When you invest in the appropriate renovations for your rental property, it is likely that you will increase the value of the property, as well as increase rent averages. It is important to carefully consider which renovations to make, as certain renovations will be more effective at increasing rent prices than others. Here are some of the ideal renovations to increase rent in your rental properties.
Landscaping
Landscaping can make a huge difference to your rental property. First impressions are important, especially when it comes to renting out property. The curb appeal of your home makes a significant impact on its value, so landscaping is a valuable investment when you decide to make renovations to your rental property. This can go a long way toward allowing you to increase rent. Additionally, strategically placed trees can provide shade that can lower energy expenses.
New Rooms
If you are investing in renovations for your home, you may want to consider adding new rooms if possible. For example, the more bedrooms a rental unit has, the more rent you can obtain for it. Bathrooms can also be incredibly valuable additions, especially if individuals are sharing bathrooms with roommates.
Security System
Tenants want to feel safe within their residences, so a new security system can be an incredibly valuable renovation to increase rent. A new security system can also help to improve tenant retention, as many tenants will move to a location where they feel safe and secure.
Focus on Bathrooms and the Kitchen
Making renovations to bathrooms and kitchens tends to have the biggest impact on the value of the building. These upgrades will also help to keep your tenants happier, as these rooms are some of the most closely examined when a tenant searches for a rental property.
Renovating your rental property comes with many benefits. Not only is it important to provide the proper maintenance to keep the property in good condition, but it is also important to make renovations to increase tenant retention. To learn more about the best renovations that will allow you to increase rent, contact us at the Metro Keyrenter today!