New Cabinet Hardware and 6 More Tips to Increase Rental Rates and Demand
As a real estate investor, I am sure that you are well aware of the fluctuations in the rental market. However, what you may not be aware of is that there are some very simple things you can do to improve your rental properties. By taking these simple steps you can increase rental rates and demand for your property.
Renters often have a variety of options of where to live, and by offering them a more attractive property option you can fetch the highest rental rate supported by high demand for your units. And, the best news is that many of the improvements you can make do not cost a lot of money and will be quickly returned to you in higher rental rates.
Here are seven tips to get you started thinking about what you can do to your properties to improve them:
Tip #1 – Curb Appeal: Just as with selling a home, curb appeal for your rental property is very important for potential renters. Everyone wants to live somewhere that looks nice from the street. So, add a few flowers and keep things neat and tidy looking.
Tip #2 – Quality Door Hardware: When a potential renter walks up to the front door, make sure there is quality and modern door hardware to greet them. Simply replacing old door hardware can really do a lot to improve the look of any front door.
Tip #3 – Updated Cabinet Hardware: If your kitchen and bathroom cabinets appear dated, try painting them and adding new cabinet hardware to help them look like new. Everyone wants to have a “new” kitchen and replacing old and outdated cabinet hardware can help you make cabinets appear new.
Tip #4 – Updated Bath Accessories: In addition to new cabinet hardware, you can always update a bathroom using quality, updated looking bath accessories. Even simple additions such as shelves or racks can help to show people how functional the bathroom is in the unit.
Tip #5 – Install Quality Flooring: No one likes “apartment grade” flooring options in their home. By installing a quality flooring product, laminate or carpeting, you can fetch a better rent rate than your competitors in the area.
Tip #6 – Laundry Facilities: It is always ideal to offer your tenants laundry hook-ups in their individual units. However, if this is not possible, offer ample and reasonably priced laundry facilities onsite. High quality, large capacity washers will be appreciated to those renters who have a family.
Tip #7 – Apartment Mailboxes: Apartment mailboxes are generally one of the first things that those in the market for a new apartment will see when visiting your property. By making your apartment mailboxes as attractive as possible you can show your potential tenants that you care about your property.
The tips enlisted above will surely help in enlivening the living space and enhancing the decor. These simple improvements do not cost your pocket and can help you command better property value. Give no opportunity for the visitor to have second thoughts regards your property. Make it as appealing and attractive as possible to fetch better rates.