Choosing the right materials for your rental property is a big decision. Many investors are stuck between choosing more expensive but durable materials or cheaper materials that may need to be replaced more frequently. Ultimately, it depends on your budget and what you’re willing to spend on maintenance. Today, we’re reviewing the pros and cons of installing hardwood floors in rental properties so investors can make more informed decisions.
Contents of This Article:
- What Is Hardwood Flooring and Why Is It Popular?
- Pros and Cons of Hardwood Floors in Rentals
- How Much Does Hardwood Flooring Cost?
- Should You Install Hardwood Floors in Your Rentals?
- Take Proper Care of Your Investments With BMG
What Is Hardwood Flooring and Why Is It Popular?
Property managers in Washington, DC, know that everyone loves a good hardwood floor. But what makes them so special in the first place? Hardwood floors are made from natural wood and come in a wide variety, from the type of wood used to how it’s cut and assembled. Generally, hardwood floors are usually made from trees such as oak, maple, cherry, or walnut, and each type has its own grain pattern, color, and level of hardness.
Oak is one of the most popular choices due to its durability and classic grain, while maple has a more subtle grain and warm hue that brightens a room. Cherry is known for being a softer wood type with a distinctive rich color, and walnut has a darker, more luxurious look commonly used in higher-end homes.
Pros and Cons of Hardwood Floors in Rentals
Hardwood floors are certainly beautiful and can be a great addition to any rental property. Not only do they offer aesthetic appeal, but they’re also a durable flooring option. However, before deciding whether or not to install them in your rental home, you’ll want to weigh the pros and cons. Keep in mind your property type, tenant needs, and overall budget.
Pros of Hardwood Floors in Rentals
- Appeal- People love the look of hardwood floors, and some are even willing to pay more for them. They have a classic, versatile look that complements many different interior styles.
- Durability- With proper maintenance, hardwood floors can last a lifetime. After all, they’re made to handle foot traffic and can always be refinished to keep looking fresh.
- Low Maintenance– Hardwood floors are relatively low maintenance. Cleaning them is fairly easy, as they don’t trap dirt, dust, or allergens. All it takes is some frequent sweeping and mopping with a mild floor cleaner.
- Allergen Reducer- Since hardwood floors don’t trap dust or allergens like other flooring types, they are a great option for those with respiratory issues or allergies.
- Property Value- Hardwood floors are generally seen as a luxury feature, which can help increase the value of your property and allow you to charge more in rent.
Cons of Hardwood Floors in Rentals
- Cost- While hardwood floors can increase property value and allow for higher rent, they come with upfront costs that may deter some property owners. This is why many rental owners choose cheaper options like laminate or vinyl.
- Scratches and Gouges- No matter how hard you try to protect them, hardwood floors will eventually get scratches and gouges. However, you can always refinish them to remove the eyesores.
- Moisture Damage- Water spills on hardwood floors can lead to swelling or warping if they’re not cleaned up soon enough. This can make them less ideal for rentals with frequent tenant turnover.
- Noise Concerns- Hardwood floors creak when you walk on them, especially as they age. Additionally, they can amplify sound, which can be problematic for renters, especially in multi-unit buildings.
- Periodic Maintenance- While durable, hardwood floors may need to be resanded or refinished over time, which can be costly and time-consuming between tenant leases.
How Much Does Hardwood Flooring Cost?
One of the major downsides of hardwood flooring is the cost. According to Architectural Digest, hardwood flooring ranges from $7 to $25 per square foot, with most homeowners paying around $16 on average. While the flooring itself generally costs around $4 to $15 per square foot, labor costs bump up the price even more.
The overall price also depends on what type of wood you choose and how much of it you need. For instance, if you go with solid hardwood, you’ll pay around $5 to $28 per square foot. On the other hand, if you choose engineered hardwood, you’ll pay around $4.50 to $16 per square foot.
For an area that’s 500 square feet, you can expect to pay around $3,500 to $12,500, while you’ll pay upwards of $21,000 to $75,000 for a 3,000-square-foot area.
Should You Install Hardwood Floors in Your Rentals?
If you’re stuck between hardwood flooring or another cheap yet durable option, here are a few considerations.
Hardwood floors are a great choice if you own a higher-end rental property or a long-term rental where tenants are likely to stay for long periods. The initial investment in hardwood can attract high-quality tenants who are willing to pay for a more luxurious and durable living space.
However, if you own a rental with high turnover or in a multi-unit building where noise or frequent maintenance may be an issue, another flooring type, like luxury vinyl or tile, could be a better option.
Take Proper Care of Your Investments With BMG
Most hardwood flooring options are expensive, and typically, spending a lot on flooring for your rental property isn’t worth it. After all, tenants don’t always treat their rentals as they would their own homes. They may create more wear and tear on the flooring, leading you to replace or repair it sooner than you hoped. However, if you’re paying the price for hardwood floors in your rental, properly caring for them is crucial.
Need More Advice? contact us today!
Do you need a professional management company to help you keep up with inspections and repairs? Look no further than Bay Property Management Group! Our team of experienced property managers can help find tenants who will care for your property and ensure it’s well-maintained throughout each tenancy. Contact BMG today to learn more about our services throughout Baltimore, Philadelphia, Northern Virginia, and Washington, DC.
