Property owners are enjoying the spoils of surging rental prices. Over the past year, the average monthly rent has increased nearly 14%. It now costs a renter more than $2,000 per month across the United States.
You can secure higher rent with efforts to spruce up the property. There are several home improvements that yield a positive return on investment on rent.
Read on to learn which property improvements pay off. Explore five rental upgrades that are certain to boost your property’s value.
1. Curb Appeal
First impressions are everything in real estate. When a prospective tenant drives up to a Houston property, they want to see a home or apartment to be proud of.
There are many easy and cheap improvements to make on a home’s exterior. A power washer goes a long way on the home’s siding, sidewalk, porches, and more.
Keep the grass short and trim back any excess plant growth. It is also wise to plant some low-maintenance perennial flowers to add color to the property.
2. Add a Washer and Dryer
An in-home washer and dryer is an invaluable update to any rental unit. Renters are willing to pay extra for this significant convenience.
Without a washer and dryer, your tenants need to drive to a laundromat or carry their dirty clothes to a community unit. You will quickly make up the upfront investment of installing a washer and dryer in the unit.
3. Hardwood Floors
Hardwood floors should be on every rental renovations list. This upgrade is a benefit for both property owner and tenant alike.
For starters, hardwood floors are more practical and give a classier look to the rental unit. They fetch increased demand and increase value.
Hardwood floors are also easier to maintain. Carpet is vulnerable to tears and stains, whereas hardwood floors are more rugged. If you already have hardwood floors, consider an affordable restoration project to make them look like new.
4. Kitchen Upgrades
There are so many potential modifications to make in your kitchen. Resurfacing or staining kitchen cabinets is a cheap and easy way to boost value.
Depending on your budget, you could install new appliances. Upgrading the kitchen counters and flooring also yields a positive return on investment.
5. Spruce Up the Bathroom
Bathrooms have quietly become one of the most important rooms in real estate. Like the kitchen, there are many possible projects to take on.
Installing a modern sink or toilet are popular upgrades. Standing showers with a glass door are appealing as well.
If you have the budget, consider installing a new shower or floor tiling. A fresh coat of paint is always a good option for property owners on a limited budget.
Five Property Improvements to Boost Rental Value
You are now ready to boost your rental revenue. There are so many projects, both big and small, that net a positive return.
With high demand for rental units, most projects will fetch an increased monthly rent. If you want more information on valuable property improvements, contact us today to speak with a professional.