If you’re a landlord, you’ve probably wondered which improvements are actually going to get you the most money for your investment, and help you charge more rent. Let’s cover six of them.
1. Curb Appeal
This means both the exterior of your property and your common areas. When tenants walk up to your property, if it looks attractive and well maintained on the outside, it sets the stage for a better impression of the whole property.
That’s why it’s worth investing in your entrance and common areas first, before you even get to the unit itself. Make the common areas attractive, and it sets the stage for people to walk in feeling welcome; and when people feel welcome, they’re willing to pay more.
2. New Flooring
Tenants notice and appreciate new flooring, but this one isn’t just about appearances. Installing high-quality flooring means you won’t have to replace it every time a tenant moves out. That goes a long way toward not just getting you more rent, since tenants appreciate it, but also saving you money over the long term by cutting down on turnover replacement costs.
3. Natural Light
This is something a lot of landlords overlook. Good light within a unit really sells tenants on the space; it makes them feel warm and welcome, and it helps them want to stay longer.
If you’re buying a property that’s dark, there’s not always a lot you can do about the layout, but don’t forget about solar tubes. These are the small round fixtures you can install, often in hallways, that bring in real natural daylight; they look almost like a light fixture, except the light is coming from outside, so you never have to pay for it, and it can brighten up the whole space.
4. Nice Kitchens
Every tenant loves nice countertops. A kitchen that feels updated and put-together goes a long way with renters, and there are plenty of affordable ways to upgrade one without a full remodel.
5. Bathroom Counter Space
A beautiful bathroom is great, but counter space matters just as much. If you’re living with a tiny vanity that has no room to set anything down, that gets frustrating fast, and it’s a common source of complaints from tenants. Don’t overlook the value of adding storage and counter space; it makes a real difference.
6. High-Speed Internet
High-speed internet is essential these days. Make sure your building has the capacity to support good, reliable service, even if your tenants are the ones paying for it themselves; they’ll thank you for it in the long run, and it can be a real selling point when you’re marketing the unit.
The Bottom Line
Curb appeal, flooring, natural light, kitchens, bathroom counter space, and high-speed internet: these six improvements can help you get more rent out of your multi-family property, and they’ll save you money on maintenance and turnover down the road.
Already planning your improvements but want to move the property? Get in touch for a property valuation and see how your building stacks up before you list.
When you’re ready to list, check out our flat-fee multifamily listing packages and keep more of your return without paying a broker commission.
