As a Charlotte rental property owner, you naturally want to find ways to add more value to your rental unit so you can increase rent prices and your ROI. Luckily, there are numerous cost-effective changes you can make to enhance your rental property and attract quality long-term tenants!
These changes will also allow you to adjust rent prices to reflect the high value of your Charlotte rental property!
Here are 5 tips you can use before increasing the rent price of your investment property:
Paint the Property
A fresh coat of paint is sure to refresh the appearance of your rental home! It can make the property more inviting, relaxing and appealing. We recommend opting for neutral shades. Stick with brown, white, beige, cream and gray. These colors will make it easy for tenants to match their furnishings to the space.
Painting your Charlotte property is far more affordable than conducting a lot of intense
renovations while still justifying a higher rent fee as fresh paint makes properties more attractive! Additionally, this step will draw in more prospective tenants and can inspire renters to renew their leases.
A
tenant may ask for permission to change the paint colors. Allowing them to do so creates a sense of home and, as a result, they are more likely to stay long-term.
As a landlord, you can permit this request with conditions or even choose the base color so it’s easier to repaint in the future. Just remember to outline the terms of this agreement in your lease!
Supply Energy Efficient Appliances
Energy-efficient appliance trends are on the rise! More and more people are prioritizing sustainability and supporting environmental initiatives. Integrating green technology in your Charlotte rental home will inspire prospective tenants to pay higher rent prices as a means to help the environment.
Go for appliances that save energy! Initially, they might seem a little more pricey than other options but they add significant value to your rental! Additional changes you can make include installing LED light bulbs around your property and properly insulating your rental space. Furthermore, energy-efficient units will reduce utility costs which means renters will be willing to pay more rent!
Update Flooring
When your flooring looks worn, renters may be unwilling to pay a higher rent rate. A classic flooring material that will elevate the value of your Charlotte rental home is hardwood! These floors give an elegant finish and justify a higher rental fee. There are also less expensive alternatives including engineered hardwood, painted plywood or vinyl “wood” planks.
Although hardwood flooring can be more expensive than other flooring materials, it tends to be more durable and resistant to normal wear and tear. It’s also easy to clean and maintain! Unlike carpets, which require frequent vacuuming, hardwood floors only require a quick mop and resist stains more than carpets do.
Another advantage is that hardwood flooring promotes better air quality! Tile grout and carpet fibers can quickly trap and accumulate dust and other particles. Finally, hardwood will not require frequent replacement as the color isn’t propane to fading.
As a long-term investment
installing hardwood flooring is cheaper than most of the alternatives since it requires less maintenance and will inspire tenants to pay a higher rent price!
Kitchen Improvements
As kitchens are one of the most used spaces in any rental home, focusing on kitchen upgrades is a great idea! Rent prices can easily be increased when your kitchen is highly attractive.
Some changes you can make include updating the light fixtures, replacing the hardware on kitchen cabinets, repainting and creating more storage spaces. Investing in a granite countertop is also a great idea!. Granite is long-lasting and immediately levels up the appearance of your kitchen.
You can also remodel your kitchen to maximize the layout. Tenants like more space to move around when cooking, preparing meals and washing dishes! The more spacious the kitchen appears to be, the more inspired occupants will be to spend more on rent!
Curb Appeal
Even small changes can improve the curb appeal of your Charlotte rental home! Hire a gardener to attend to landscaping as well-tended plants have a powerful impact on prospective tenants’ first impressions.
It’s a common assumption that curb appeal doesn’t matter as long as a property’s interior is well-designed. Nothing could be farther from the truth. Renters' judgments are based on first impressions which are inspired by the exterior appearance of a rental unit.
Adding a few plants, keeping a neat lawn and reducing exterior clutter can do wonders for your rental’s
curb appeal! You need not worry about new rentals being constructed in your neighborhood as long as your curb appeal makes your property stand out.
If you’re scouting for new renters for your Charlotte rental property, then it’s time to double down on making the exterior of your property look attractive. Doing this will draw the eyes of more prospective tenants and reduce your marketing efforts!
It’s also advisable to add some lighting outside so your rental unit still looks inviting at night. This also acts as an added security feature as intruders tend to avoid properties that are well-lit!
Aside from pruning the bushes in your yard, you can also create an attractive walkway to make the entrance even more welcoming! A clean walkway directs the eyes of the viewers to your rental home thereby making them more attracted to your Charlotte rental property.
Furthermore, your front door must also be in good shape – you can achieve this with a fresh coat of paint and an updated doorknob. If your front entrance looks old and weathered, it can decrease the attractiveness of the property. This can be a hindrance when you set a higher price for your rental unit.
Bottom Line
There are numerous ways you can enhance your rental unit to increase the value of your investment property and, therefore, raise rent prices and attract long-term tenants. However, managing these updates may be challenging if you don’t have prior experience.
Fortunately,
Dawson Property Management is a leading property management company that can help you with all your property management needs! Reach out to us today for more information on our comprehensive property management services.
