If you’re trying to increase the rent you make from your rental property, you need to know the right upgrades. There are certain upgrades that allow you to charge more for rent and others that won’t matter much. Let’s look at the top upgrades for a rental property to increase rent.
Most Profitable Upgrades to Consider for Your Rental Property
1. Better Countertops
If you have cheap countertops or old countertops, you can upgrade this portion of your rental property to charge a little more for rent. If you install slate, quartz, granite, or another solid surface, it will boost the value of the home and make it more attractive.
Stone countertops are a great upgrade for any rental property. They often last longer than other options, too.
2. Upgrade the Flooring
Carpet might be okay for some portions of the home, but replacing it with tile, stone, or hardwood is a great upgrade for a rental property. Not only does it make it easier to charge a bit more for rent, but you can also choose to make your property pet-friendly. This can lead to charging rent for the pets and charging a non-refundable pet deposit.
3. Add Storage
Tenants are often looking for properties with storage. They want to be able to store all their things within a garage, cabinets, shed, or any other area of the property. Adding hooks, closet organization systems, and other storage features can help you increase the rent for your rental property.
4. Add a Washer and Dryer
You can increase the rental price with a washer and dryer. This is a feature that many tenants look for as they don’t want to go to the laundromat every week. Adding a washer and dryer can help you increase the rent by $30 to $80 per month.
5. Upgrade the Bathroom
Bathrooms are important in a rental property. Too often, landlords will just put in the basics and rent out the property. Upgrading the bathroom can help you charge more for rent.
You can add a new toilet seat or even a new toilet. It’s also smart to add a nice showerhead instead of just a basic one. If you make the bathroom look nice, clean, and modern, you can charge more for rent.
6. Upgrade the Security
Tenants want to feel safe in your rental property. you can upgrade the security by adding new doors, windows, or even an alarm system. You can also add upgraded locks for better security. This can help make your tenants feel safer and they may pay more for rent every month for these features.
Upgrading your rental property can lead to a higher rent you can charge every single month. This can make it easier to profit from your rental properties. Often, the upgrades will also add value to your property. If you want to charge a higher rent amount, use these upgrades to make your rental property more appealing.