Is it time for rental property updates? The best investments you can make for your property are the ones that will keep it occupied (and maximize ROI)!
When a renter is happy in your space, they're more likely to stay. However, a real estate investment that becomes outdated or falls into disrepair won't encourage quality tenants to stick around for more than one lease term. What are the best upgrades that will help attract (and keep) residents? What are some upgrades that could lead to vacancies? Learn more today from our Jacksonville Florida property management experts!
Thoughtful Upgrades Boost Retention (and Returns)
There is a reason that so many owners and property management companies near me offer amenities like laundry rooms, fitness centers, and even inflatable swimming pools. Offering these features can help you attract the type of tenant who wants more than just four walls for rent!
What if you already offer those things? You still have plenty of options to update your real estate investments! Improving your property with smart upgrades doesn't always require a significant investment. Investors also don't have to take their rental off the market to completely renovate a home to make it more marketable.
Smart Home Features
An expert Jacksonville property management team knows that smart features are a great way to attract new renters and convince current ones that their next lease term will be worth it. A property with smart locks and webcam doorbells delivers conveniences and added security that helps renters feel safe at home.
USB wall outlets can also attract residents who work from home and require plenty of plugs for office equipment and to charge devices. Some "smart home" and Energy-Star appliances can also add appeal to your rental. These updates don't require significant renovations and can be a quick and cost-effective way to make your rental more competitive in the Jacksonville FL, market.
Attractive (Yet Durable) Flooring
Jacksonville property owners can achieve the popular look and feel of hardwood flooring without the expense of "true" hardwoods! Replacing outdated carpet with vinyl or laminate hardwood-style durable flooring makes your rental property look fresh without breaking the bank. These materials are also more durable and require less maintenance and care than traditional wood flooring. A property management company knows that renters will thank you for easy-to-keep flooring, especially if they have pets or kids!
Kitchen cabinets get a lot of use and can quickly look worn and damaged. If it's been a while since your last kitchen update, the cabinets could also appear outdated and unattractive to potential renters.
Our Jacksonville property management experts recommend replacing cabinet doors and hardware to make a kitchen look new again. Painting the cabinets can also be an inexpensive way to update your rental's appearance!
Property Management Companies Know These Upgrades Don't Pay Off
What upgrades should property owners avoid? While these upgrades could be the right decisions for your private residence, property managers know they could discourage potential renters from showing an interest in your rental.
High-End Light Fixtures and Countertops
Expensive fixtures and counters look great in property listing photos. You might even want these upgrades in your own home! However, pricy features don't often translate well to what renters look for in a rental home.
Most tenants aren't willing to pay for high-end features when they can find quality rental homes that meet their needs at a lower monthly rent amount. Trade "luxury" for affordable quality that enhances the appeal of your rental without requiring a high rental rate to recover your costs.
Bright, Trendy Paint Colors
Home improvement shows often show off walls with bold paint colors, but this can lead to vacancies in your rental. Repainting a home with the latest trendy colors can make your property less appealing to potential renters.
If it's time to repaint, choose neutral colors that help prospective tenants picture their furniture and home accents in your property. You'll generate more interest and reduce vacancy times when your home appeals to more Jacksonville renters and focuses less on the popular colors of the year.
Updating the curb appeal of your home is an excellent upgrade that can attract quality tenants. However, overdoing it with elaborate landscaping that requires too much time and attention to maintain can deter potential residents.
For more rentals, taking care of the yard and landscape is a tenant's responsibility. Burdening them with shrubs and flowers that require know-how, extensive pruning, or too much watering can be frustrating for renters. Keep it simple (yet tasteful)!
Make Profitable Upgrades With Jacksonville FL Property Management Insights
We hope this guide helps you decide which upgrades to make and when. If you’re not sure what to do with your rental property or are looking for someone who can help you invest wisely and make profitable upgrades, Spectrum Realty Services is here! Our team of property management team experienced has years of expertise delivering management services in Jacksonville that help investors decide how best to upgrade their properties—whether they're single-family homes or multi-family rentals. If you're considering updates to your property, reach out today for insights into the best upgrades that can boost your returns!
Is it time to get your property ready for new tenants? Download our free Make-Ready Checklist!