Updated August 1, 2022.
Getting more out of your rental property can require putting more into your property. We’re not talking major renovations—but sometimes, simple upgrades can help your Salt Lake City rental become more attractive to today’s renters.
When your rental has what renters want, you make more money!
However, the wrong upgrades can sink your investment. Unnecessary and expensive updates can be an over-investment that won’t bring the renters you want or the income you need to recover the costs of the updates. Having a profitable investment property for the long haul means knowing the best upgrades to make—and when it’s time to make them!
If you’ve decided to become a property owner, but you’re not sure where to start, we’re here to help! With our experience as professional property management company, we’ve learned a few things about what local renters look for in a rental home! Here’s what investors need to know.
Be Smart
Smart upgrades make you a smart investor! Adding a few technological touches to your rental attracts a wide range of potential renters—without spending a lot of money.
With a growing work-from-home culture and an eye on safety and security, these small updates can make a significant impact on your bottom line! Make your property a bit smarter by adding:
- Smart light switches to help residents save energy and control lighting when away from home
- USB wall outlets to easily accommodate mobile devices used for work or play
- A wifi video doorbell to add security and ward off porch pirates
- A learning wifi thermostat
- Keyless door locks.
Advertising these features in your property listing can help bring more high-quality renters to your property! You can also justify an increase in the rental rate when adding these upgrades. Many renters are willing to pay more for smart home features.
Apply New Appliances
Shiny new appliances are a win-win for property investors. Not only will you boost the appeal of your rental, but you’ll also benefit from a tax deduction when adding new appliances to your property!
Residents love the idea of a fresh, new kitchen with updated appliances. Plus, if you find yourself frequently responding to resident calls about the oven or dishwasher not working, you’ll save money from fewer appliance repairs when you outfit your property with these new items!
If you’re worried about the price tag of a new refrigerator, oven, or dishwasher, you don’t need to invest in top-of-the-line appliances. Choose mid-range, reliable appliances that will be an upgrade for the kitchen and last for several years of resident use—without overspending on the purchase price.
Don’t Discount the Cosmetics
A few cosmetic upgrades can bring fresh life to your property and your pool of potential renters! Updates to the curb appeal can make your rental look like a new property—without the time and expense of significant renovations.
Exterior Touch-Ups
Talk a walk around the property and consider inexpensive updates like:
- A new front door (or repainting the current door)
- Updated, low-maintenance landscaping
- A new mailbox
- Painting the exterior (or power-washing the siding)
- Additional security lighting
A refreshed first impression can encourage more potential renters to want to take a look inside your property! Make sure the interior is as appealing as the exterior.
Interior Refreshes
You don’t want your next potential renters to walk in the door to disappointment after being impressed with the outside of your Salt Lake City property! A few minor updates can make your rental the ‘complete package.’
Make a few thoughtful updates, including:
- Fresh paint that follows current color trends (without being too trendy)
- New window coverings
- Newly-painted kitchen and bathroom cabinets (if needed)
- Adding ceiling fans
- New bathroom fixtures
- LED lightbulbs.
A little bit of love on the interior of your property can go a long way to help you find quality residents and boost your rental property income.
Step up Your Services
Are you still operating your rental property business the same way you were several years ago? It’s time to catch up! Building lasting relationships with residents includes excellent communication and offering online services.
Make sure you can accept online rent payments, offer an online portal for residents to request maintenance services, and have 24/7 availability. If you can’t offer all of these to your renters, then it’s time to work with professional property management!
Upgrade Your Property With Rental Property Management!
Knowing when and how to make the best upgrades to your property requires experience in the Salt Lake City rental market! Property investors can lose money with the wrong kinds of upgrades or when overspending for updates that don’t translate into profits.
The Reeder Asset Management team has years of experience updating our own rentals to meet the needs of local renters! We can help you determine the best upgrades for your property that boost your income. We’ll also support your financial success and keep your residents happy with our expert management services.
If it’s time for a new renter, make sure your property is ready! Use our Makeready Checklist developed by the professionals in local property management!