Did you know that 36% of homes in Phoenix are rented? It's clear then that renting is becoming the most popular housing option in the city.
Over the past ten years, the city has added 200,000 residents at a rate of 11.2%, making it the fastest-growing metropolis in the nation. More people equals more home supply, and rising home prices make renting more affordable.
The question then becomes, what can you do to make your property more appealing to tenants and set it apart from the competition? Here are five things you can do to up the value of your rental property.
1. Curb Appeal
When maintaining the curb appeal of your rental home, remember that it only takes seven seconds to create a first impression. Make sure to inspect the exterior of your property. Ensure it looks clean, tidy, and maintained, whether you're letting a house or an apartment.
You can only do so much with a rented apartment's exterior. Add a potted plant or two at the entryway and replace the welcome mat when it gets old and shabby.
If you're renting a house, keep the yard neat, the fence painted, and the driveway in good condition.
2. Upgrade the Kitchen
Anyone knows that the kitchen is the "heart" of the home. As a result, putting money into remodeling the kitchen of your rental property is a sure bet. Give a facelift to your kitchen just by adding the following:
- A new stovetop
- Smart storage areas
- More counter space
These modifications are not expensive. However, they can make or break a choice to rent your property and, at the same time, will also add value to your property.
3. Upgrade Your Flooring
Another part of your rental property that gets a lot of wear and tear is the floors. If they appear bad, they may make everything look old and grimy. So, giving your floors some attention is a cheap and easy way to improve and add value.
4. A New Look With Just a Coat of Paint
It may surprise you, but painting is the best way to improve a rental property's return on investment. Scuff marks, scratches, peeling, and chipping can make your rental look lackluster.
A fresh coat of paint not only increases return on investment but also improves the appearance of your property in a few simple steps.
5. Upgrade Your Rental Property's Lighting
Pay attention to lighting, which can greatly improve your house's entire appearance and atmosphere.
It is a good idea for you to ensure all the lighting in your rental property comes from eco-friendly LED light bulbs. These lights give healthier illumination, replicate natural light, and minimize eyestrain. They also consume less energy than older incandescent lights.
Upgrade and Make Your Rental Like New!
Rising home prices in the Phoenix area present a fantastic opportunity for people to earn income from renting out their property. At the same time, they can see their investment grow in value.
Maintaining your property in the greatest condition to draw in new renters is crucial. But, it's also crucial to ensure that your revenue is increasing by maintaining within your budget while making improvements.
Are you looking for help with your rental property management? Why not contact us, for questions or further information about our services?