If you want to generate more income for your rental property, you may need to put in some work. New units enter the market daily, and potential renters have a lot of room to be selective when choosing where to live. If they compare your property to a similar one that’s less expensive, they’ll be looking for what makes yours worth the extra money.
When you want to make your rental property stand out and attract quality renters who are willing to pay more for the right unit, you’ll likely need to invest in a few upgrades. Fortunately, there are ways to make your property more appealing even if you’re on a limited budget.
Renovation vs Rejuvenation
Renovation is the most expensive option, but it adds the most value. It will likely cost you a few thousand dollars to replace flooring, fixtures, lighting, appliances, etc., but if you can afford to do so, you’ll see a large return on your investment.
Not sure where to start? Potential renters are always interested in high-quality bathrooms and kitchens. When comparing your unit to another of similar size and price, yours will be more appealing if you’ve recently updated the kitchen and bathroom.
When you’re on a tight budget or facing limited time constraints, rejuvenation may be the better way to go. Rejuvenating your rental unit gives it a bit of a facelift and makes it more appealing to potential tenants. Small projects like replacing countertops and fixtures can have a big impact.
Unlike renovation, rejuvenation can cost as little as a few hundred dollars, and you can finish several small projects in a few days rather than dealing with an extended construction project.
Colorado Property Manager
As your Colorado property manager, AMI can help you renovate or rejuvenate your rental property and attract clients who are ready and willing to pay the rent. To learn more about our property management services, contact us today.