Want to Enhance Your Rental Property Value? 7 Proven Options

Rental properties are investments. Making the right improvements can attract better renters, increase rental prices, and enhance the value of the property. It is crucial for a property owner to invest in the improvements that will give these benefits and to avoid the ones that won't.

Let's look at seven improvements that will enhance the value of your rental property investment.

1. Modernize kitchen and bath fixtures

The fixtures inside any bathroom take a beating no matter if they are in a rental or an owner-occupied dwelling. After about 10 years, it is time to replace them.

An easy enhancement for any property is to modernize those hard-working fixtures. Replacing standard chrome fixtures to an upgraded finish like brass, bronze, or nickel is a smart move. It is important to replace all fixtures to the same finish for a harmonized look.

2. Upgrade countertops

Laminate countertops are pretty standard in most rental properties. However, it is easy for laminate to get discolored from stains and burns. Plus, if water gets under the edge, the laminate can start to warp.

Upgrading to a stone alternative is the better investment. These alternatives include ceramic tile, stained concrete, and composites made from acrylic and polyester. All of these surfaces are highly durable and beautiful at the same time.

3. Install durable flooring

Standard apartment carpet needs to be replaced every five years or so. Otherwise, it gets stained and makes the entire space look dingy. Instead of replacing the carpet, why not upgrade it to a more durable, easier to clean flooring?

Better flooring options for rental properties include luxury vinyl tile, ceramic or porcelain tile, hardwood, or laminate. These flooring options are easier to keep clean and generally last much longer than standard carpeting.

4. Enhance storage areas

Most people, whether renters or owners, need storage. And storage organization is even better. Having additional storage will make your rental property more attractive to renters, allowing you to increase rent.

Add hooks for hanging up towels, coats or keys. Install sturdy shelving in odd nooks. Increase the size of the closets. Add organization systems to bedroom closets. Add built-in shelves for linen storage. Consider adding a storage shed on a single-family property.

5. Replace old windows and doors

Does your rental property have old single pane windows and exterior doors that don't shut properly? In most cases, renters have to cover the cost of heating and cooling the property. Old windows and doors increase those costs, making the rental less desirable. Plus, they look bad.

New, more efficient windows and doors, properly installed, can be a major attraction to many renters.

6. Install a home security system

People like to feel safe in their homes. Adding a simple home security system to a rental property will enhance the feeling of security for renters. The security system does not need to cost much to enhance the value of the property.

Things to consider when installing a security system on a rental property. It should be easy to operate. The renter should be able to handle most alarms without involving the property owner or manager.

7. Take care of the exterior of the property

What does the property look like from the curb? If the paint is peeling, the roof shingles are curling, and the landscape is bare, you need to invest a bit in the exterior of your property. A good-looking exterior is attractive to new renters, keeps old renters happy, and increases the value of the entire property. Plus, routine maintenance and care keep repair and replacement costs down.

Have your roof inspected regularly. If the roofer recommends replacement, get it done. A leaking roof can damage the interior, running up repair costs. Add low-maintenance landscaping to enhance the look and feel of the property. Keep gutters, sidewalks, and common areas in good condition.

These improvements will definitely help increase rental prices while protecting and increasing the value of the property.