Best ROI Improvements in a Rental Property?

Question

Hey guys, I'm looking to invest some money into improving my rental property so that I can charge a higher rental rate. What are some improvements that would pay for themselves in increased rent quickest?

I have read that renters are willing to pay more for stainless steel kitchen appliances and they can be relatively cheap, especially used ones. I am also considering upgrading kitchen counters from laminate to granite. Any better ideas?

George P. · Answer

you are hijacking a thread. that's not very nice and you wont get any responses to your questions, anyway. just letting you know.

Cody Gebhart · Answer

I just purchased my first rental duplex last month.  It was vacant when I purchased it.  Have been unable to find a tenant so far but feel like my rents are in line with the market.  The cabinets and counters are dated bUT not in terrible shape.  I could replace the kitchens (cabinet and counters) in both myself for approximately 4000-5000 tops (not a ton of cabinets but well laid out).  Appliances are a couple years old.  Could get another 30 per unit and not be above market and be more appealing to a higher class tenant.  Any thoughts?

George P. · Answer

in texas you dont have basements, but adding another bath gets you higher rents. you can add ceiling fans, pendands, granite counters, open up walls, skylights, etc. but do inside changes only. dont waste your money on exterior stuff. that's a waste of time.

David Sisson · Answer

If you have the unit rented now, one tactic is to ask the tenants what one thing they would like to have added.  You can also ask them how much it would be worth to them if you added it and they renewed their lease.  i.e. If I added a fence to the yard, would you be willing to extend your current lease for another year and pay X more per month?

MarZia RiVera · Answer

Hello Gentlemen,

The little things are big bonus when you add them up.

Have a very deep cleaning like done, the grout to floors, backsplash, showers. Baseboards trim and doors (prints around door handles is gross), ledges, Windows screens & frames, sliding door tracks, etc.

caulk everything fresh clean lines pop, fresh paint, patch all holes. Clean floors tile or laminate is always best but if you have carpet make sure there are no stains and smells fresh.

Landscaping and curb appeal raise rent to include services

It is difficult to rent a dated or unkept property when your competition is a much better choice.

When I take on a new property to manage I front the cost for the owner taking it out of the first months rent so the owner is not out upfront money, as well the owner knows I will make it a priority to rent it quick as now I have cost to recoup. I offer the same when preparing a home to list for sale with slight contingencies.

MarZia

John Tower · Answer

Location, location, location....we have all heard it before. This is one of the primary indicators for rents. Yes keeping your units clean and updated( particularly kitchens and baths) will help you collect the higher side of your market rates...but realistically these updates should be ongoing and not a prime rent increasing tool.

Ned Carey · Answer

It will really depend on the condition. What items look the most dated?

Granite is a good one as it makes any ad pop when you say granite counter tops. It implies a great or newly renovated house

Best ROI Improvements in a Rental Property?

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