Six Strategies for Renter Property Renovations Under $1,000

Renter property renovations to your rental property are a terrific method to draw in new tenants and raise the home’s value, enabling you to charge higher rental rates and boost your income. There are various rental renovations you can complete as a landlord, all for less than $1,000. Adding new kitchen appliances, updating the façade with new landscaping, and enhancing security to safeguard your home and your tenants are a few options for low-cost renovations. Check out our six methods to remodel your rental home for less than $1,000 if you’re trying to entice more potential tenants.

Carpet with shag. Popcorn aprons. Streets with cracks. The perception that potential (and present) tenants have of your rental property may be significantly influenced by these small things around the property. While you don’t want to spend all your money on doormen and gilded bathrooms, you still want them to appear friendly enough to draw visitors in.

Finding and keeping good tenants are the two most enormous problems landlords confront, even though they have many others. Other than being a good communicator and responding to maintenance needs right away, regular rental renovations are another strategy to keep tenants satisfied.

Rental renovations not only maintain your property up to date, but they may also assist landlords in finding new tenants to replace their excellent current tenants. Additionally, if you renovate your rental property wisely and aim to find new tenants, you may have the option of raising your rent.

Latest Trends For Renter Property Renovations

In recent years, the rental market has been overrun by high-income tenants.

What does this indicate? Landlords may be in an excellent position to make money because high-paying tenants are looking for locations to live. Your rental property must, however, include features and services that set you apart from the competition if you want to draw in high-earning tenants.

Millennials and Gen Z-ers make up a sizeable share of the rental market; therefore landlords are under pressure to think of methods to accommodate their wants and needs. Strategically chosen property modifications can also attract specific sections of the renting population.

The good news is that affordable rental renovations can still have a significant impact. There are many other renovations you might do for less than $1,000 to assist improve your rental home and, eventually, your rental income. The price of renovations may vary depending on where they are done.

Making these modifications could help you boost your income, regardless of whether your property is vacant or you want to make changes to make your present tenant happy.

1. EXTERIOR UPGRADES

Enhancing curb appeal can be beneficial. Cleaning up the outside can make your rental property look better and may inspire potential tenants to request a showing. Additionally, improving your landscaping could boost the value of your home by 5.5 to 12.7 percent over the long run and help you draw in higher-paying tenants immediately.

Try to envision your area from the perspective of your tenant when deciding how to improve the curb appeal of your home. The applicant won’t have a favorable opinion of your property if the exterior is dull, the windows are unclean, the yard is untidy, and the paint is flaking. A property that seems to have been falling apart for years may lead potential tenants to believe that the interior is also in disrepair.

Before making your rental listing, you might want to think about the following external improvements:

Lawn Maintenance

A well-kept lawn may signify to tenants that the landlord does routine maintenance. To help keep the grass green and attractive, remove all weeds and dead spots. The average cost of a lawn care appointment is $35, though this might vary by location. You can consider including the expense of lawn care in your rental rates; just make sure to include a clause in your lease or rental agreement outlining the necessary steps.

Fix The Driveway and Walkway

It’s only natural for commonly used pathways and roads to deteriorate over time; high-traffic areas typically exhibit the most obvious signs of wear and tear. Consider filling in any driveway potholes or entranceway cracks that can give the appearance that you’ve overlooked such elements. The cost of DIY driveway repair, if you decide to patch the driveway, might be under $300.

Plant A Tree

The appearance of an open area can be quickly improved by planting a tree. Additionally, strategically placed trees can reduce energy use in an average household by up to 25%. Additionally, the growing demand for green rental properties and this eco-friendly selling factor may enable you to entice high-income tenants who are concerned with sustainability. Given that a tree typically costs around $200, this is a reasonable investment that might yield long-term benefits.

If your rental home has a backyard, think about expanding the outside improvements to include that area as well. According to a 2021 study by the American Institute of Architects, demand for outdoor living areas increased by 19% between 2020 and 2021, and according to a 2021 poll by the International Casual Furnishings Association, 90% of Americans think that having an outdoor living area is more crucial than ever. Updating and maintaining your backyard might help you attract more applicants, and if you own a smaller house, the extra living space might be a big lure.

