For you as a property owner in Toledo, it's crucial to maximize your investment and ensure your rental properties are appealing to potential tenants. This article explores various rental property renovations that can significantly boost cash flow and return on investment (ROI) without requiring extensive capital investments. Many of these renovations can be implemented quickly during unit turnover, allowing you to attract quality tenants while enhancing the rental value of your property.

Introduction

In a competitive rental market, making strategic improvements to your property can make all the difference. Factors such as aesthetics, efficiency, and functionality play essential roles in attracting renters. The following rental property improvements are easy and affordable options that can modernize your rental unit, increasing its appeal and rental value. Let’s dive into each suggestion and discover how they can positively impact your property’s profitability.

Replace Outdated Showerheads

One often overlooked aspect of rental properties is the bathroom. By replacing outdated showerheads with modern options, you can significantly enhance the visual appeal of the space. New showerheads not only look better but can also improve water efficiency, which can lead to reduced utility costs.

Installing water-saving showerheads can lower your operating expenses and make your property more attractive to environmentally-conscious renters. This simple rental property upgrade can be a worthwhile investment that pays off in both aesthetic value and cost savings. 

Consider offering a variety of styles, such as handheld or rain shower options, to cater to different preferences. This small upgrade can elevate the tenant experience, making daily routines feel more luxurious and enjoyable.

Improve Curb Appeal with New Exterior Doors

First impressions are critical when it comes to rental properties. Upgrading to new exterior doors is a straightforward way to enhance curb appeal and draw in prospective tenants. Modern doors offer increased security and can be designed to improve energy efficiency.

Energy-efficient doors reduce heating and cooling costs, making your rental more attractive to cost-minded renters. Investing in stylish, durable doors can quickly elevate the exterior look of your unit while providing long-term benefits for both you and your future tenants. Furthermore, consider incorporating smart technology, such as smart locks, which not only enhances security but also appeals to tech-savvy renters looking for convenience. This added feature can set your property apart from others in the market, making it a more desirable option for potential tenants.

Update Interior Spaces with New Light Fixtures

Updating light fixtures is another renovation that can transform the look of your rental property with relatively low cost and effort. Replacing old fixtures with modern, eye-catching designs can uplift the interior ambiance in living spaces, kitchens, and bathrooms. The right lighting can create a warm and inviting atmosphere, making spaces feel larger and more welcoming. Consider fixtures that complement the overall style of the property, whether it’s a sleek modern look or a more rustic charm.

You should also swap out old light bulbs for energy-efficient LED options to further enhance efficiency and lower energy costs. When potential renters see well-lit, stylish interiors, they are more likely to envision themselves living in the space. Moreover, incorporating dimmable options can add versatility, allowing tenants to adjust the mood according to their preferences. This attention to detail demonstrates a commitment to sustainability, which is increasingly important to today’s renters.

Refresh Kitchen Cabinets with New Handles

The kitchen is often seen as the heart of the home, and ensuring it feels modern and inviting can significantly impact your rental’s attractiveness. Refreshing kitchen cabinets with new handles is an incredibly simple and affordable rental property renovation that can yield impressive results. By selecting handles that reflect current design trends, such as matte black or brushed gold finishes, you can create a cohesive and stylish look that resonates with prospective tenants.

Attractive, contemporary handles can provide a fresh look to your kitchen in just a few minutes. This small rental property upgrade can give the impression of a well-maintained space without the need for a full remodel, making it a quick win for any property owner. 

Consider pairing new handles with a fresh coat of paint on the cabinets or even updating the hardware on other furniture pieces throughout the home. Such cohesive updates can create a harmonious flow in the property, making it feel more curated and thoughtfully designed, which can be a significant draw for renters looking for a place they can truly call home.

Update Paint Colors to Modern Palettes

Among the rental property upgrades listed, updating the paint colors in your rental unit is the most time-intensive but can yield significant returns. Traditional white or beige can sometimes come off as bland, failing to capture potential renters' interest.

Selecting modern, trendy yet neutral color palettes can breathe new life into your space. Consider colors that appeal to contemporary tastes, as well as those that may help the space appear larger or cozier. A fresh coat of paint can dramatically change the perception of your rental, helping it stand out in online listings.

When choosing your color scheme, think about the psychology of colors. For instance, soft blues and greens can evoke a sense of calm and tranquility, making them ideal for bedrooms or relaxation areas. In contrast, warm tones like yellows and oranges can create an inviting atmosphere, perfect for kitchens and living rooms. Incorporating an accent wall in a bolder shade can add depth and character to your space without overwhelming the overall design.

It's also worth considering the current design trends that resonate with renters. For example, the rise of biophilic design emphasizes natural elements, so earthy tones and organic hues can be particularly appealing. 

Utilizing paint finishes strategically—such as matte for a sophisticated look or satin for easy cleaning—can enhance both the aesthetic and practicality of your rental. 

Investing time in selecting the right paint colors not only enhances the visual appeal of your property but also creates an inviting environment that potential renters can envision themselves in.

Conclusion

Implementing these rental property renovations will not only elevate the appeal of your rental property but also make a meaningful impact on your ROI. You don’t need a large budget or extensive renovations to achieve positive results. Even small changes can make your property more inviting and desirable to tenants.

If undertaking these improvements feels overwhelming, partnering with a professional property management service like Evernest can ease the process. They can facilitate updates during turnover and provide additional rental property renovation services as needed. Enhancing your rental property has never been easier or more beneficial!

Ready to get started? Contact our local team today!