There can be a lot of competition in the rental market, especially if you’re in a popular location or are marketing your unit during peak times such as spring and summer.

If you want to improve your odds of attracting tenants and getting the amount of rent you’re asking for, it could be worth considering making a few home improvements to see a better return on your investment.

You don’t have to break the bank to make the following home improvements for your rental property. However, by making one or a few of these changes, you can make your property outshine the competition and attract more of your ideal tenants even during competitive market times.

Get a Fresh Coat of Paint

Painting is an excellent way to brighten up the interior of your rental property and cover up imperfections such as scuff marks or fading paint from picture frames. Since painting is one of the most affordable home improvement tasks you can do as a landlord, it’s well worth it to consider painting your property to attract more tenants. Always stick with neutral colors to help tenants better visualize themselves in the space, such as white, beige, or gray.

Invest in Exterior Maintenance

Your building’s exterior makes a big first impression on renters, both in the pictures you post online and in person. Investing in a little exterior maintenance goes a long way. Have a professional landscaper trim trees, mulch flowerbeds, and pressure wash the exterior. It may also be time to consider painting the exterior, but generally, a good cleaning and some professional landscaping can make a big difference for tenants considering your property.

Make an Office Space

More people are working from home than ever, and one of the things that renters are looking for in their new place is space for an office. If your rental property has the room for it, considering adding an office. The area doesn’t need to be large, but by adding elements such as bookshelves and a desk (if you’re offering the unit furnished), you can appeal to tenants who are looking for that private space to work from home.

Upgrade Your Security

Depending on your location, you may already have some type of security in place for your income property. However, if your system is outdated or you don’t have one in place yet, now is the time to consider it. Having a burglar alarm and security cameras can help tenants feel safer and may mean the difference between them choosing your place and someone else’s that has better security. Fortunately, there are many affordable home security options available for you to choose from.

Conduct Kitchen Upgrades

Should you have a bit more time and money to invest in your income property, consider conducting a few kitchen upgrades. People tend to spend a lot of time in the kitchen and want to see a well-maintained space, so a few upgrades can make a big impact here.

If the kitchen doesn’t have a backsplash, consider adding one. Replace cabinet doors, hardware, or light fixtures for a more modern feel. If you have extra funds, you can also consider redoing the floor, such as upgrading it from laminate to tile.

What Upgrades Make the Most Sense for Your Space?

Maintaining an income property isn’t easy, but you can appeal to more tenants to find your perfect fit by making a few improvements to the home. What upgrades are worth making to your space? Find out by contacting the professional property managers at FAS Management. Call us today at (202) 337-5080!