2. SECURITY UPGRADES

Renters might feel safer in their homes if landlords consider making security-related changes to rental properties. Aiming to increase tenant security could help you attract more candidates because one in five residents say they feel unsafe on shared property.

You have a duty as a landlord to offer livable quarters to your tenants. According to landlord-tenant rules, landlords must offer specific security measures inside their rental premises; at the absolute least, all doors and windows must be secured appropriately and have operable locks. Rental properties are not required by law to have additional security measures like alarm systems.

Modern security upgrades could be installed to support more significant rental charges. However, if a high-tech security system is out of your price range, consider other options for enhancing security at your rental.

To help improve the security of your rental home, take into account the following improvement suggestions:

Change The Front Door

If the front door of your rental home is older, keep an eye out for any indications that it might need to be replaced. If you spot mold, rotting, or cracks, it could be time to get a new door. The average price of a new door is $944, according to Lowes.

Replace Weak Locks

According to a survey, 34% of burglars enter a house through the front door. After a tenant move-out, be prepared by replacing worn-out locks and rekeying your home. The price to have locks rekeyed ranges from $40 to $100, according to Thumbtack.com.

Provide Outdoor Lighting

If there is exterior lighting on your rental property, ensure it is in good working order. Install at least one external light if you don’t already have any to make your property more visible at night and to help potential tenants feel more secure. On average, outdoor lighting fixtures cost $75 to $100 each.

3. INTERIOR UPGRADES

Think about what modifications you can make that are affordable and may also be appealing to potential renters before you decide to undertake an expensive and extensive interior renovation. Put yourself in the tenant’s position. Remember that potential tenants will attempt to picture their lives in the area when the rental property is being shown.

Consider making a few low-cost modifications to the interior of your home:

Painting The Interior

Painting the interior of your rental can do wonders for it. Old wallpaper should be removed as a first step since it can peel, bubble, and fade. Then, visit your neighborhood hardware store and consult a paint expert there. They’ll be able to provide you with excellent advice regarding what hues, accents, and tools you might need to finish the job, depending on the room you want to paint.

Consider these straightforward advice as you choose the paint color for your rental property:

• Don’t use bright colors: Instead, choose neutral colors like off-white, beige, or grey.
• Select the proper finish: Semi-gloss Paint is simpler to remove.

The average price of painting a room is broken down as follows:

• If you decide to paint your property yourself, the cost of materials will be about $200 per room.
• You may expect to pay about $448 per room if you employ a contractor to paint your interior.

Include A Backsplash

This decorative element is frequently found in showers, under sinks, and behind stoves. Installing a backsplash typically costs between $400 and $600, but adding some extra wow factor can help attract excellent tenants.

4. APPLIANCE UPGRADES

You can think about replacing your old appliances with newer, more effective models to stay competitive. Since many appliances have a lengthy lifespan, buying them now could be a wise long-term investment that attracts high caliber tenants.

Add New Kitchen Appliances

You might consider concentrating your rental improvement efforts in the kitchen since it is one of the rooms with the highest traffic volume in a house. Keeping up with the most recent trends will help to draw in new tenants as kitchen appliance technology develops and expands year after year. Modernizing the appliances in your rental property might pay you in the long run because many of them are built to last.

The average lifespan of common kitchen appliances

• Gas ranges: 15 years
• Refrigerators: 13 years
• Dishwashers: 9 years
• Microwave ovens: 9 years
• Compactors: 6 years

Laundry appliances in-unit: Don’t forget about them. One of the top 5 features that tenants demand is in-unit laundry. In-unit washer/dryers were recognized as a must-have by 92 percent of renters in a report from the National Multifamily Housing Council.

The Simple Dollar reports that the typical washing machine costs $700 and the typical dryer costs $600.

