According to the National Association of Realtors (NAR), 43% of home buyers in the US were comprised of millennials. The NAR defines millennials as anyone born between 1981 and 1996, making them between 23 and 38 years old in 2019. This is the largest share of any age group and marks a significant increase from previous years. Whatever the reason, it’s clear that millennials are playing an increasingly important role in the housing market. And as they enter their peak earning years, we can expect this trend to continue.
This is important to note because millennials are known for their preference for efficient and aesthetic living spaces. So, if you’re planning on putting your house up for rent, it’s essential to take this into consideration and make sure that your property is spruced up and ready to go. Here are five areas in particular that you should focus on:
1. Interiors:
When landlords improve a property’s interiors—such as the floors and walls—it can significantly impact renters. Not only will the property look nicer, but it will also be easier to keep clean. In addition, landlords who take the time to improve their property’s interiors are more likely to attract high-quality tenants who will take better care of the property.
Of course, making improvements to a property can be expensive, but it is vital to consider the long-term benefits. Replacing old, worn-out carpet or vinyl can make a world of difference in terms of both appearance and cleanliness. If your budget doesn’t allow for new flooring throughout the entire unit, consider focusing on high-traffic areas like entryways and living rooms.
A fresh coat of paint can also do wonders for a rental unit. Opt for light, neutral colors that will appeal to a wide range of tastes. Avoid any bold or trendy hues that could turn off potential renters. By improving a property’s interiors, landlords can make their property more attractive to tenants and help protect their investment.
2. Fixtures and Finishes:
Improving the fixtures and lighting can make a big difference in how the property looks and feels. It can also be a selling point for potential tenants. By updating these, landlords can show that they are committed to keeping their properties in good condition. In addition, it helps increase the value of the property. Therefore, it is a wise investment for landlords to make before they list their properties for rent.
Replacing old hardware with new, modern pieces is a relatively inexpensive way to give your unit an instant facelift. While shifting from old light fixtures to bulbs with energy-efficient options is not only good for the environment — it can also help you save money on your electric bill. In addition, adding additional light sources (such as lamps) can help make a unit feel more inviting and welcoming.
3. Water Treatment Systems:
Maintaining a rental property is a lot of work. In addition to finding tenants and collecting rent, you’d also have to deal with the day-to-day upkeep of the property. A critical aspect of property maintenance is water treatment.
Ensuring a house has a good residential water treatment system is essential for two reasons. First, it helps to protect the property from water damage. Second, it provides tenants with safe, clean water to drink and use for cooking and cleaning.
Given the importance of water treatment, landlords should make sure to have a good system in place before renting out their property. This step can help protect their investment and ensure their tenants have a comfortable place to live.
4. HVAC Systems:
Before setting up a property for rent, it is important to improve its HVAC system. HVAC stands for heating, ventilation, and air conditioning, and a well-functioning system is essential for creating a comfortable living environment. A good HVAC system will help regulate temperature and humidity levels, ensuring indoor air quality is safe and pleasant.
Furthermore, an efficient HVAC system can help to reduce energy bills, making the property more affordable to tenants. As a result, improving the HVAC system before setting up a property for rent is a wise investment that is sure to pay off in the long run.
5. Exteriors:
First impressions count, so ensuring your property’s landscaping is well-maintained is crucial. Mow the lawn, trim the hedges, and pull any weeds that may have sprouted up. If you have flower beds, add fresh mulch and seasonal flowers before listing the unit.
It is important to take some time to improve the house’s curb appeal. This can help to attract potential tenants and make the property more appealing. Take a look and identify any areas that need repair. This might include painting the trim, repairing the gutters, or power washing the siding. Next, add some personal touches that can make the property feel like home, such as a wreath on the door or hanging holiday lights. By improving the exteriors of a rental property, landlords can ensure that their property stands out from the competition.
By spending a little time and money upfront, you can make your rental unit more attractive to potential tenants, leading to higher rents and fewer vacancy days. So, before you list your property, be sure to spruce up these five key areas!
