Renters make up around 44 million households, which is great for landlords. After all, landlords rely on tenants to occupy their rental properties.
However, landlords often look for ways to boost their rental income. Can you relate? If so, what property upgrades should you make?
The right upgrades will help you increase your rental revenue. Check out this guide, which describes five effective ones.
1. Security Features
High-quality tenants value safety. Thus, they search for apartment rentals in safe locations. They also search for properties with security features.
You can attract better tenants if you install some security features. An example of this is locked exterior doors. These doors prevent strangers from entering, making the apartments safer.
Security cameras on the building's exterior also make people feel safer. Additionally, you could upgrade your apartment doors and locks. People will pay more money for rent to have safe units.
2. Upgrade Bathrooms and Kitchens
You can charge more money for rent if you offer high-quality rentals. For example, you can charge more for a luxury apartment than a run-down one.
One of the best ways to improve your units is by focusing on the kitchens and bathrooms. People will pay more money for apartments with new kitchens and bathrooms.
For example, install new cabinets and granite countertops in the kitchens. In the bathrooms, upgrade the showers, toilets, and vanities. These upgrades result in increased rental income.
If you talk to a real estate agent about upgrades, they'll likely tell you to focus on the property's curb appeal. The curb appeal is what people see and think of your rentals when they first see them.
When people see clean, well-manicured yards, they'll have positive impressions. They'll feel like the landlord cares about the properties. Thus, they'll be willing to pay more for them.
You might start by cleaning up the yards. Next, plant some shrubs and flowers.
4. Energy-Efficient Upgrades
When tenants choose apartments, they consider all the costs. For example, they must pay rent each month plus utilities. Therefore, if they can find an apartment with low utility costs, they can afford more for the rent.
Installing energy-efficient upgrades helps lower the utility costs at your properties. Here are a few examples:
- Install solar panels
- Replace outdated furnaces
- Upgrade to energy-efficient windows
These steps will make your rental units more attractive, as they help tenants pay lower utility costs.
5. New Appliances
Many tenants look closely at the appliances when choosing an apartment. Thus, replacing the old appliances is a property upgrade that helps you collect higher rent.
New appliances are clean and energy-efficient. They attract higher-quality tenants, and tenants will pay more money for apartments with new ones.
Consider These Property Upgrades for Your Rentals
Focusing on the best property upgrades helps you attract better tenants. As a result, you'll also collect more rental revenue.
Do you need help with your property management? If so, contact us if you own properties in Las Vegas. We offer property management services and can help you.