Maximizing Rental Income: Top 10 Apartment Upgrades that Attract Quality Renters
Upgrading apartments help to keep them relevant in the 21st century. But more importantly, it helps residents feel at home, which leads to your community being more desirable! While it’s hard to follow every new trend, here are 10 rental-friendly upgrades to implement that will take your property from ordinary to EXTRAordinary!
1. Modern Apartment Kitchens
It’s been said that the kitchen is the heart of the home. This can be especially true within open-concept apartments. So whether community members are world-class chefs or takeout regulars, the kitchen is an important spot for most renters. Create a crisp and clean feeling by adding white kitchen cabinets, include modern light fixtures, and updated stainless steel appliances. If you are feeling bold and want to impress, try to incorporate an accent wall in the kitchen/living space or encourage renters to use rental friendly upgrades, such as peel and stick wallpaper.
2. Upgraded Bathroom Fixtures and Features
The bathroom may not be considered the heart of the home, but it's still a highly important space for potential renters. Follow a similar design as the kitchen to help create an aesthetic and cohesive look. Find features that make your apartment stand out. Install high-quality shower heads, include double vanities, or paint an accent wall in a neutral color. Again, encourage renters to use rental friendly upgrade options if they want to spice up the space.
3. Energy Efficient Appliances and Lighting
Saving money is always at the top of renters’ lists. Outdated appliances tend to work less efficiently in regard to energy use; using more energy efficient appliances will help to lower cost. Make sure that all light fixtures are placed in primed areas to give the most light. This can help lower costs by minimizing the number of bulbs used. If possible, let natural light in by installing windows or skylights.
4. Stylish Flooring and Window Treatments
Installing modern flooring and window treatments are two simple upgrades that can increase renter retention. No matter the style of flooring, upgrading units to include affordable modern options like vinyl or laminate floors can make a lasting impression. It is an attention getter for many renters and is a telltale sign of active apartment upkeep. Likewise, window treatments not only elevate the unit's look, but they provide privacy and assist with conserving energy costs.
5. Enhanced Apartment Security Systems and Access Control
A top priority for all residents is security! Including a security system will help residents feel at home and safe. Access control allows residents to have full control of their unit at home or while away on their devices. BUT - access control doesn’t start when a renter moves in, it can assist potential residents through the opportunity of self-guided tours. Also, allowing staff to focus on other items at hand.
6. Convenient In-Unit Laundry Facilities
One amenity many renters seek out is in-unit laundry facilities. Including in-unit laundry gives residents a feeling of control and peace, not to mention the obvious convenience. Many apartments still offer laundry facilities on-site, but installing in-unit appliances can help give your community a competitive edge.
7. Smart Home Technology Integrations
Introducing smart home gadgets in your apartments is the new hot ticket for attracting potential renters! Quext IoT is our affordable smart home technology solution that features our smart hub-embedded thermostat as the IoT control center. With IoT, renters can have the ability to control both thermostats and locks from their phones, even remotely! Plus, our smart locks provide two layers of protection and our thermostat’s settable programs can enable temperature scheduling to support energy efficiency and cost savings for everyone.
8. Outdoor Apartment Living Spaces
As mentioned in a previous blog, potential renters not only look for personal amenities but community amenities as well. Advertise what outdoor living spaces are available to community members! Where can they walk their puppers? What about having a cook-out? Is there a space on the rooftop where they can watch the sunset?
9. Ample Storage Solutions
One of the best (and easiest) upgrades to perform is making the most of each unit’s space. Providing any storage space goes a long way with potential renters. Include a space for renters to hang pots and pans, freeing up cabinet space. Make sure the shower has some form of a caddy. If there is room at the end of an island or an empty wall, create a built-in bookcase. The possibilities are endless!
10. Enhanced Apartment Community Landscaping
Curb appeal is everything! This is the first-impression prospective renters will have of the apartment itself. A fun idea to keep the landscape refreshed is to update some of the flowers and plants based on season! Always look to see what type of plants grow naturally in your areas for the best results. This is just another detail that indicates the level of care staff members have for the community.
Investing in Apartment Upgrades for Long-Term Rental Success
Overall, any and all apartment upgrades that are made show community members that they are appreciated and cared for as residents. Your apartment units aren’t just buildings, they’re the places that people call home. So make them luxurious and welcoming: a home sweet home!