Both appliances offer decent lifespans:

• Washing machine, at one load per day:5 years
• Dryer, at one load per day: 11 years

When renting out your home, if you decide to replace your appliances, highlight them in the rental property listing because some tenants may look for “new refrigerators” or “stainless steel appliances” when looking for an apartment or a home.

5. WINDOW UPGRADES

These days, a lot of renters desire to live in lovely rentals while also trying to minimize their carbon footprint. Changing the windows in your apartment might achieve both goals.

According to studies, Millennials place a high value on sustainability. They are more willing to make larger purchases when they are confident that their money is going toward a worthwhile cause. You might be able to demand higher rental rates and quickly fill vacant properties if you make green modifications to your rental property because Millennials make up a significant share of the current rental population.

Window replacements are a terrific selling feature if you’re trying to entice eco-aware tenants, especially if your tenants are responsible for paying utilities. Installing ENERGY STAR-certified windows could help lower overall energy expenses, according to EnergyStar.gov.

Window Screens

Look for any pet-related damage to the property if your former tenant had a pet in the renting area. Examine the screen for rips and claw scratches since cats frequently hang on windows.

If you employ a professional handyman to replace a window screen, the cost ranges from $132 to $453 on average. However, you can save money by carrying out this simple update yourself. Here are some suggestions for replacing window screens at home.

PRO TIP: To guard against pet-related damages, make sure your lease clearly outlines your pet policies and pet deposit costs.

6. FIXTURE UPGRADES

Tenants will be on the lookout for finishing touches because details matter. Verify that you haven’t overlooked anything before submitting your rental listing to avoid alienating potential tenants. Consider the following fittings as you think about renovating your rental:

Ceiling Fans

A ceiling fan is an excellent addition to any house. In hotter months, they aid in space cooling, and in colder months, they serve to transfer heat. Make sure the fan still operates at all speeds. It is almost sure that your potential tenant will hear it if it emits any loud or bothersome noises. Installation of a ceiling fan typically costs $75 to $150.

New Shower Heads

New shower heads can add a touch of luxury to the bathrooms in your rental home and result in significant water bill savings. Showers account for 17 percent of all indoor water use, so finding strategies to use less water is crucial.

Consider updating any outdated shower heads in your rental home. A contemporary design not only attracts attention but could also reduce water consumption, which ultimately affects the tenant’s (or your) utility bill. In comparison to shower heads sold after 1992, which consume just 2.5 gallons per minute, shower heads manufactured before 1992 use an average of 5.5 gallons of water per minute.

A family of four can save 27,000 gallons of water annually by replacing an outdated shower head with a new one. That represents a significant shift at a low cost.

Find The Right Renters And Renovate

Renovations to your rental property can dramatically brighten up your apartment, raising its value and drawing in new renters. And the prices don’t have to be prohibitive; depending on the area and the project specifics, all of the aforementioned renovations can be finished for less than $1,000.

Renting to the incorrect renters, however, might be expensive. While making home improvements could increase the number of applicants, collecting on-time rent payments from respectful tenants should come first. Don’t let rental applicants persuade you to omit conducting a thorough tenant background check.

{How To Spot A Rental Scam}

Check with Tenant Cloud before renting to anyone. You’ll receive comprehensive reports on the applicant’s criminal, credit, and eviction histories in minutes.

You can receive a complete financial picture of your candidate by using the credit report. TransUnion, a reputable credit reporting company for more than 40 years, offers credit reports for renters.

Additionally, you receive ResidentScore, our proprietary credit score created for rental screening that has been shown to predict eviction risk 15% better than generic credit scores, along with our credit report.

Full Tenant Cloud check report includes:

National Criminal Search;

Instant State Data;

National Sex Offender Data;

OFAC/ Most Wanted Searches;

SSN Verification/ Address History;

Bankruptcies Search;

Full Credit Report with Resident Score;

National Eviction Search

If you don’t want to do this process alone, feel free to contact me for support. Anna Reed 240-447-8200