Projects You Can Manage to Increase the Demand for Your Rental House

A rental property offers just enough flexibility to juggle with a full-time job and the profits might prove more than generous. However, you cannot succeed in a highly competitive field such as rental properties if your rental house is faulty and lacks overall quality. In order to improve your property’s situation, you want to make sure that you handle some small projects that will help you increase the demand for your property as well as retain loyal clients.

Start with a fresh coat of paint

If you aim to upgrade your rental property on a budget, a fresh coat of paint is the solution for you. This type of project has the highest rate of return, if you manage it wisely. The best solution would be to buy paint in bulk, as you can benefit from various discounts and overall smaller prices per gallon. However, make sure not to purchase paint that you find at discount, because it may be old and have a low quality overall. Also, if you buy paint this way, there is a good chance for it to be discontinued in the near future and if you have to do some touch-up jobs in the future, matching it might prove quite of a nightmare. Opening a company account at the local paint store might come for you with more opportunities and lower prices. If you want to increase the demand and retention rates on your property, make sure to pick a neutral colour for your walls, as not everybody is a fan of bright, loud colours. Go for beige, white and ivory, with a couple of accents. The overall cost for your entire house can start somewhere at $ 100, up to $1,000, depending on the paint used and the dimensions of your property. You can save some generous money if you do the paint job yourself. However, you should have some experience.

Insulate your rental property

Landlords from all around the world are usually required to insulate their properties. This helps with decreasing the energy bills and preserving the property in a better shape for longer, not to mention the fact that such improvements have the potential of stimulating long-term tenancy. Obviously, for this type of project you will have to find a reliable insulation contractor. Generally, turning such a complex project into a DIY one will only increase the costs. A reputable insulation contractor will help you assess your rental’s needs, identify problem areas and will pick the right form of insulation for your property.

A well-insulated rental will increase the demand for your property since it will decrease the costs associated with heating and cooling, and will provide acoustical benefits as well. This investment might be a pricier one but generally, tenants are willing to pay a little extra monthly for such advantages.

Wood flooring is in high demand

Unless you are a rookie in the rental game, then you know that choosing a carpet for a rental is a big mistake. Not only these are not preferred by tenants and they would rather spend a little extra for a wooden floor, but this will also increase the maintenance costs for you as a landlord. Carpets get easily stained and deteriorated in the most circulated areas of the house. Generally, the lifespan for carpets in a rental is somewhere around five years, which is far from being a sustainable option. Instead, go for wood flooring as it is more durable and brings some extra advantages as well. Not to mention that this isn’t such an expensive addition as many landlords imagine.

• First of all, tenants love wood flooring and most of them are always ready to pay a higher monthly rent for this small quirk.
• Secondly, wood flooring will make your property stand out.
• Thirdly, wood floors are incredibly easy to maintain in perfect shape and have an unlimited lifespan.

A tip from the most experienced landlords – and contractors – out there is to choose a light-coloured wood, as it won’t show so easily potential scratches. The costs for such projects start at $3,000, which is only a bit higher than a well-done paint job.

Backsplashes are a miracle worker

Yes, this is a rather small project, but experts in the field claim that they observed higher rates of retention and a bigger demand for their properties after such projects. Backsplashes are easy to clean and maintain in proper form, have low installation prices, all these while increasing the overall value of your rental home. Young tenants are more inclined to rent properties with such additions because these cut the cleaning time considerably. A great idea would be to avoid loud colours for your backsplash, and opt for a timeless model. Otherwise, you will have to replace it as trends pass, which will become quite expensive in time.

Push your luck with a washer and dryer

A rental without a washer, especially if it’s not in the proximity of a public laundromat might doom your rental. People look for convenience when searching for a new rental and if the closest laundromat is farther than 5 minutes away from the property, they might skip it. If you really look forward to a loyal tenant, or increase the demand for your little house, consider investing in a washer and dryer. This may be, in fact, the cheapest improvement you can bring to your property. The costs associated with these appliances start at $ 150 and the maximum revolves around $ 600. And to paint a clearer idea of how this translates in numbers, you can add at least $ 50 for the monthly rent, if you have such appliances.

These are only a few of the projects that you can easily manage in order to increase the retention rates of your property and find a new tenant faster, when necessary. Keep in mind that not all these projects are DIY-friendly and you might need some professional help at some point.