Renters can be quite picky when on the market for a new home. As they’re coughing up their hard earned money and getting into a long or short term agreement, it’s no surprise that they’ll be looking for a space that’s worth their dollars. While there’s tons of competition in the rental market, there’s features you can incorporate into your rental to help it stand out from the crowd. To help get your property off the market and new tenants moved in, we’ve come up with a list of features renters look for in a newly renovated home.
1. Open floor plan
Renters love an open floor plan. It gives the space a 21st century feel, creates a seamless flow and helps put every square foot of the home to good use. Not to mention, an open floor plan can make a small home seem much larger than it is. It might be worth getting rid of some non-load bearing walls to create a more open space in your rental. Most importantly, you’ll want to get rid of any barriers between the kitchen and the living room. Instead of having a wall to differentiate these two areas, you can make them distinct with the type of flooring you choose. For example, you can install tile flooring in the kitchen and carpet or hardwood floors everywhere else. This will create a better space for entertaining guests and will allow easier movement throughout the home – all of which renters love! But make sure you don’t embark on these renovations yourself. Making big changes like these require the help of a professional!
2. Natural light
When it comes to the home, lighting is everything. If your rental property doesn’t have enough natural light, it might be a turn off for potential renters. So, it’s probably not a bad idea to call your contractor and look into getting a few more windows installed. An abundance of natural light will help your property look warm and more inviting. It’s also proven that sunshine is a great mood booster, so you’re sure to have a happy tenant.
3. Stainless steel appliances
Who doesn’t love shiny new things? New appliances, and better yet, stainless steel appliances are a great draw to potential renters. This gives them assurance that everything in their new home is in tip-top shape and is functioning properly. If you can’t afford stainless steel appliances, you can always opt for stainless look appliances – these are much more affordable and still have a polished look. The next important factor here is making sure your appliances match. With today’s picky renters, a blue dishwasher paired with a black stove simply won’t cut it. Matching the appliances makes your space much more visually appealing.
4. Lots of storage space
Renters usually have a lot of stuff. So, they appreciate homes with tons of space to store everything they’ve collected over the years. Thankfully, if your rental property doesn’t have enough storage, this can be fixed quite easily. You can install new shelving units in the kitchen, bathroom and living room. If you’d like to go a step further, you can look into adding new closet space or possibly expanding an already existing one.
5. A fresh coat of paint
There’s nothing worse than moving into a new rental and seeing traces of the tenants who lived there before you. Whether its stunning wall art or scuffed up cabinets – as a landlord, you’ll want to get rid of it! Repaint the walls and cabinets, if need be, with a neutral colour. Neutral tones tend to appeal to most people as they’re easy to work with when it comes to interior design. The simpler the colour scheme, the wider the appeal.
The competition on the rental market is fierce, and it all boils down to how well you meet your potential tenants’ needs. When you incorporate these features into your property, you’re sure to be earning rental income in no-time!
Want to renovate your rental property? Get in touch with us today!