There's a lot that goes into managing a property. One of the biggest responsibilities is ensuring your rental unit is updated. Units that are clean and upgraded are more appealing to potential tenants, which can make it easier to find people to rent the unit and bring in more money.
Spring is a great time to update your rental property, right before the busy summer rental season. After a long winter, people are looking to rent spaces that are bright and welcoming. But improving your rental unit doesn't have to be expensive. You can make impactful changes without breaking the bank or cutting into your profits. Wondering how to spruce up a rental property for spring?
Here are five ways for sprucing up your rental property on a budget:
One of the most cost-effective ways to update your rental property is with a fresh coat of paint. Walls tend to get grimy over time, especially after numerous tenants. Updating the paint in the unit can make it look fresh, clean, and new, completely updating the space.
Many landlords stick with traditional white or light beige paint. But if you want to really grab attention, consider a trendier paint color. Updating an older paint color with something more modern is a great, affordable rental property upgrade to appeal to new potential tenants.
Another option is an accent wall or a small section of the unit painted in a different color. Accent walls create visual interest and add a pop of color to brighten up the space. Even better, they can make a home look luxurious and expensive, but only cost the amount of a can of paint. If you need help choosing the right color, a property management company can provide recommendations of what people are looking for in the area.
No matter if you choose to stick with the same color or mix it up with something new, giving your rental unit a fresh coat of paint is incredibly inexpensive and can completely transform and update the space.
Lighting sets the tone for a rental home or apartment. Poor lighting can make a space seem dark and dreary, while warm light can make a space seem more inviting and safe. Lighting matters to potential tenants and tends to be one of the first things they notice.
After the dark winter months, people start to crave good lighting in the spring. A cost-effective way for a property owner to update their rental unit is by updating the lighting with new fixtures and bulbs to ensure the space is bright and welcoming.
Most lighting falls into three areas:
Walk through your rental unit to see what can be added or updated in these three areas. It can be helpful to visit the unit at different times of day to see how the lighting situation changes as natural light changes.
Aside from adding more light to the space, updating lighting fixtures can add style and change the vibe of an apartment. Look for fixtures that spread lots of light but are more interesting than the standard lights that are in every apartment.
If you really want to take your unit to the next level, consider installing smart light bulbs. These bulbs connect to smart home devices and can be turned on or off, adjusted, and even change colors with voice commands. If you want to attract younger or more tech-savvy tenants, smart light bulbs could be a wise investment.
Kitchens and bathrooms are some of the most important rooms in a home, where people spend most of their time, where people gather, and where style can shine. An updated kitchen and bathroom can transform even the oldest, most outdated unit into something desirable to potential tenants.
But full kitchen and bathroom renovations can be expensive and time-consuming, which means less money earned from tenants. The good news is that you don’t have to undergo a full renovation by tearing down walls, moving plumbing, and adding more sinks to make a difference in the kitchen and bathroom.
In the bathroom, update the fixtures that people use most frequently, like the showerhead and toilet seat. Add new towel bars and faucets for a more modern and clean look. These items tend to get water stains over time and can start to look old and worn down.
In the kitchen, update the sink fixtures or add a colorful backsplash. New appliances may be out of budget, but you can update the lighting or add a pop of color with new paint.
One of the most impactful and cost-efficient ways to update either a bathroom or kitchen is by changing the hardware on cabinets and vanities. New knobs or drawer pulls can be very inexpensive but add a sense of style and luxury to the space. It’s also a great option to personalize the home and make it stand out from other units.
Window coverings in rental units often get worn down and start to look drab and dated. Broken or missing blinds and curtains can be a major red flag for potential tenants. For a budget-friendly update, consider changing the window coverings.
Replacing old blinds with new ones, even if they are not high-end, can add privacy to the space and make it look modern and clean. Make sure the blinds are functional so tenants can open and close them easily. This is especially important in spring when the days get longer and tenants may want to block more light.
Adding new curtains or curtain rods can give your rental unit another layer of style. Neutral-colored curtains can match any tenant’s design preferences and even simple curtains can make a space look more luxurious. Light-blocking or room-darkening curtains, especially in the bedrooms, can also be a selling point to potential tenants. If you are worried about installing curtains that don't appeal to everyone, consider adding simple curtain rods, which give tenants the option to hang their own curtains without damaging the walls.
As the weather warms up and people spend more time outside, spring is an ideal time to focus on your rental property's curb appeal. First impressions are critical, so if you want to attract potential tenants and impress them, you must ensure that your property looks good from the outside.
The most cost-effective approach to updating curb appeal is by cleaning the outside. Sweeping the porch, power-washing the driveway or walkway, and washing any front-facing windows can make a significant difference in how your home or apartment appears. Ensure that the exterior lights work, the front door lock is secure, and add a fresh welcome mat for a quick and inexpensive update. You can even paint the front door a fun color to make it stand out and give it a welcoming pop of spring.
The next step is to plant flowers for a burst of color to welcome spring. A flower bed or potted plant, depending on the front layout of your unit, can be a great feature to make it welcoming.
If you really want to transform your curb appeal, you can upgrade the landscaping. Some condos and apartments have landscaping that can't be changed, but for rental homes, new landscaping can be a significant update. An entire landscaping overhaul can be costly, but by replacing dying plants and trees or adding more foliage, you can see a quick improvement. Simply weeding the yard and driveway and getting rid of dying grass can be a big change. Consider adding new rocks, filling patchy areas of the grass that isn't even, or installing a new walkway. These small DIY rental property improvements can make the entire yard look better without the expense of a complete landscaping renovation.
Spring is the perfect time to improve your rental property. It doesn't take much money or time to transform your space and make it clean and fresh for new tenants. These five budget-friendly rental updates can get your space ready for spring.