With interest rates on the rise, it is likely that rentable spaces will be in hotter demand. That’s great for people looking to maximize their rental income. But you can’t just put a higher price tag on your rental and call it a day. There are things that you can do to make your rental more attractive and command a higher price. The key to improving your rentability is to upgrade without spending a lot and putting yourself in the red. After all, it doesn’t make much sense to throw a lot of money into your rental only to break even at best. These are five quick fixes to get more!
Change Lighting Fixtures
If there is one thing that can age a property quickly, it is lighting fixtures. You can easily go into most homes and pinpoint the last time they were upgraded simply by looking at the lighting. Replacing old lighting can not only illuminate a space; it will give it a more modern appeal and upgraded look for very little cost. And it doesn’t take much skill, which means it can be a great do-it-yourself project!
People like to have convenience when they travel, so adding things like a coffee maker, an espresso machine, or even a margarita machine are all things that enhance your renters’ experiences. When people rent these days, they want to have little things at their fingertips to save them a trip to the store. Go through your rental and think of the things that you would like to have on hand, then purchase them. Stocking up on items like cooking oil and spices will make things much more convenient for your guests. You would be surprised how much those little extras can add up to some significant goodwill!
Replace the Beds
If you have an old box spring mattress, it is time to upgrade. Mattresses used to cost a fortune, which is why we held onto them for so long. Newer lines of foam mattresses are pretty inexpensive, and they go a long way to make your renters feel more at home. Nothing is worse than waking up with an achy back on your trip! If they get a good night’s rest, then they are more apt to enjoy their time away.
Replace Old Flooring
Renters can be really hard on flooring, and if the flooring in your rental is beginning to look dirty and dingy, that is making a poor impression. It is never a good idea to put carpeting in a rental; it gets beaten up too quickly. Think about replacing old flooring with tile or vinyl. It doesn’t cost that much in comparison, and it is incredibly durable and can withstand heavy traffic. If you upgrade your flooring, you will not only make it more pleasant to stay; you will add equity to your property if you decide to sell it at some point.
Not many rental properties allow pets with good reason; they can do a lot of damage. If you allow pets, however, you can put a higher price tag on your rental simply by allowing it. When you allow pets, you can cover yourself by adding a charge for any damage that results. Most pet owners are responsible, so the likelihood that pets can do much damage is low. Even if they do, a security deposit is enough to replace whatever might get damaged in the interim. The reality is, kids often are much more damaging than pets ever can be!
Rental costs are likely to go higher as interest rates climb. Whether you have a short-term rental, vacation home, or long-term rental, now is the time to improve your competitiveness and command more rental income. You don’t want to make too many improvements at once and end up in the red. These simple fixes can make your rental more enjoyable and won’t cost you very much at all. One of the best ways to ensure that you get the most for your rental is by hiring a property management group like Sea Turtle Properties. We always ensure that you are getting the most rental income while spending the least amount of money. Contact us today to get started!