12 Rental Property Improvements You Can Make for Under $500

by | BiggerPockets.com

Need to upgrade a rental unit on budget? Here are 13 improvements landlords can make for under $500 each.

12 Rental Property Improvements You Can Make for Under $500

1. Paint

You may not be able to paint a whole house for $500, but you can enhance key rooms and create accent walls. Trending colors this year may include grays, beiges, greens, and pinks.

2. Change Out Flooring

The same applies to flooring. In cheap rentals, you may be able to use vinyl or focus on small, key areas of flooring. Putting new flooring in small entry areas and bathrooms or replacing the carpet in that one ugly bedroom could make a big difference in renting quickly and for more money.

3. Patch the Roof

Roof leaks can cause major havoc with rentals. They can quickly deteriorate your asset, cause ballooning repair bills, add to the maintenance interaction burden with tenants, and can lead to damage of renter belongings, which you may be on the hook for. In many cases you don’t need a new roof, just patches.

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4. Add Smart Home Tech

Add some trendy new tech to make renters feel great about their choice. That could be smart locks or smart thermostats, better wifi, or new Google Home devices.

5. Bring in a Bar

You may be able to expand countertops or bring in a standalone bar, which really adds to the excitement and emotional appeal of a place.

6. Resurface Cabinets

Replacing kitchen and bathroom cabinets can be expensive and a lot of work. Instead, look at options for resurfacing existing ones.

7. Add a Backsplash

Kitchen backsplashes can make a massive difference in the appeal and perceived value of a home.

8. Consider Flex Office Space

Working from home is fast becoming the new norm. Many remote workers soon find that working from the sofa isn’t as effective as they expected. You may not want to reduce bedroom counts by turning one into a home office. However, you may be able to create some flex space with a cabinet, pantry, or Murphy bed that enables quick changes between daily living space and the office.

work-from-home

9. Finish the Garage

Finished garage spaces add a big “wow” factor and more value. Even on a tight budget, you may be able to finish walls, add flooring, install storage, or put in office furniture.

10. Replace Hardware

Replacing front door and cabinet hardware can have one of the best returns of any home improvement.

11. Stage the Home

Staging can be powerful for marketing rentals. You can do this virtually for less than $500—or bring in some extra furniture or rented furniture temporarily.

12. Replace Appliances

Appliances are a big deal to renters. Replace microwaves or dishwashers that are broken, consider adding a washer-dryer, or lease new appliances as a staging move. You can choose whether or not to include the appliances for the duration of the lease.

Which of these would you consider implementing on your rental? What would you add to this list?

Let us know your thoughts with a comment.

About Author

Sterling White

Sterling White started in the real estate industry at a early age back in 2009. The company he co-founded Holdfolio is a real estate crowdfunding platform based in the Indianapolis market. Before founding Holdfolio Sterling and partner Jacob Blackett were involved in the purchasing and selling of 100+ single family homes nationwide. In his free-time he trains for a World Record

28 Comments

  1. Please, please do not paint rooms or walls in “trendy” colors. A rental needs to be able to look nice with whatever furnishings, towels, bedspreads, etc the tenant brings.

    Increase the amperage and add more electric sockets, and yes, phone jacks even in this age of i-phones.

    I second adding a washer and dryer. BUT no front-loading washing machines. Stay away from side-by-side refrigerators. A frozen pizza does not fit inside.

    Add cupboards to the kitchen. Too many rental have minimal cupboard space but plenty of empty wall that could easily accommodate more cupboards.

    Improvements initiated by the landlords really make the tenant feel like the landlords wants to offer a nice home and not just clean out the tenants’ wallet. Tenants repay the respect shown them.

    • Top loaders generally require less maintenance. They cost less money. You can easily throw in a stray sock after the washer starts. They are not prone to mold and mildew problems. Tenants cannot damage them as easily by overloading.

  2. Mary White

    I could add some basic landscape work in as a suggestion. It’s amazing how much of a difference a truckload of landscaping rock or mulch makes. Or try hedges or other easy care plants that add privacy and organization to the yard. So many people are concerned more with how the outside of their property looks than the inside. Plus, there’s something to be said about curb appeal, even for rentals.

  3. John Dunham

    Great content, and great advice! I’ve met landlords for D class properties through A class properties, you’d be surprised what people will do. Someone even rolled the hardwood floor in brown paint instead of refinishing it. It’s all about the market.

  4. Sterling, thanks for the tips on economical rental improvements.
    As far as staging goes, I could not agree more. Staging is more than random furniture. It is a process of preparing the property, inside and out, addressing the appearance of the condition and to appeal to the buyer/ end user of the property.
    Actually, your entire list and then some constitutes staging. It is creating the lifestyle the future tenants aspire to.

  5. Edwin K.

    I personal wouldn’t add gadgets like wifi or smart locks because it might a learning curve to older clients, electronics are prone to breaking easily which would cost more money, cyber security problems, and becoming obsolete within a year or two.

    • Sterling White

      The gadgets addition will be based upon the investors target demographic i.e if their rental is in a community where baby boomers are known to live then this added feature may not be ideal.

      The learning curve may be too much as you stated. The renters will not use it.

  6. ReLux Stage

    Hi Sterling this is Charity again. I don’t believe in virtual staging. Staging is about creating an emotional connection. This does not have to be expensive. Basic design principles coupled with psychological triggers create a lifestyle future residents aspire to. This cannot be done with virtual staging. The photos may show a little better and get a little better response but once they visit the property it’s still an empty box. Only 10% of people can envision themselves in an empty box. I am a professional stager.

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