How to Make Your Rental Property Stand Out in an Oversaturated Market
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If you own a rental property and it’s consistently vacant, you are losing money. Without the rental income, you are paying for insurance, taxes, and utilities on a place not even in use. But, there are more renters today than there have been in 50 years and those that can buy property are eager to appeal to those looking for a new place. To keep your venture going, it may be necessary to make updates around the property to stand out from the crowd.
Much of what you can do to make your rental property stand out is very similar to how we stage homes before selling. You want to make it look like a place where others can see themselves living, while also highlighting what makes it unique. Here are a few tips on making your rental property stands out from the competition.
A Fresh Coat of Paint
Painting your property is the most cost-effective way to update its look. It costs about $20 for a can of paint and can make a place look brighter, cleaner, and more liveable. While you may get a lot of advice saying to stick with neutrals, you can’t just slap white on the walls and expect to stand out. Instead of going monochrome, use different shades of neutrals and utilize accent walls to make an impact.
You also don’t have to stick to straight neutrals. While arguably on the muted side, shades of light blue are proven to increase a home’s value. Blue is a soothing, comforting color and may even reduce stress. The only room where this doesn’t work: the living room. Homes with living rooms painted shades of brown like light beige, pale taupe, and oatmeal sell for more than those painted shades of blue.
Invest in Smart Home Amenities
Whether your property is new or old, people want to feel like they are living in a place that is modern. That doesn’t necessarily mean you should pull up original hardwood floors or make updates that remove an older building’s charm. A better way to go is to update by installing new smart home amenities that make living easier around the home.
Accessories like smart thermostats don’t just look cool. They can also help a property use less energy, saving money and reducing the overall environmental impact. Other smart home amenities to consider include things like security systems, door locks, smoke detectors, outlets, home hubs, and even coffee makers. If you are really willing to invest a pretty penny, there are even smart refrigerators that claim to save both money and food.
Focus on the Kitchen
For most people, the kitchen is the heart of the home. Focusing on what makes it unique from other rental properties will mean more to a larger audience. Things tenants are looking for include:
- Dishwasher
- Garbage disposal
- New stainless steel appliances
- Storage space
- Natural light
- Butcher-block countertop
- Attractive and modern backsplashes
While you may not be able to invest in all these things at the moment, really emphasize what you do have in your listings. Furthermore, you want the kitchen to be as clean and attractive as possible before showings. If you have stainless steel appliances, make sure they are free of fingerprints. Make sure tricky areas like the stove and baseboards are clean and spotless. If there are scratches on the walls, cabinets, or appliances, buy paint for a touch-up and make them look like new again.
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More Americans are renting than ever, but if your rental property isn’t housing anyone, you are losing money. Make your property stand out with a few simple updates. The right colors of a fresh coat of paint can breathe life into a place. Modern updates using smart home technology help your place stand out. Finally, putting extra focus on the kitchen’s best attributes and making sure it is clean and updated where possible will attract tenants to your property.
Author
Jenny created Special Home Educator as a forum for sharing her adventures in homeschooling and connecting with other homeschooling families.
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