The rental market can be highly competitive. And, as a property manager or owner of an apartment or office, you know how important a few essential updates can be. There are a number of potential remodeling projects and current tenants are waiting for and knowing what they are can really help you get an edge on the competition. Here’s a quick rundown of the top tenant-requested upgrades and why prospective tenants look for them in a place to rent.
Windows – First of all, when considering any large-scale tenant upgrades before you rent your property, new and upgraded windows should be at the top of your list. Older properties in particular will benefit from updated windows. Newer insulated windows are one of the first features a potential tenant looks for, especially if he or she will be responsible for paying heating and cooling bills. The new windows will regulate the interior temperature, thus increasing energy efficiency.
Storage – What are the cabinets like? Today, ample storage space is an absolute essential for any home or office. Potential tenants want to make sure there will be enough space to store clothes, toiletries, files, and more. While you can’t increase the size of your property, there are several ways to increase the size of your storage. You can create storage space where none existed before, as well as make the most of storage areas you already have.
Clean walls, new paint – this one is essential. Whether or not you have the time and budget for large-scale tenant improvements, you should never turn over a rental property without giving the whole place a fresh coat of paint. Freshly painted walls provide an overall cleaner appearance and show tenants that you put in the time and effort to prepare it for future residents.
Kitchen and Bath Renovations: Small but impressive details like new faucets, light fixtures, backsplashes, and energy-efficient appliances will update the look of your unit and make it more appealing to prospective tenants. If you can only focus on one or two areas during your next round of tenant improvements, make it the kitchen or bathroom.
Amenities – Add amenities that draw tenants to other areas of the building. Install a new gym, common area, or laundry room to increase your building’s rental potential. With today’s emphasis on healthy living, having an on-site gym is an attractive feature for your building; whether you rent apartments, offices or others.
And these are just a few of the renovation and remodeling projects you should consider to attract new tenants. So, start gathering inspiration and ideas and call your local contracting experts to get your condo, office or apartment renovations started!