Whether you’ve purchased a rental apartment as a property investment for a vacation rental or to rent out furnished to long-term tenants, you will need to update and refresh the space in order to maximize the rental and financial potential of your investment.
If you have a property investment in a building with multiple units, it’s often the finer details that make one rental unit stand out from another. Any change you make that showcases your unit above the others, and adds to the overall experience of living there, will make potential tenants, feel more inclined to rent your unit.
But before you have potential tenants fill out a rental application and before you even start taking pictures for the listing, there are some key steps to take in order to make your new property investment more desirable for any potential new tenants.
Here are 4 simple low-cost tips to make you furnished rental apartment stand out.
Even if your rental apartment is in pretty good shape when you buy it, it’s likely there are still some signs of past tenants lurking about. The cleanliness of your new investment will go a long way to determining the quality of tenant you attract and rate you are able to achieve, so a deep cleaning of the entire unit is a necessity. You’ll probably want to clean all of the appliances, including the dishwasher, even if someone said they have already been cleaned, since they may not have received the proper attention they really need. It’s also a good idea to clean all the kitchen shelves and give the bathroom a thorough refresh.
New coat of paint
One of the most effective, and relatively least expensive ways, of freshening up any apartment and make it a more desirable rental, is to repaint the unit. Painting the walls with new modern color tones can immediately change the look and feel of the interiors. Hiring a professional painting company will ensure the end result, but if you’re on a budget and want to do it yourself, there are plenty of professional tips out there to help you do it right.
Add quality furniture
While you may be tempted to go with low budget items like fold outs and plastic furniture because it’s a rental, that is the wrong approach. Not only will adding quality modern furniture increase the quality of your rental candidates, it will also allow you to achieve a higher than average rental rate for your market area based simply on the fact that people are always willing to pay more for something that makes them feel as if they are living in a more luxurious environment.
Add quality lighting
It’s hard to overstate the role that good lighting plays in home décor. It certainly controls the mood of a room and can even affect its perceived size. Adding directional lighting is important to draw attention to specific areas. For example, while most rooms will have overhead lighting for overall illumination, you can use table lamps or wall lights to draw the eye to specific art pieces or other attractions in a room. The more lighting you can have in a smaller room the better, as a poorly lit room can feel cramped. The color and brightness of light in a room will also have a great affect as well, so you may want to add dimmers as an added finishing touch.