There’s a common misconception that if you want your rental to do well on a listing site, you have to break the bank when decorating to make it look like it came straight out of a bed and bath catalogue.
However, this thought process may only inflate your upfront cost, without any significant improvement on your ROI. If you contact a local Harford County property manager to get insights about tenant preferences in your area, you may be surprised how your prospective tenants value style and functionality over opulent luxury. Continue reading below as we’ve put together this article to help you balance vision and budget when designing a rental.
Why Design Matters in Rentals
Tenant Attraction
Create a positive first impression to attract tenants to your rental property. If you want to edge out the competition, especially if you’re into furnished rentals, then you need to prioritize design. After all, who wants to stay in an apartment with ugly wallpaper, outdated fixtures, and an awkward layout? To appeal to more tenants, it would be in your best interest to create a thoughtfully designed space they can fall in love with at first sight.
Higher Rental Price
Another advantage of appealing to more tenants is that they’re often willing to pay more for the added comfort and aesthetics. In other words, landlords with well-designed rentals can charge higher prices to compensate for the quality finishes and unique design elements. Thus, investing in strategic home upgrades can elevate your rental and potentially increase your rental income in the long run.
Fewer Vacancy Rate
Well-designed rentals are hardly ever short on tenants. If you’re looking to reduce your vacancy rates, consider putting more thought into your home’s design and functionality. Besides attracting newer tenants, existing ones will also be more likely to renew their lease and stay longer because they love your space. With fewer vacancies, you can minimize lost rental income and get more cash out of your rental investment.
Importance of Prioritizing High-Impact Areas
Kitchen
It’s one thing to know how valuable a well-designed rental is, and another to know which rooms have the highest impact. Choose kitchen renovations that add value to your property since it is the most-used space in your home. A stylish and functional kitchen will win the heart of many tenants who value it as a space to prep meals, cook, or work.
Thus, it would be wise to prioritize updates like a modern countertop, good flooring, and stylish cabinetry. You don’t have to break the bank to improve these fittings either. Even a simple refacing, power washing, and replacing old hardware can make a world of difference. If you’ve extra cash, consider investing in high-quality, matching appliances that make your rental more modern. Improving your lighting can also create a luxury feel that elevates the perceived value of your home.
Bathrooms
Besides the kitchen, another key area tenants pay attention to is the bathroom. An outdated and poorly maintained bathroom can ward off renters looking for comfort and hygiene in one of the most intimate places. That’s why a clean and modern bathroom should be standard. Opt for new fixtures to elevate the home’s look with a new faucet or shower head. If you can afford to splurge, consider changing the flooring or simply adding a backsplash if you’re on a tight budget.
Lighting is also essential in a rental bathroom, so ensure your vanity is well-lit. Of course, you need to keep mold at bay, as there will be a lot of wet floors and walls, so ensure your ventilation system is sufficiently airy. You can even consider buying a dehumidifier to keep the damp away.
Flooring
Switch out your boring, old, and outdated floors for something fresh and new. Bad flooring can make your home look aged and run down, so if you notice significant peels, color changes, and stains, you’re ready for an upgrade. Instead of trying to salvage worn-out floors, opt for something new, durable, and visually appealing.
Hardwood and marble are the go-to choices for luxury finishes, but if you’re on a tight budget, refinished hardwood, laminate, and vinyl plank can also give you a beautiful, upgraded look. You can make maintenance easier on yourself and your tenants by choosing neutral and easy-to-clean options. That would make your design choices both aesthetic and functional.
Conclusion
If you want to attract tenants with high-quality upgrades while turning a profit, you need to balance your vision and budget when designing a rental. On one hand, you don’t want the upfront cost of your upgrades to balloon and take several years to pay off, if ever. However, tasteful designs can attract more tenants, which means you can charge more too and enjoy a good ROI.
That’s why it’s essential to dedicate your budget to the most important rooms, like the kitchen and bathroom. Flooring is another significant upgrade that can improve tenant satisfaction. By carefully choosing your design elements, you can ensure you get the most out of your rental property.
When we upgraded our unit last year, I focused on small, high-impact changes: repainting cabinets, swapping outdated light fixtures, and replacing flooring in the most worn areas. Tenants noticed immediately, and we filled the vacancy faster than ever. People really do care more about function and comfort than luxury. Before spending big, I always look at reviews for anything I buy, I even checked security options on sites like https://ring-security.pissedconsumer.com/review.html just to be safe. Thoughtful upgrades go much further than expensive ones.