible tenants will notice a dated kitchen or laundry space quickly - and it will negatively impact the impression of your property. Cutting-edge gadgets such as smart thermostats don't mean much when surrounded by useless junk.
Provide Ample Parking
Property owners often underestimate the value tenants place on quality parking options. It's not something that stands out during a walkthrough unless you're looking for it, but those tenants who care will likely find poor parking options a dealbreaker.
The parking improvements in demand will depend on the nature of your rental property. For some, it may mean covered spaces, especially for tenants who live in seasonal regions where rain and snow are a regular occurrence. For others, it could mean wholly enclosed private garages. It may even just mean guaranteed spaces off the street if the parking situation is currently inadequate for your tenants. Take time to study the needs of your target customer.
Higher-end properties may also want to consider modern amenities such as charging stations for electric or hybrid vehicles. These are much more common among high-value tenants, and thus, charging stations are an excellent improvement for your rental property.
Invest in Impact Windows
Beautiful windows always stand out and help accent the rest of a rental property. The older your current windows are, the more you stand to gain from invest in retrofitting new options.
Replacing dated, low-efficiency windows with the latest high-efficiency designs provide a wide range of benefits - both for the property manager and the tenant. Impact windows offer the most extensive range of advantages.
Impact windows feature strong, durable materials for long-lasting lifespans. They increase a unit's energy efficiency, are shatter-proof, limit harmful UV ray penetration, and can reduce outside noises by up to 50%.
New windows can also make an apartment feel safer and more secure, which can be valuable with almost any tenant.
Update Flooring
Better flooring will always be a winner, whatever the price point your apartments currently feature. Property managers need to keep up with what's popular in flooring in your area, as it can be a faster trend area in home décor than you might expect.
The beautiful shag carpet of today becomes the dealbreaker of tomorrow. Hardwood floors are almost always going to be popular, but this evergreen aesthetic comes with its own difficulties; damage to hardwood floors becomes easily noticeable, challenging to prevent, and can be costly to repair.
Of course, responsible tenants like those you're aiming to attract will be less likely to damage such floors, even within the confines of normal wear-and-tear.
Bathroom Renovations
Bathrooms, much like kitchens, are often the focus of the starry-eyed apartment hunter. A great bathroom in an otherwise mundane rental will make that rental worth the extra money for many potential renters.
Even a single unique appliance or feature can make a bathroom feel outstanding; consider replacing the bathtub, toilet, glass doors on showers, or even the shower head itself.
The number of bathrooms can be even more critical, especially in smaller properties—if you can feasibly install another bathroom within your budget for renovations, it's a reliable money-maker. Never underestimate the value renters will place on not having the share a bathroom with kids, guests, or roommates.
Keep Updates and Renovations on a Set Schedule
A parting word of advice to any property owner looking at renovations to improve profits: don't cut corners.
Investing in cheap materials, hiring unqualified installers, and using used products may make sense in the short-term, but tenants will notice - and you may find yourself with less foot traffic than before you started.
Aim for reliable, modern, and safe apartments—and then you can worry about the splashes of grandeur to seize the imaginations of your potential tenants.
Learn more about growing your assets with our free guide just for Property Managers.
Impact windows are one of the best investments for property managers in Florida. These products offer numerous benefits, such as reducing property damage from storms, minimizing outside noise, increasing durability, and preserving interior elements.
Alco Windows and Doors specializes in installing impact windows for Florida landlords considering retrofit projects. We take pride in keeping Florida residents protected from severe weather while always focusing on offering the best customer support.
Contact us today to schedule a free consultation and learn more about the benefits of retrofitting impact windows!
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