While major updates might not be an option for your rental units, there are little changes that can be made to help spruce up your spaces. The important thing to keep in mind is making updates to your unit that will be beneficial to your tenants.
One thing all renters look for when touring a unit is storage space. Here are some easy, cost-effective ways to increase the storage space in your properties and make them more attractive in the competitive rental market.
- Maximize your space – take advantage of high ceilings or unused walls in laundry rooms, bathrooms and closets by adding shelving. With the space defined, prospective tenants can better appreciate the usable area.
- Add a few perks in tight spaces - sometimes it’s the thought that counts. If your unit only has standing showers with no tubs, consider adding a metal rack to hang from the door or suction to the wall for toiletries. Or, make shelves in the kitchen and bathroom areas movable so tenants can adjust the storage space according to their needs.
- Outside counts as space too – if your unit is short on space and you have a deck or garage, consider adding a storage unit or locker outside. Most renters have possessions like camping gear, tire chains and other things that they’d prefer to keep outside anyway and this provides them with an easy solution.
- Allow improvements - obviously, you can’t have tenants building new decks onto your buildings, but it doesn’t hurt to provide suggestions and make it clear you’re okay with little additions like shelves and cubbies. Most rental agreements cover these cases outlining that all improvements must be approved by the manager, paid for by the tenant and left as part of the unit once the tenant decides to leave.
Today’s rental market it is about adding value without incurring major costs. Tenants always need storage; make it easy for them to see (or picture) the opportunities within your units.
