As a property investor seeking to enhance their rental income, you may have likely thought to yourself: “How can I make my property attractive to tenants at the top of the price band?” The latest thinking is that rather than just getting the right location, it is your duty to make efforts toward creating an area that appears premium and is made for rent!
A high paying tenant is not only seeking four walls and a roof. They are in need of a new place, a place that would show their success and provide them with less effort in their daily life. The good news? There are strategic changes in the key areas which can turn your property into not just another rental but an absolute must-have household which will fetch high prices.
Design a Show-Stopping Kitchen
The reality is the following: kitchen rentals sell. Tenants with a big income enjoy to cook or entertain, and they are ready to spend much more on the kitchen that does not seem to be an extension.
Start with the countertops. Replace worn out laminate with stone or quality engineered surfaces. Quartz has gained an extreme popularity due to the fact that it appears luxurious, it is not prone to stains as well as to the maintenance of natural stone.
The second thing is your appliances. You do not have to have restaurant quality machinery but the stainless steel appliances of a brand name are an indication of quality. Another big attractant to a serious home cook is a gas cook top, provided that your home has the capability. And a word of advice: install a dishwasher in case of none. It is an obvious thing, but you would be surprised that there are still so many rental properties that do not have this necessity.
Don’t forget about lighting. A pendant light in a dining space or an island provides an extra functionality and beauty to the kitchen rendering it to be more high-end and photogenic.
Upgrade Your Bathrooms for That Spa-Like Feel
The second-most important room in terms of appealing to premium tenants is the bathrooms. The objective here will be to make the room appear as a personal retreat, being more functional than a utilitarian room.
Sophisticated furnishings are immense. Modernize faucets, showerheads and cabinet hardware with modern brushed nickel or matte black finishes. The use of rainfall showerhead is relatively cheap and offers a five star hotel experience on a daily basis.
When you have enough money, you may want to do retiling of the shower or install a glass enclosure. Glass shower doors are frameless, which seem incredibly smooth and creates the illusion of the expansion of even small bathrooms. The neutral tiles come in large sizes that appear contemporary and provide a high-end appearance at a low cost and maintainability.
Invest in Quality Flooring Throughout
There is nothing like battered carpet or scratched laminate flooring as an indication of cheap rental. Tenants who pay a lot of money to rent a house will identify the flooring at the first sight – it is the base of their opinion.
Hybrid vinyl plank floor has transformed the rental properties. It resembles genuine timber floors astonishingly, it withstands wear and tear marvellously, and is a quarter of the price of an actual floor. It is water proof, has no scratches and comfortable underfoot.
In case, you are in a market that regards certain aesthetics as important to professionals especially in urban markets that are investigating novel housing solutions such as modular housing, polished concrete floors may be worth considering. They are very strong, low-maintenance and look so modern industrial.
Choose materials wisely: Sticking to the same flooring throughout main living areas makes the spaces look larger and more whole.
Smart Home Features That Impress
The current high-end tenants desire technology aspects. Smart home functions are no longer a nice-to-have feature anymore, as they are now becoming the expectations of a high quality rental.
Begin with an intelligent thermostat. Nest or Ecobee thermostats indicate that you are interested in the latest convenience and energy efficiency. They are also targeting green friendly tenants who love reduced utility bills.
Another winning product is smart locks. They are secure and convenient, one does not have to worry about misplaced keys anymore. Tenants have an option of giving guests or service providers temporary access codes which is an added value to their day to day lives.
Video doorbells have also gained a lot of popularity which enables them to offer security and assurance, particularly to tenants who work long hours away.
Paint Colors That Command Premium Rent
The impact of fresh, modern paint will never be underestimated. The appropriate color scheme also has the power of making your property look more costly without necessarily spending a lot of money.
No longer builder-beige or cold white walls. More advanced neutrals– consider warm grays, soft greige or even subdued accent walls of navy or forest green–will get an answer out of high paying tenants. Such colors are great to shoot on and transform spaces into spaces that look curated and not generic.
Board-and-batten walling or picture frame molding in living rooms or bedrooms is a good idea to consider. These architectural elements make it interesting to see and have a homely feel that justifies higher rents.
Storage Solutions That Solve Real Problems
Tenants who have high income have busy and complex lives. In-built storage systems that lessen on clutters and add more functionality are very attractive.
Bedroom custom closet systems do not need to be costly. Numerous less expensive modular systems are available that appear to have been designed and custom made, they make good use of space. The same applies to linen closets and pantries, where an addition of adjustable shelf system demonstrates concern on details.
Pull-out drawers, lazy susans, and dividers inside drawers are used in the kitchen to turn regular cabinets into tidy and useful ones. These comparatively minor investments are a good indication that you have considered what people can actually do with the space.
The Financial Viewpoint: Investing Smart
In reference to these upgrades, it would be better to think of them as investments and not expenses. As much as the melbourne financial planners assist their clients to strategise the allocation of the resources in order to maximize returns, the property investors must have a clear picture of what can be obtained in terms of rent difference and retention of the tenants.
Work out your possible ROI on each upgrade. An investment of $3,000 to renovate your kitchen and raise your rent by $50/week pays back in a little over a year- and you will be earning more money over the next years.
Quality tenants will also remain longer and this will save on turnover expense and idle time. When you establish a place that is respected, tenants would react with it.
Bringing It All Together
To get highly paying tenants, it does not have to be gold-plated furniture or excessive luxury. It is about making a carefully planned space, which will improve the day to day life. The renting market has changed and the premium tenants now have a choice. They will invest in properties that can make them feel at home and not in a temporary house.
With the right investments, you put your property on the first space of the market in terms of features: kitchens, bathrooms, flooring, smart technology and considerate finishes. Begin with one or two upgrades of high impact and see how soon the right tenants will notice.
Which improvements have been most successful with your rental houses? Write about your experiences below!
