The new year ushers in a wealth of fresh opportunities and design trends to make your investment property shine. The COVID-19 pandemic means renters are spending more time at home than ever. So, what better reason to take inventory of your current style choices and make some strategic rental property upgrades. We have compiled 2021’s best trends for design and rental property upgrades to help you can make the right choice to boost ROI. Continue reading below to find out more.
Simple Rental Property Upgrades to Spruce Up 2021
They say, “home is where the heart is,” but in 2021, it is also where school and work will likely continue to be. As individuals navigate the many changes in our world, a home must be more of a sanctuary than ever. Thankfully for landlords, sprucing up with some simple rental property upgrades is possible on any budget. So, never underestimate how paint color and careful design choices can impact your rental property’s overall appeal. Check out these inspirational ideas for rental property upgrades below.
- Quartz is the New Granite
- Grey is Going to Stick Around
- Find Solace in Warm Earthy Hues
- Balance it Out with Mixed Metal Accents
- Experiment with Texture
- Out of the Darkness and Into Light Woods
- Rustic Meets Modern
Quartz is the New Granite
Landlords with kitchens in need of a facelift are opting for Quartz countertops. In fact, the National Kitchen and Bath Association predicts that Quartz will be the popular countertop choice over the next few years. This material is manufactured to resemble natural quartzite and comes in a variety of colors and patterns. Generally, depending on the pattern you choose, Quartz is a more cost-effective option than granite. So, take advantage of this material’s luxurious durability to add style to any investment property.
Grey is Going to Stick Around
Grey has been a hot color trend for the past couple of years, with no signs of change. The shades and tones of this versatile neutral help hide a multitude of wall imperfections, perfect for rental properties. The key here is to choose a good paint color but also a quality paint with a durable finish to get the most bang for your buck. When done right, grey provides the ideal blank slate for renters to add their own personal style.
Find Solace in Warm Earthy Hues
Whether it is the pandemic influence or other reasons, design trends in 2021 have us wanting to commune with nature. Since more people are working from home, there is a shift in what individuals want. Say goodbye to white walls or harsh dark tones and embrace a softer palette of neutrals, including soft greens, desert sand, buttery yellow, and amethyst. The appeal must be more generic in a rental property than if someone were designing their own home. However, there is still room and opportunity to incorporate some colorful neutrals.
Balance it Out with Mixed Metal Accents
Add a touch of industrial contrast to your décor with a carefully selected metal accent. Metal comes in a variety of finishes that can complement just about any color combination. In rentals, consider adding some floating shelving for both storage and visual interest. However, choose pieces carefully as too much metal can feel cold and uninviting. Instead, blend metal accents with other materials for a welcoming and contemporary space.
Experiment with Texture
When you have a muted color palette, utilizing different textures adds warmth and interest to your design scheme. Thanks to modern advances, low-cost materials offer a wide variety of high-end looking options for landlords. That said, just like with metal accents, do not overdo it. So, why not start with an accent wall in a textured removable wallpaper!
Out of the Darkness and Into Light Woods
Design trends for 2021 see the Scandinavian influence thanks to a shift towards lighter wood finishes. Therefore, ditch the dark and heavy feeling wood accents in favor of a lighter aesthetic. Light wood’s natural state appeals to the modern idea of utilizing raw and environmentally friendly materials. Additionally, it effortlessly brightens up any space while hiding many of the scuffs and scratches that plague darker finishes. Therefore, rental property owners can benefit from investing in light wood options for flooring and accents on many different levels.
Rustic Meets Modern
Blending styles, textures, and finishes are a reoccurring theme for 2021. That said, mixing rustic details with modern design is not a new concept but is a lasting one. One perfectly chosen piece can add a ton of impact to space with minimal effort. For example, consider using an old carved wooden door in an otherwise modern space or using industrial pipe and reclaimed wood to create custom shelving. Rustic pieces easily add warmth to a space while making a memorable statement. In rental properties, consider incorporating pieces that reflect the location’s unique history.
