Attracting high-quality tenants is an essential part of building and maintaining an income stream as a landlord. These tenants pay rent on time, keep the property neat and cared for and keep the experience positive all around – from other tenants to landlords.
However, the competition for tenants can be tough. If you want to attract good candidates – and fair rental prices – you have to invest in renovations and designs that enhance your property’s appeal.
The rental market is evolving, so modern tenants have certain expectations for rental prices. It’s important to know what appeals to these tenants to ensure you renovate the space strategically.
Generally, tenants want functional spaces that align with their lifestyle needs but retain style and comfort. Here are some features that are common among rental trends.
SOPHISTICATED SPACES
High-end tenants want high-end living spaces. They’re looking for visually appealing interiors with features like high-quality flooring, unique design features, and attention to every detail.
FUNCTIONALITY
A rental property is more than a space to live. Tenants want properties that have their daily needs in mind, such as practical layouts, an abundance of storage, and energy-efficient appliances.
CUSTOMISATION
While tenants look for specific amenities in a property, they want the option to make the space their own, too. This means neutral colour palettes and minimal furnishings that allow them to personalize.
COMMUNITY
In multi-unit complexes, tenants enjoy value-added benefits like community fitness centres, dedicated outdoor relaxation spaces, or community entertainment areas that are exclusive to the property. This is especially important if your property isn’t close to the amenities in the area.
UPSCALE ADDITIONS
The kitchen is one of the most important spaces in your rental property (along with the bathroom). You may not need a full overhaul, but some affordable updates can make a big difference in how tenants view your property.
First, put a fresh coat of paint on the walls to rejuvenate the space and make it more welcoming. If it’s in the budget, update the cabinets with modern options that have plenty of functional storage space.
If that’s not an option, consider refinishing the cabinets and adding new hardware to give them an upgrade. You should also upgrade to modern, energy-efficient appliances and replace the countertops with sleek materials that are stylish and functional.
BATHROOM SPA
A clean, modern bathroom isn’t “nice to have” – it’s a necessity for high-end tenants. Everything from the fixtures to the flooring to the lighting should be updated to make prospective tenants feel comfortable in the space.
Upgrading the tile on your floor and wall can give your bathroom a new look – not to mention protecting your property from water damage. You should install new plumbing fixtures, such as showerheads, faucets, and cabinet hardware. Finishing the look with lighting can give the space a relaxing atmosphere. Best of all, these renovations can increase your property’s resale value.
FLOORING
Flooring in a rental property is an important feature, but as a landlord, you need high-quality flooring that’s stylish but stands up to the demands of high foot traffic. Think in terms of practical flooring that’s easy to maintain but still looks upscale.
If you have carpeting on your property, look for carpet fibers that can withstand foot traffic and can be thoroughly cleaned with a bleach solution. This is important when it comes time to clean and sanitize for the next tenant.
For hard floors, consider laminate flooring. This affordable option is highly versatile and cost-effective, giving a look of wood or stone at a lower price. Laminate flooring is also easy to clean and durable, especially for high-traffic areas.
Another option is vinyl flooring, which is low maintenance, affordable, and water resistant to keep your tenant happy while protecting your property. There are limitless design options to get the aesthetic appeal you want without losing the benefits of durable flooring.
STORAGE SOLUTIONS
Don’t forget practicality! Storage can affect both the appeal and functionality of your property. The right storage solutions can maximize available space, ensuring prospective tenants that they can live comfortably.
For bedrooms and hallways, think about adding built-in wardrobes that are sophisticated while expanding available space. Hidden wall cabinets or innovative storage solutions, such as bench seats with storage compartments, are a great way to add more storage without taking away space. Don’t forget to hang hooks in areas that tend to get cluttered, such as an entryway.
The bathroom and kitchen need storage space as well. During your renovations, you can expand the available space with kitchen island bars, pantry units, or functional cabinet storage options.
NEUTRAL IMPACT
Neutral colour palettes are timeless and create a blank canvas for the tenant to make their space a home. Use white, cream, grey, and beige to build a backdrop that allows your potential tenant’s taste and personality to shine.
These colour choices have broader appeal and more versatility to adjust to any design style, increasing the chances of landing the tenant.
If you’re going to furnish or accessorize the space, stick with neutrals and complementary textures or patterns. For example, furniture in similar neutral colours, earth tones, or natural materials is the perfect fit for a neutral palette without washing everything out.
CURB APPEAL
First impressions are important. Invest some of your time and effort into making the exterior of your property appealing to passersby and potential tenants. Keep the lawn manicured, clean up any clutter around the exterior, and add some landscaping touches like flower beds, groomed shrubs, or hanging plants. It’s all about visual appeal that catches attention before the tenant steps inside.
IN-DEMAND RENTAL
The renter market is highly competitive. If you want to attract the high-end tenants, it’s important to invest in strategic investments that maximize your return on investment, such as smart kitchen and bathroom upgrades, and attract the prospective tenants you want.
Michael Alladawi is based in California and Chief Executive and Founder of Revive Real Estate
