The Cleveland rental market is pretty strong, and rents are rising pretty steadily. As a rental property owner, you always want to be thinking about how you can increase your rental value and earn more on your property in both the short term and the long term.
One of the best ways to earn more rent is by making some renovations to your property.
Before you panic about how much that’s going to cost, understand that we’re not talking about a complete rehab project. If your rental property is in good shape already and it’s not looking worn and deteriorated, a few cost-effective upgrades and updates are simply necessary to increase the rental value and attract better tenants.
Here are some of the improvements that will earn you the most ROI and higher rents.
Cleveland Rental Property Curb Appeal
Whether you’re renting out a single-family home or a unit in a multi-family building, you want to make sure the property is attractive and welcoming. Spend a little money on landscaping, especially if a yard or outdoor space is one of the best features of the home. Tenants with pets or children will appreciate a fenced yard.
Evaluate the condition of the exterior paint and consider repainting if the property looks faded or the paint is stained and chipping. A quick power wash can breathe new life into the home, and installing better lighting can also have a great effect on what you’re able to charge. Tenants will feel more at ease and secure when there’s adequate exterior lighting or even a motion light on porches, garages, or decks.
Consider In-Unit Laundry
Tenants will always be willing to pay more rent when there’s a washer and dryer available to them. Investing in these appliances will allow you to charge up to $100 more per month in rent. If you own several rental properties and you decide to put washers and dryers in all of them, you can likely get a good discount when you’re buying them.
Update Kitchen Appliances for Energy Efficiency
Appliances impact rental values, especially if your current dishwasher, stove, or refrigerator is older and needing more frequent repairs. Instead of paying repair people to fix these things over and over again, consider updating your appliances. They don’t have to be stainless steel. Just make sure they all match one another. Energy efficient models will be attractive to tenants and cut down on electric, water, and gas bills.
Install Hard Surface Flooring
Carpets are fantastic in bedrooms, but in common areas, hard surface flooring is becoming more popular. If you want to increase your rental value, consider ripping up the carpet and putting in some hard floors. They’re more attractive to tenants because they’re easier to maintain. There are fewer allergens to worry about, and less mess to clean up, especially if you’re renting out a pet-friendly home.
You don’t have to install expensive bamboo hardwood. Instead, look for laminates and even vinyl. It’s cost-effective and will ultimately earn you more money.
These are some of the easiest, quickest upgrades and updates you can make. If you’d like our thoughts on your unique property, please contact us at IIP Management and we’ll be happy to provide an evaluation. We work with owners in the Greater Cleveland area.
