Looking for ways to increase your monthly rental income? You don’t have to invest in costly renovations to add value to a rental property. Instead, take advantage of budget-friendly ways to renovate your apartment. The best strategy? Low-cost, high-impact upgrades.
Simple aesthetic improvements like painting cabinets, replacing hardware, and installing lighting can help increase rent value and set your property apart from the competition. Quick and easy upgrades will also help you avoid costly vacancies.
Maximize Rental Income Without a Full Remodel
Before embarking on a mini renovation, keep these tips in mind:
- Research similar properties in your neighborhood. How have others added value to their rental properties? What will tenants in the area pay more per month to have?
- While you may want to add your personal style to a renovation, save that for your own home. When updating an apartment, make design choices that appeal to everyone.
- Whether you’re buying appliances or new lighting fixtures, don’t buy high-end products for the sake of luxury. Do, however, buy durable products.
- Trends won’t stick around. Keep things minimal, neutral, and modern.
- Kitchen and bathroom upgrades give the biggest bang for your buck.
- Look to the newest buildings in Chicago for inspiration on finishes, smart home technology, and other design choices. Incorporating similar luxuries might be easier and more affordable than you think.
- Apartment maintenance and repairs should always come first.
Say Hello To Smart Home Technology
Installing smart home technology is no longer the exception, but the norm, for modern apartments. What’s the best entry point for smart home technology? For apartment landlords, smart thermostats and locks are a good place to start.
Just spotting a smart thermostat on the wall of an apartment can make a listing more attractive to renters. Most luxury buildings and new apartments in Chicago have smart thermostats, and tenants might pay more to have the technology. Installing a smart thermostat only costs a couple to a few hundred dollars, so the rental property upgrade makes sense. Added benefits include energy savings to cut down utility bills — not to mention the convenience of being able to control heating and cooling when away from home.
Smart locks are also becoming more common for Chicago apartments. Allowing tenants to go keyless eliminates the need for rekeying locks at move-out. The tech also means no more lockouts to handle and easier management of package deliveries and maintenance employees. Just like smart thermostats, smart locks are cost-effective to install and add perceived value for renters looking to rent an apartment.
Paint Is a Landlord’s Best Friend
Paint is the easiest way to transform a space without investing in a major remodel. The number one rule of thumb for paint? Keep it neutral. While colorful walls are fun, they risk making a space feel dated or dark. The best paint colors for a rental property are white, gray, beige, and taupe. Providing a neutral canvas allows renters to imagine their own style in an apartment.
Painting between tenants can be a good idea to cover wear and tear, but be sure to clean and dust first — there’s nothing worse than seeing particles of old grime beneath a coat of paint.
Kitchen and Bathroom Upgrades on a Budget
Modern kitchens and bathrooms can add a lot of value to a rental property. If you don’t have the budget for a full remodel, try these easy ways to refresh kitchens and baths.
- Give cabinets a facelift by sanding and painting them a neutral color like white or gray.
- You can also refresh cabinetry by swapping out the hardware for modern options in black or brushed nickel.
- Update or add lighting fixtures. Keep them sleek and minimalist, avoiding ornate options.
- Add extra storage with floating shelves.
- Replacing a bathroom mirror with an affordable modern option can make a dramatic difference.
- If your faucets or showerheads have seen better days, replace them to match any new cabinet hardware. Do the same with towel bars, toilet paper holders, and shower curtain bars.
- If you’re not sure about what’s in style, check out the finishes in Chicago’s newest buildings for inspiration.
Don’t Forget Outdoor Areas
If you’re responsible for the exterior of a property, a little effort can add a lot of value here, too. Let’s start with curb appeal. Try painting your front door a bright, bold color to attract more renters. We’ve discovered apartment hunters are more likely to check out apartments with red doors on Domu’s social media. Updating address numbers and adding planters are two additional ways to bring your curb appeal to the next level. It’s also a good idea to keep yards nicely manicured. A clean exterior can make a huge visual impact.
Renters also value a great space to enjoy time outside, whether that’s a deck, patio, balcony, side yard, backyard, or front yard. Create a comfortable outdoor area with seating, a fire pit, grill, and even string lights. One way millennials are sure to spend more on rent? Having a safe fenced-in yard or dog run for their pets.
