Sprucing up a tired rental does not have to be a costly renovation process. Renters these days have a ton of options on the market. How can you set your Center City investment property apart from the rest? Check out these easy and often DIY upgrades to increase rental value in your Philadelphia rental!
How to Upgrade your Rental to Maximize Value
- Check out the neighborhood competition – Do some market research of your local area and compare it to your property’s value. Websites such as Zillow makes checking out the competition a breeze, while also showing you potential rental values. Based on other rental homes on the market, you can determine whether investing in simple upgrades would allow you to increase the rent. With that said, don’t go overboard, as you don’t want your property to be the most expensive out there.
- Consider the added appeal of services – Nowadays amenities abound in modern luxury apartment complexes, but how can you compete? Investing in energy-efficient laundry facilities, a modern security system, or even freshening your curb appeal can all enable you to charge more rent.
- Keep up with your property through regular maintenance – Ideally, any improvements you make need to balance the investment cost vs potential increased rental value. Be sure to maintain the property well through regular maintenance and thorough turnovers. A fresh coat of paint, updated fixtures, or even adding some extra storage options can go a long way in an apartment rental. Regular maintenance ensures the property stays in tip-top shape while protecting your investment!
- A happy tenant is a long-term tenant – Tenants generally do not like to move and will likely stay where they feel happy and secure. Customer service and clear communication are key. Consider asking your tenant what is important to them in a rental property. Perhaps they are looking to lower energy costs, would like new window treatments or updated carpeting. If their requests are within reason, it is worth considering.
How Can I Make my Center City, Philadelphia Rental Look Better?
Don’t underestimate how even small changes can make a big impact. Freshening up or upgrading key areas can help to increase your overall rental value. Check out these examples of easy fixes below:
- Hang new blinds – Every home needs some form of window treatments. Adding new or replacing old or broken blinds appeals to potential renters.
- Add a backsplash with removable tile – Temporary materials have come a long way in the interior design industry. Temporary stone and tile look options offer a cost-effective alternative to the real thing while adding modern appeal to your living spaces. A simple addition of a backsplash can transform your kitchen.
- Update cabinet knobs for a modern look – It is not always feasible or economical to update your rental property’s kitchen. Simply changing out the hardware can bring the look of dated cabinetry into the 21st century!
- Paint the walls – Nothing will show age faster than poorly painted or maintained walls. A fresh and bright coat of paint is an easy and essential facelift for any rental property. Don’t forget the trim and baseboards if needed!
- Swap out tired lighting fixtures – Consider upgrading to LED bulbs that not only last longer but are far more energy-efficient. If you have old or worn light fixtures, consider updating to a more modern silhouette to appeal to renters.
- Add built-in closet storage – Storage is important to anyone but especially renters. Older apartments that may not have huge closets need to make the most of the area they have. Adding some built-in or smart space-saving options appeals to a variety of renters.
Other Easy Options for Updating A Rental Property
- Repaint or strip the paint from radiators or doors to maximize character – Layers and layers of paint throughout the years can begin to chip or look poorly done. Stripping away the layers brings out the true character of these charming details. You can choose to leave the material raw or add a fresh coat of paint for a more polished finish.
- Freshen a dated appliance using temporary wallpaper – Contact paper is no longer just for schoolbooks! Appliance, countertop, and wall contact paper come in a variety of patterns, styles, and finishes. Whether you choose a bold pattern, or a sleek glossy black, adding contact paper offers a low-cost facelift to your appliances.
- Refinish hardwood flooring – Carpet is out, and wood floors are in! If your budget allows, refinishing scraped, scratched, or damaged wood flooring can be a big selling point for renters. Consider adding an addendum to your lease requiring the floors be protected using area rugs with at least 80% coverage. This ensures your flooring will stay looking newer longer!
The options for cost-effective upgrades to increase rental value are endless. However, it’s crucial to not overspend, always do your research, and analyze whether the cost outweighs the potential benefit. Are you a landlord looking to upgrade your property? Bay Property Management Group Philadelphia offers trusted and full-service property management in Center City and throughout the Philadelphia area. We can assist you with upgrading your Center City rental, regular maintenance needs, as well as offer advice on maximizing your rental potential. Contact us today for a free, no-obligation consultation.