Welcome back to the second installment in our 2-part series on rental property updates that improve your investment.
In the first post, we laid the groundwork with broader strategies to enhance your property’s overall appeal, focusing on creating high-quality, comfortable properties. We discussed the importance of offering the best property, setting fair market rents, and providing top-notch property management. And we shared tons of examples and beautiful photos from our own properties, focusing on bigger-picture factors like curb appeal, indoor spaces, private outdoor spaces, and more.
If you missed it, you can check that post out here:
Today, we’re zooming in on the specifics, exploring essential upgrades in 3 key areas:
- Kitchens
- Bathrooms
- Bedrooms
Central to tenants’ daily life and decision-making process, these areas are great places to focus your renovation efforts and dollars. Thoughtful improvements like modern kitchen appliances, luxurious bathroom fixtures, and calming bedroom environments can significantly increase both the desirability and value of your rental property.
Let’s dig into our lookbook and tips:
Kitchens:
A well-designed and equipped kitchen is a cornerstone of any desirable rental property. Known as “the heart of the home” for good reason, kitchens are a place where most tenants know they will spend a significant amount of time, so they want functionality and aesthetics to come together seamlessly. At Epic, we especially focus on the following:
Stainless Steel Appliances
Stainless steel appliances bring a modern, sleek look to any kitchen, appealing to prospective tenants with their stylish appearance and ease of maintenance. They are also known for their durability and ability to resist stains and odors, making them a practical choice for the long-term maintenance of your rental properties.
And don’t be afraid of the price tag: typically, a full suite of stainless appliances costs only 10 – 20% more than traditional white appliances.
Granite Countertops
Granite countertops are a significant draw for tenants, due to their luxurious appearance and rugged durability. They resist scratches and heat, making them ideal for a rental setting where longevity and low maintenance are key. Granite also adds to the property’s value through its timeless appeal.
Tiled Backsplashes
Tiled backsplashes serve a dual purpose: they protect the walls from spills and stains while adding an element of design. A backsplash can instantly elevate a kitchen’s aesthetic, making the space more appealing and offering a personalized feel.
Over-the-Range Microwave
Installing an over-the-range microwave saves precious counter space—a crucial factor in smaller kitchens. When this setup is an option, it’s a great choice, as it integrates cooking functions and ventilation in one, streamlining functionality and freeing up room in the kitchen.
Effective Lighting
Proper kitchen lighting is vital, as it enhances the room’s ambiance while improving functionality. Bright, well-placed lights can make cooking and socializing in the kitchen a more pleasant experience—and help the space leave a great first impression on home shoppers.
Bathrooms:
Bathrooms are critical in shaping a tenant’s perception of a rental property, often serving as a key factor in their decision-making process. Well-appointed bathrooms that combine functionality with style can significantly enhance the livability and appeal of a property.
Fixtures
Even in the most simple bathroom, it’s essential to select appealing and durable fixtures.
When choosing fixtures like faucets, cabinet pulls, towel racks, and toilet paper holders, look for quality and simple, clean lines. Fixtures should be durable and stylish, reflecting a look that complements the bathroom’s overall design.
Showers and Tubs
Showers and bathtubs are a focal point of any bathroom and should always be fresh and up-to-date. In higher-end properties, tiled shower surrounds are essential for elevating the bathroom’s luxury appeal. They offer a durable, water-resistant surface that is aesthetically appealing and easy to maintain. And the wide variety of available tile designs allows for customization that can match any decor.
Vanities
Pair well-designed vanities, medicine cabinets, and vanity lighting with ample storage to enhance the bathroom’s functionality and aesthetic. In high-end rentals, these elements are particularly valued for their blend of luxury and practicality.
Bedrooms
Don’t overlook the bedroom when optimizing rental properties. This private space plays a big role in tenant decisions. Here’s what to aim for:
Finishes
High-quality finishes in the bedroom, such as soft carpeting and beautiful paint, create a warm and inviting atmosphere. Remember the paint tips described in the first post in this series:
A 3-tone paint scheme creates a cohesive, fresh look that appeals to a broad range of tenants:
- Eggshell for walls, in a neutral hue
- Semigloss white for trim and doors
- Flat white for ceilings
In addition, be sure to install high-quality, durable flooring—and keep it in great condition. Nothing makes a prospective tenant say “no thanks” like a stained or damaged bedroom floor.
Closets
Tenants look at closets! Ample closet space is essential. And the look of the doors matters as well: 6-panel doors are a great choice in bedrooms and throughout the property, adding a touch of architectural detail and quickly elevating the overall look.
Pass It On
Know someone who would like to take a look at these examples of rental upgrades—or other topics covered in the Epic Property Management blog? Please share a link to this post or encourage them to subscribe.