Tips for Renovating Rental Properties: Adding Value and Attracting Tenants

Renovating a rental property to improve performance is within reach when you make the right decisions. Yet knowing the ideal ways to add value and attract tenants isn’t so simple, especially if you haven’t been through the process before. Here, we reveal some of the best ideas for improving your property’s rental income with just a few considered changes and updates.

Focus on primary spaces

Embarking on a renovation doesn’t necessarily mean you have to transform the space from top to bottom. In fact, it’s wise to focus on the most valued areas, which typically include the kitchen and the bathroom alongside other basic quality of life improvements.

So, when you’re thinking about adding value, perhaps some new kitchen cupboards or tiles in the bathrooms will give the space a big lift. Meanwhile, a fresh coat of paint and new carpet are affordable changes that can make a dramatic difference to liveability.

Don’t overlook curb appeal

Renovating your property’s interior can massively improve its value. However, the exterior spaces are often just as important. When you’re keen to attract a higher tier of tenant willing to pay more to rent your property, paying attention to curb appeal is undoubtedly a good idea.

For example, shaping an appealing front and backyard is bound to increase the likelihood that high-value tenants would consider your property. So, clear out weeds, plant a selection of hearty shrubs, and spruce up the exterior paintwork if required.

Consider appealing amenities

Attracting your perfect tenants is made easier when your property already includes the amenities that people with a certain budget have come to expect. That means you should consider adding appealing conveniences that speak to more value.

For instance, you could install a new dishwasher in the kitchen or a top-quality air conditioning unit. While these changes will take a slice out of your budget, they can help you command increased rental income compared to a property without them.

Know your ideal tenant

Before diving into a renovation, landlords must consider their ideal tenant. This way, it’s possible to develop a detailed plan that explores the changes that will make a difference in attracting them to your property.

Are you looking for students, a young professional or a family that will stay long-term? Every landlord has their own priorities. By tailoring your renovations to your preferred group’s needs, increasing rental income is within reach.

Speak to the experts

Ready to lease a rental property? Get in touch with the experts at Instyle Property Management. Our award-winning and family-owned specialist property management agency has a highly experienced team that can help manage your property to success.