Property Upgrades That Help Retain Long-Term Renters

Property upgrades are a fantastic business move that offers significant return on investment. It may cost a pretty penny up front, but it will be worth it to hold on to long-term renters. As an investor and landlord, long-term renters are as good as gold. Multiple short-term tenants in a row may end up being a waste of time and money. But if you can attract tenants that need a more permanent living solution and entice them to renew their lease, then you’re set.

The key is to provide something that’s worth sticking around for. A few well-placed investments will boost your property’s rental value and encourage long-term tenants to stick around. Let’s take a look at some of the most lucrative upgrades that you should consider for your own investment property.

Quality Fixtures

When upgrading your rental property, don’t ignore the little details that make a space feel more luxurious. Doorknobs, locks, cabinet handles, and other fixtures can be a great way to introduce some character and personality. There are dozens, if not hundreds, to choose from, and all come with different finishes that make them unique. Why settle when you could give your tenants something of quality?

Energy-Efficient Appliances

Consider upgrading your old appliances to certified energy-saving alternatives. This is a win-win for everyone involved. Tenants will appreciate spending less on an energy bill every month, and you can market yourself as being more energy efficient.

Upgraded Flooring

Flooring is sometimes overlooked, but it can make a huge difference. Spruce up your space with some quality laminate or tile flooring. It must be tough enough to withstand drops and spills, but it should also be an attractive pattern and color. Long-term renters will appreciate the attention to detail.

Optimized Kitchen

The kitchen is one of the most important parts in any space. For many tenants, it’s a deal-breaker. Splurge on updated appliances, extra room in cabinets and pantries, and plenty of countertop space for meal prep and hosting. This might just be the element that pushes your tenants to consider your space as a long-term living solution.

Landscaping & Curb Appeal

No one wants to live in an ugly house. Keep the exterior of your rental space clean, and invest in some quality landscaping. Trees, flowers, bushes, and usable lawn space will do wonders for your curb appeal. Consider also creating an outdoor space that tenants can enjoy in warmer weather.

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