The short-term rental market is growing, and we know landlords always look for convenient ways to generate income. That’s why 2nd Address helps landlords foster a more direct connection with their tenants. Having the ability to set your own price is invaluable, but it requires research to use that knowledge effectively. It also requires keeping your property in good shape. So what can you do to ensure your furnished property has the best rental value possible?
From improving the exterior appearance to making modifications on the inside, boosting your renting value is easy. It just takes some time, a set budget, and an eye for detail. Here are six ways you can improve your property and increase your rental income.
1. Strip away old flooring
If you’re looking to add some elegance to your furnished property, consider hiring professionals from services like Houzz and Empire Today to install hardwood or laminate flooring. In conjunction with some of the other improvements we’ll discuss, it adds a lot to the atmosphere. In turn, better flooring makes it easier for potential tenants to feel “at home” when considering your space.
Changing up the flooring of your furnished property is not complicated. In fact, when installing laminate flooring, a bit of practice with a mallet and a good game plan can turn it into a simple DIY project. A durable new floor combined with more manageable wear and tear from 30+ day rentals means it’s a smart investment for your property overall.
2. Bring your kitchen appliances into this century
Having access to a functional kitchen is an absolute must for some tenants. As a result, renovating your property’s kitchen can yield substantial returns. The key to kitchen upgrades is to create a cohesive and contemporary style. Make sure your flooring style suits the environment. Match your cabinets to the color scheme of the kitchen if possible. These little touches can do much to improve the overall quality of the property.
Additionally, consider investing in high-quality appliances. The range, fridge, and dishwasher get the most mileage in any kitchen, so look for appliances that will be visually appealing to tenants and are able to endure wear and tear. You can also look for energy efficient models to place in the home, such as Energy Star Certified products, to save on energy costs.
3. Transform the master bath into an oasis
While you’re thinking about updating areas of the property, it can also be wise to turn your attention to the master bathroom. For some landlords, a full-scale bathroom renovation might be prohibitively expensive. Still, it’s worth giving your bathroom a lift as bathroom overhauls add plenty of value.
There are plenty of ways to make improvements without the need to gut the entire bathroom. Replacing the tiling in the master bathroom (or all the bathrooms) can contribute to a “like new” feeling for the room. You can also consider installing a modern low flush toilet. It’s not an essential upgrade, but many tenants see eco-friendly bathroom as nice additions. If you need to save space, you can consider replacing the bathtub with a modern shower stall. These all seem like small additions, but your tenants will notice your efforts to improve your property’s bathroom.
4. Make your outdoor spaces a welcoming retreat
Landscaping alone likely won’t add a ton of value to your property. That doesn’t mean you should let it turn into a wild jungle, though. There’s a balance to be struck. Spending just the right amount of effort on creating inviting outdoor spaces on your furnished properties adds new benefits. Having an “outdoor space for entertaining” has a broad appeal, and you can use it as a selling point for potential tenants.
In places with good weather like Los Angeles, a furnished property with an excellent outdoor space is a huge “must have” for tenants. Fortunately, basic landscaping maintenance and some outdoor furniture are all you need to create a beautiful outdoor space. Drop down some outdoor chairs and a table overlooking a scenic part of town or the coast to create a relaxing spot for evening drinks. You can also add a barbecue grill so your tenants can invite friends for summer BBQs. In short, spending some time improving your outdoor space nets you the ability to market effectively to more people.
5. Ensure the furniture fits the furnished property’s personality
The furnishing inside furnished properties shouldn’t be an eclectic mix of styles and thrift store finds. Instead, they should feel like a cohesive whole throughout the home. From the dining room table to the beds, every piece should feel like it fits in the space.
When it comes to offering furnished rentals, it’s all about making your tenants feel at home away from home. They want to feel like everything is in its proper place. Nailing down the style of your property and creating a unified feeling throughout it does much to accomplish this. Consider that it might be time to dump the older furniture for something newer and more in line with the things at which tenants examine most carefully during a property hunt.
6. Find your winning combination of upgrades
Rather than mixing and matching, choose an overarching theme for your property and upgrade accordingly. For example, if you’re looking to attract young professionals with your modern studio, replace the flooring with black tile and invest in stainless steel appliances. If you want tenants to lease a suburban cottage, consider purchasing wooden furniture. Improving the rental value of your property is all about harmonizing its elements, and properties with specific themes can attract the tenants you’re after.
When you’re facing a crowded rental market, making your property stand out isn’t just the best way to boost your income — it’s the best way to generate that income in the first place. With some strategically planned upgrades, you‘ll be on your way to having that “stand-out” property. You’ll recoup the improvement costs in no time through increased rental revenues and reduced vacancy.
Once you’ve added your finishing touches, check out 2nd Address’ dedicated host website. Over 230,000 active prospective tenants are looking for great homes, and we’re always looking for great new homes. If you already feature homes on our service, be sure to check out our tips to writing the best property descriptions so your homes can appeal to more tenants.
Questions? Comments? Tweet @your2ndaddress and we’ll get right back to you!