5 Best Renovations for Your Rental Property

Property vacancies prevent you from earning back returns from your investments. To add more value to your rental, it’s important for you to perform rental renovations.

When you add modern touches to your unit, tenants are bound to stay longer and renew their leases, especially if the upgrades you’ve made enhance their lives.

When planning your rental property improvements, keep in mind which amenities your renters desire, so the additions are appealing to them.

Keep reading to learn more about the best renovations for your rental property. 

Where to Focus Your Rental Property Renovations

1. Prioritize sought-after amenities.

Most prospective tenants will look into which amenities you offer. 

Here are the amenities that tenants typically look for in a rental space:



• Storage shelves, cabinets and closet space
• Dishwasher for convenience
• Air conditioning, especially in the summer
• Covered parking area
• Outdoor spaces such as balconies, verandas, patios, or garden area
• Outdoor yard with a fence for tenants with pets
• Washer and dryer units
  
  

2. Consider an open floor plan.

Spacious units attract more renters. You can open up your rental by tearing down walls to combine rooms and expand the areas. Wide open spaces tend to create an ambiance of relaxation.

That said, avoid being drastic when removing your walls. It’s important to study your rental unit’s blueprint first. Walls created to be a stabilizing foundation of the property are best left alone. Seek the advice of professional contractors for general safety and less costly mistakes.

Also, think about building large windows to allow more light and brighten up the space even more. 

3. Repaint the walls. 

As a landlord, you’re responsible for attending to wear and tear. In the course of renting out your unit, you may notice that your wall paint appears dull or faded, unlike when it was new. Engage the services of a professional painter to reapply new paint on your property. This can quickly add more appeal and entice new renters to make inquiries. 

Unlike other renovation tips, this option is more affordable. Be sure to use shades in a neutral palette. If you’re more permissive, you can also allow renters to choose the color of an accent wall to make the space their own.

3. Replace the flooring of your rental.

Floor replacement is often high on the list for renters. Hardwood floors are a popular option since they’re classic and low-maintenance. While hardwood floors are expensive initially, they last a long time, so you won’t need to replace them very often.

You can also go for durable flooring materials, such as marble flooring and porcelain tiles. 

Carpets also have their advantage since they can protect your flooring and create less contact friction. However, the level of maintenance required is high. If you decide to put in carpets, you also have to budget for carpet cleaning as they tend to absorb odors. 

5. Improve the curb appeal of your rental home.

Although your interiors are important, the exteriors also matter. How your property looks from the outside is a huge factor in landing more inquiries from potential tenants. It can be the determining factor of whether or not to sign a lease with you. Thus, landlords are encouraged to focus on providing an attractive curb appeal.

Hiring a gardener or professional landscaper can make it easier to maintain your curb appeal.

You can always change your front door, or coat it with a new coat of paint for a more refreshing appearance.

Here are some other ways to improve your curb appeal:

• Plant new grass
• Create a nice garden
• Place planters on the outside of the rental unit
• Trim the overgrown branches and shrubs

Purpose of Property Renovations 

The best reason to renovate your rental home is to add more value to your property. This will ensure a high interest from renters. Property renovations also lead to fewer vacancies and create loyalty from your current tenants. New renters would also be attracted to newly-renovated rental spaces.

Here are some other reasons landlords are encouraged to perform property renovations:

1. Create property differentiation.

With even a few updates, you set your unit apart from others. This can lead to higher income as well since you can adjust the rent rate considering the various renovations you’ve put in.

2. Contribute to energy efficiency.

Newer appliances have more energy-saving features, which can lower utility bills. This is a positive for renters, so they tend to pick a rental with modern kitchen appliances and gadgets to save more when paying the utility.

3. Receive a higher resale value.

When you want to sell your rental unit, you can now tag it with an above-average market price. Due to the recent property upgrades you’ve done, your property now provides more value to the potential owner.

4. Provide renter satisfaction.

Renters welcome property upgrades since they enjoy better quality appliances and more durable housing materials from countertops, flooring, and other items. This leads to a better living experience and fewer maintenance requests. 

Bottom Line

Performing rental renovations is a great way to attract and retain tenants. Property improvements in your St. Helena, Rutherford or other Napa Valley home can result in happier and long-term tenants, which creates steady earnings for you.

We hope this post was informative.

For more information, contact First & Main Property Management today.