Rental property owners know the different factors affecting the return of their investments. Some of these factors are beyond the control of property owners. These factors include employment rates, changes in rental property supply, and mortgage rates. Even as they have little to no control over these factors, they affect their monthly and annual earnings.
Instead of focusing on these market forces, they should concentrate on the things they can work on to increase the profitability of their investment. Curb appeal and the overall appearance of the property are just two of these factors. These factors are typically associated with the impression it leaves on potential tenants.
To increase the property’s income potential, rental property owners should work on enhancing them to increase the chances of tenants renting the property. Here are some things these rental property owners can do to increase the appeal of their property.
Enhance the Landscape
Since the exterior of the home is the first thing potential tenants can see, rental homeowners need to enhance the property’s landscape. While curb appeal is typically associated with increasing the resale value of a property, it can also increase the chances of someone renting the property.
They should regularly mow the lawn, trim the hedges, and plant flowers that increase the house’s visual appeal. They can use fresh mulch, sod, soil conditioners, and compost to ensure the flowers have enough nutrients to grow. Planting perennial flowers is another option to ensure the garden looks great even after a few years.
Enhance the Walkway
Rental property owners can also put plants along the walkway to welcome visitors and potential tenants to the home. Illuminating the walkway by putting solar-powered lamps on the sides makes it look great at night. A well-lit walkway increases the curb appeal of the home since it guides visitors to the door of the home. It also makes it easy to see in case a potential tenant visits the property at night. Additionally, a well-lit walkway puts another layer of security for tenants since it’s easy for them to see anyone outside the home.
Enhance the Exterior
Aside from the lawn and the walkway, rental property owners should enhance the exterior of the home. Rental property owners can add a fresh coat of paint on the exterior to make it pleasing to the eye. In addition to the exterior walls, property owners can also paint the door to increase its perceived value. This allows property owners to attract potential tenants for their investment.
Rental property owners can also install lighting fixtures to frame the front door of the house. They can use ornate lanterns to give it a stately appearance. Putting ornate lanterns on the front door is ideal for properties with lighting fixtures installed along the walkway. It enhances the overall curb appeal of the home, especially at night.
Soft exterior spotlights can also highlight the accent features of the home. With these enhancements, rental property owners can schedule house tours at night for prospective tenants to show off the notable appearance of the home. It will be a good opportunity to make a good impression on the tenant.
Install Smart Security Devices
Smart security devices have become essential these days since they provide the necessary protection to the home tenants. These security systems include smart locks, video doorbells, biometric security, and remote unlock features.
It also shows prospective tenants that the rental property owner is serious about their security and wants to make sure they have the protection they need while renting the home. It also shows that the owner is up to date with the latest technology available in the market, which is appealing to a tech-savvy tenant.
Install Energy-Saving Devices
Energy-saving devices lower the utility bills of tenants of the rental home. These devices include appliances with an Energy Star label. The label is only given to appliances and equipment that have a significant contribution to energy savings. Even if these appliances cost more, they have better energy efficiency compared to conventional appliances.
Rental homes with energy-saving devices will be appealing to eco-conscious tenants who are keen on reducing their carbon footprint. It is also appealing to people who are concerned about the cost of electricity.
Besides appliances, rental property owners can also install energy-efficient windows that feature Low-E or triple-pane insulating glass. Like appliances, these windows are also Energy Star rated, which means they are certified to reduce the amount of heat lost to the atmosphere and lower energy bills.
With an oversupply of rental properties in the market, rental property owners should think of ways to make their investments appealing to the market.