Salt Lake City real estate investors are always looking for ways to increase their ROI, and it's easy to overlook some critical upgrades that can help! One of the best ways to boost returns is by attracting and keeping quality renters.
The good news is that many upgrades can make your property more attractive to long-term residents—without blowing your renovation budget! Here are ten upgrade ideas that will help you attract the right tenant and maximize your return on investment.
1. Update the Curb Appeal
The first thing tenants see when they look at your property is the exterior of the building. Salt Lake City renters have high standards, and it's important to make a good impression! Start by replacing worn-out planters with new flowers or shrubs that are well-maintained. Consider adding quality lighting to make your property more visible at night.
2. Home and Property Management Technology
Smart home technology can be a significant perk for tenants in the area. Electronic locks and timers for lighting help renters enjoy safety and convenience in your rental.
Upgrading your property management technology can attract long-term tenants, too. Offer an online portal where renters can pay the rent, keep up with their accounts, and submit maintenance requests.
3. Updated Countertops
If the countertops look a little dated, Salt Lake City tenants might be less interested in renting. Update the look of the kitchen with new low-maintenance countertops that improve the look and feel of the kitchen without adding an expensive, high-maintenance feature to your rental.
4. A Fresh Coat of Paint
One of the most cost-effective ways to give your property a fresh look without breaking the bank is by painting! Every time you paint, renters get a fresh "like-new" home, inside and out.
When choosing paint colors, avoid trendy looks, or bright colors that could lose their appeal when they go out of style.
5. New Lighting
Old, dingy lighting can make Salt Lake City rentals less attractive. New light fixtures are an easy way to update your Salt Lake City rental property without a significant renovation project and will make the space feel more welcoming!
Tenants will appreciate the fresh and welcoming look and efficiency of a new LED light fixture in their bedroom or living room. Consider using dimmers to customize the level of light for different spaces. Brighten up your kitchen with bright lights while keeping bedrooms more intimate by utilizing low-level lighting.
Don't forget the exterior! Illuminate outdoor spaces with security lights and other types of lighting to make evenings in the backyard more enjoyable.
Tenants enjoy Salt Lake City, UT rental properties that are energy-efficient and minimize their utility bills. New windows can help make your property more efficient, which may be a welcome change to Salt Lake City renters who have experienced broken or drafty windows in the past.
Replacing outdated appliances with new energy-efficient models also makes your rental more attractive to potential renters. Updating the appliances gives a fresh look to the kitchen while reducing energy costs for residents!
7. Water-Conservation Features
Helping renters reduce their water usage is also a smart upgrade to your real estate investment. Installing low-flush toilets and flow restrictors on faucets can help Salt Lake City residents lower their utility bills without sacrificing convenience or sink pressure!
8. Add Space
Property management companies have seen that more renters are looking for additional space that accommodates room for children to run and play or work-from-home office space. Salt Lake City apartments and single-family homes with a guest suite or in-law apartment can entice renters who crave the convenience of an extra bedroom or need space to set up a home office.
Even if you don't have the space or budget to add a room, marketing a spare bedroom as an office can attract more tenants to your property.
9. Update the Bathroom
A property management company can tell you that bathroom upgrades often cost less than you think while adding significant improvement (and appeal) for a rental property. Start with small things, like new fixtures and a coat of paint. As your budget allows, replace toilets, tiling, and flooring. Creating thoughtful nooks or storage helps maximize the space for renters.
10. Replace Outdated Flooring
Some types of carpeting and laminate flooring simply don't appeal to renters anymore. They can also look outdated without much wear and tear. If you're dealing with carpet stains or low-cost flooring materials that haven't held up well, replacing flooring is one of the best updates you can make to impress renters.
There's no need to go for high-end flooring materials that are hard to keep in good condition. Work with property management experts to choose hardwood-style materials that are low maintenance while adding a modern touch to the property.
Upgrade Wisely and Boost ROIs With Salt Lake City Property Management
These ten smart upgrades can help make your rental property more attractive to quality tenants. When good tenants stay longer, landlords experience better ROIs! If you want to improve the return on your investment and create a long-lasting asset for future success, reach out to Reeder Asset Management today! We’ve helped investors like you generate impressive returns by making wise upgrades to their properties and our expert property management services.
Learn more about improving ROIs! Download our free resource, "10 Things You Should Do To Increase the ROI for Your Investment Property."