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Rent Manager Checklist: How to Upgrade Your Rental Value for 2023

By Jamie Richardson | November 28, 2022

Real estate is a very competitive industry, so you must put in hard work. You'll also need to make intelligent choices if you plan to increase your rent. Complete property renovation can come with a hefty price, but if you're planning to attract high-quality tenants, you must provide the best property. To do so, you must invest in your property with the best upgrades. 

Keep in mind that even a tiny improvement can make a significant difference to the property. While it can be an exciting project, it's still best to decide carefully on what you want to change in the entire property. To help you for the new year, here is a list of upgrades you can do to your rental property.

Change Your Smoke Alarm

If you’ve had your rental property for a long time now, the first thing you should consider is updating most of your appliances. This not only helps you increase your rental value but also ensures that you’re offering a place in top condition. As the primary responder to the primary cause of house fires, it’s best that your smoke alarm is at its best quality.

In fact, there are tenants that are particular about the smoking alarm systems. So, if you know that your property is an old one, consider updating your alarm system for your rental property and your tenant's safety. 

In doing the job, you’ll need the best people for your team. Companies like Landmark Inspections ensure to comply with your queries, make detailed reports, and conduct decibel tests, to name a few. In this way, you can assure your tenants that your property is safe and equipped with a functioning alarm in case a fire breaks out.

Upgrade Plumbing

Over time, your bathroom and kitchen can get old, clingy, grimy, and outdated. Consider replacing the toilet, faucets, and shower heads for a quick upgrade. Also, look into leaking pipes and replace them. Rather than constantly repairing them, it's best to consider replacing them, especially if they leak or cause problems too often. 

While you're at it, you can also upgrade the look of your rental property by utilizing oil-rubbed bronze or brushed nickel for your plumbing fixtures. Ensure that all the fixtures are in harmony to make the overall look come together.

Add More Storage

There's nothing like additional storage that can attract possible tenants. Having several efficient storages is one of the top priorities of some, so as a landlord, you try to provide storage options. 

You can add some small and simple ideas, such as placing command hooks in every area, such as bathrooms, closets, and pantries. However, if you prefer something else, you can find cute storage bins that can serve as an ornament or a design to the place while also providing great storage functions. 

Remember that tenants would appreciate storage where they can comfortably keep their belongings, so be creative and strategic when placing your additional storage.

Replace Flooring

Another significant upgrade you can do is by replacing your flooring. It's never a bad idea to upgrade your flooring once a tenant's tenure is over, and you can also increase the value of the place by doing so. Although some landlords opt for a carpet, it's sometimes more expensive since you'll also have to manage its maintenance, such as professional cleaning. 

Improve Light Fixtures

Your lighting fixtures do more than just light the entire room. The right light fixture can significantly change your place's overall feel, making it cozy and inviting. If you have outdated fixtures, it's time to invest in better ones that are much more modern or buy the ones that can go along with the theme you're trying to achieve. 

You can find affordable fixtures online or in some hardware stores. You must be creative to figure out what light fixtures would look good in your place.

Bathroom Upgrades 

Many tenants prioritize the property's bathroom more than you can imagine. Sometimes it's other people's dealbreaker, and if you own a rather dingy-looking bathroom, it's best to consider upgrading the space and expect a better value for your rental property. 

You can remodel a universal bathroom or transform a few things instead of a bathtub into a walk-in shower. However, if you want to start remodeling with the more minor things first, you can add a bidet to your toilet seat or change your entire toilet. 

You can also add a few more storage rooms so that your tenant can maximize the space.

Invest in a Better Kitchen Space 

While there are people that put bathrooms of great importance, there are also tenants that prioritize their kitchens. Some of these tenants would love a good space where they can cook with ease. With that in mind, consider upgrading a few things in your kitchens, such as more storage or updated appliances. 

Try to match your appliances together to give out a more cohesive look. On top of that, also consider upgrading your countertop and transforming it to a more durable material that can withstand heat and scratches.

Final Thoughts

If you want a better investment outcome, it's best to invest smartly. Try to figure out how much you want to invest, who are your target audiences, what is your expected ROI, and the like. Once you've everything out, you can head in and consider the things you want to change in your property. Just keep in mind that you're investing in upgrading your rental value.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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