Rental Property Upgrades and Improvement Trends for 2021
In the wake of the pandemic, landlords realize that the priorities of their tenants are changing. Experts estimate that by 2025 over 36 million individuals will work remotely. This is almost a 90% increase over pre-pandemic numbers. So, homes may continue to be the primary location for work, school, recreation, and leisure for the foreseeable future. What does that mean for the rental industry? It means that tenants seek more functional spaces that can multitask along with areas dedicated to getting away from it all. To help you decide if any rental property upgrades are needed in your space, check out these suggestions below.
- Making the Home Office Work for You
- Escape to the Basement
- Create a Bathroom Spa Oasis
- Multi-Function Kitchen Islands
- Seamless Indoor-Outdoor Living
- Going Green in 2021
Making the Home Office Work for You
Working remotely is likely the new reality for many American workers affected by the COVID-19 pandemic. Therefore, office space is no longer a luxury but a necessity in rental properties. When a separate room is not immediately available, landlords can still offer flexible options that appeal to the tenant’s needs.
Even something as simple as adding purpose-built structures to one corner or area of the home can provide a dedicated workspace for adults or schoolchildren. Ideally, create a flexible space with added storage that can easily be disguised or tucked away. Need some inspiration? Check out these home office ideas from IKEA!
Escape to the Basement
Looking for extra space to accommodate a home office, extra bedroom, or recreational area? Depending on your investment property, look no further than the basement! Now is an ideal time to invest in finishing off this unused space to transform it into much needed square footage. Wherever a landlord can maximize the space, they have to create a more functional living area that will be well received by tenants. Additionally, this investment, while significant, will positively affect the home’s resale and appreciation value. Again, make smart choices and focus on durable and neutral materials with a wide appeal.
Create a Bathroom Spa Oasis
In a world full of stress, the bathroom can provide much needed quiet time away from the busy day to day life. So, do not underestimate the appeal of a renovated full bathroom. Whether your budget allows for a full redo or not, any improvement is valuable. In fact, smaller, more thoughtful upgrades such as a new spa showerhead pay off big for landlords. If you design a bath from scratch, stick to clean lines in neutral, calming colors to create the most relaxing impact.
Multi-Function Kitchen Islands
Kitchen islands are always a plus in rental properties if space allows. Now that individuals are spending more time at home than ever, that means more home cooking. So, kitchen islands that provide added storage and extra seating are a huge plus for any home. If space is limited, consider an island on wheels! Many of these options come with expandable folding tops for added flexibility and function.
Seamless Indoor-Outdoor Living
If you are considering upgrades to your rental property, make room for indoor-outdoor living. Families and individuals alike search for ways to integrate relaxing outdoor spaces into their homes without ever leaving. Thankfully, this trend does not have to mean breaking the bank. Instead, it is all about maximizing the outdoor oasis you already have. So, why not offer your tenants a patio set or install a retractable awning over a rear patio? Therefore, with only a moderate investment, landlords have increased their desirable outdoor space’s value and usability.
Going Green in 2021
Sustainability and energy efficiency are on the minds of landlords and tenants alike as we kick-off 2021. While there are more extensive options available such as installing home solar panels, it does not have to be that involved. Environmentally friendly options such as LED lightbulbs, low flow fixtures, bamboo flooring, and the use of reclaimed materials offer great options for investment properties. Looking to dive headfirst into this trend? Check out the sustainable options from IKEA with furniture and even kitchen cabinets made from recycled plastic bottles.
Deciding on rental property upgrades is not necessarily the same choice you would make in your own home. Keep in mind that rentals must appeal to a wide range of potential applicants. Choosing rental property upgrades that blend form with function while providing exceptional durability is the best way to ensure ROI. Additionally, avoid overly luxurious materials as this does not automatically equal higher rental rates. Tenants today are looking for value, and competition is fierce.
Are you worried about extended vacancy during the pandemic? Unsure if your investment could benefit from a few rental property upgrades? Bay Property Management Group is the area’s leading full-service rental management company working with owners to maximize their ROI. Our team of leasing professionals can provide suggestions based on real market feedback and a thorough review of competition in your area. Find out how Bay Property Management Group can improve your rental business by giving us a call today for a free, no-obligation consultation.