Five ways to Increase the Value of Your Rental Property
If you own a rental property, you should always be looking for best ways to increase the rental value of the property or to maximize the amount that someone will pay to rent the home. Making changes to your property can make it more enticing for renters and should even entice them to pay more in monthly rent. Here are five ways that you can
increase the rental value of your rental property.
1. Increase the Curb Appeal
When someone pulls up to a rental property, the exterior of the home is the first thing they see. This
vision creates a first impression on potential renters and can help create an emotional attachment to a home.
A renter may pay more for a home that they love immediately upon seeing, compared to a home that gives them
You can find many ways to increase the curb appeal of your rental property. Installing new landscaping;
painting the exterior of the home; pressure washing fences, driveways, and walkways; or adding pops of color,
such as a colorful entry door, can all change up the exterior of the home and increase its curb appeal.
2. Paint the Inside of the Home
Between tenants, take the time to paint the inside of your rental home. Instead of using plain white,
select neutral colors that are warm and inviting. Painted walls help your rental home to look cleaner, newer,
and more modern. The right color can also make smaller spaces seem larger and can brighten up darker
3. Upgrade Your Bathrooms and Kitchen
Bathrooms and kitchens can sell a home. While you may not be looking to actually sell your rental home,
you are looking to sell a renter on the prospect of renting your home. Renters will pay more money for a home
that has recently renovated bathrooms and kitchens featuring high-quality materials that match the price
range you want to list your rental at.
Before upgrading your bathrooms and kitchens, look at other rentals in the area to see what materials are
used and how much rent the properties are rented for. This will help you select materials that renters in the
area want while ensuring you do not over-improve your rental home.
4. Go Green
Renters want to save on their utility expenses and do their part to help the environment. Green features
such as energy-efficient appliances, a cool roof, or solar panels can all be big selling features to local
renters. Not only can you increase the value of your rental home itself, but you may also be able to get more
rent by going green.
5. Consider Extras or Add-Ons
Renters want to know exactly what they will get for their money, and they may go with the property that
gives them the most bang for their buck. The final way you can increase the rental value of your rental
property is to provide your tenants with extras or add-ons.
If the neighborhood has a rec center, consider providing your tenants with a family membership so they
have access to a gym, pool, and other amenities not on your property. Or consider partnering with a
neighborhood landscaper and including landscaping services in the cost of the rent.
These extras can make your property more desirable than a similar property in the area and may help you
get more in rent.
A property management company can help you price your rental appropriately. They can also offer up
suggestions to increase interest in your rental property and increase how much renters will pay to rent it.
Here at Kingston Real Estate & Management, we can help you with all of your property management needs in
the greater Brookline, MA, area. Contact us today to get started.