If you own a rental property, you know that a vacancy costs money. Your rental business is dependent on the tenants who occupy each unit. However, you should also do your part in making your rental property appealing to prospective tenants, which means that you have to make a few investments of your own to enhance it. These investments will pay off when you start finding people interested in living in your rental property. Without making improvements and necessary repairs, it will be challenging to attract the right tenants. They want to live in a place that is well-managed and maintained. Keep in mind that there are other rental properties around that can offer them more value for the money they spend to live comfortably.
These are some improvements you can make to attract more tenants to your rental property.
Pay attention to kerb appeal
The first thing that anyone will take note of when they see your property is what’s outside. First impressions last, and if they aren’t impressed with the property’s exterior, they will not be interested in what is inside. When you neglect the exterior of your rental building, it sends out a sign that you do not pay much attention to your property. To enhance the kerb appeal of the property, there are several things you can do. Rid the area of debris, junk and trash and keep the lawn well-manicured. You should also have commercial wooden fencing installed to assure prospective tenants that the property is secure. Check damage on walls, chipped or faded paint, and broken window screens. Make the necessary repairs, including adding a fresh coat of paint to make the property more attractive.
Go neutral with your colour scheme
You might have your favourite colours, but neutrals are the way to go for your rental units. It makes it much easier for future tenants to bring in their furniture and decor without worrying too much about clashing colours. Neutrals blend in naturally with different shades. After a unit has been vacated, make sure that you repaint each room. While new tenants are aware that the place was once occupied, they will appreciate the new look of the unit after it has been repainted.
Make improvements on kitchens and bathrooms
Apart from repainting, you should also check out the flooring, fixtures, and hardware of the kitchen and the bathroom. Generally, people interested in renting a place to live in will inspect these two rooms. You may not need to do extensive renovations, but ensure that every inch of space is clean. Change broken light bulbs, old doorknobs, and cabinet handles. Check for broken tiles and replace them. Install additional storage if possible, as this will always be welcomed by new tenants.
Your rental property can attract tenants who are responsible, not only with their monthly payments but for taking care of the property too. However, this all depends on how you maintain your property. If they see that you manage it efficiently and keep it in top shape, they will be more than happy to reside there.