Top 5 Renovations Tenants Are Willing to Pay More For

Investing in the right upgrades can make your rental property more appealing and allow you to charge higher rent. However, not all renovations yield a high return on investment, so it’s essential to focus on the features tenants value most. Here’s a look at the top five renovations that can help you increase rental income by meeting tenants’ expectations and enhancing their living experience.

1. Modern Kitchen Upgrades

The kitchen is a focal point for many tenants, and a modern, functional kitchen can be a major draw. Tenants appreciate updated appliances, ample storage, and stylish finishes.

High-ROI Kitchen Features:

• Stainless Steel Appliances: Durable and visually appealing, stainless steel is often seen as a premium feature.
• Granite or Quartz Countertops: These materials are easy to maintain and provide a sleek, modern look.
• Updated Cabinetry: Replacing or painting cabinets in neutral colors gives the kitchen a fresh feel without a full remodel.

Why It Matters: A well-equipped kitchen creates a positive first impression and appeals to tenants who enjoy cooking and entertaining, making them more willing to pay a premium.

2. In-Unit Laundry

The convenience of in-unit laundry is a high-priority feature for many tenants, especially in urban areas or properties where shared laundry facilities are limited.

Best Laundry Setup:

• Stackable Washer and Dryer: Ideal for small spaces and easy to install.
• Energy-Efficient Models: Tenants are increasingly eco-conscious, and energy-efficient appliances can be an attractive selling point.

Why It Matters: Tenants value the convenience and privacy of in-unit laundry and are often willing to pay more for the added benefit.

3. High-Quality Flooring

Replacing old carpeting or worn-out flooring with durable, high-quality materials can make a big difference in your property’s appeal. Tenants prefer flooring that is easy to clean and aesthetically pleasing.

Best Flooring Options:

• Luxury Vinyl Plank (LVP): LVP is water-resistant, durable, and has the look of hardwood at a fraction of the cost.
• Hardwood Flooring: Though more expensive, hardwood adds timeless appeal and can justify higher rent.
• Tile in Wet Areas: Tile is perfect for bathrooms and kitchens due to its water resistance and easy maintenance.

Why It Matters: High-quality flooring is not only visually appealing but also reduces maintenance costs over time, attracting tenants who appreciate a clean and modern look.

4. Energy-Efficient Windows and Insulation

Energy efficiency is a growing concern among tenants, as it reduces utility bills and contributes to environmental sustainability. Installing energy-efficient windows and proper insulation can improve comfort and help keep heating and cooling costs down.

Energy-Efficient Upgrades:

• Double-Pane Windows: These windows provide better insulation and reduce outside noise.
• Insulation in Walls and Attics: Proper insulation can improve energy efficiency significantly.
• Programmable Thermostats: Tenants can control the temperature easily, contributing to energy savings.

Why It Matters: Energy-efficient features are attractive to tenants who prioritize lower utility costs and environmental impact, making them more likely to pay extra for these upgrades.

5. Updated Bathroom Finishes

An upgraded bathroom is a highly desirable feature, especially for tenants looking for a comfortable, spa-like experience. Simple but stylish upgrades can go a long way in making your property more appealing.

Popular Bathroom Upgrades:

• Modern Fixtures: Replace faucets, showerheads, and cabinet hardware with modern finishes.
• Walk-In Shower: For properties with space, a walk-in shower adds a luxurious feel.
• Vanity with Storage: Tenants appreciate extra storage, especially in smaller bathrooms.

Why It Matters: An updated bathroom with modern finishes can add significant appeal, creating a sense of luxury and convenience that tenants are willing to pay more for.

Conclusion

By focusing on these high-ROI renovations, you can increase your rental property’s appeal and command higher rent. Tenants are often willing to pay more for properties that offer modern kitchens, in-unit laundry, quality flooring, energy-efficient features, and updated bathrooms. Prioritizing these upgrades will help you attract quality tenants and boost your rental income.

At SMAdvice Realty, where vision meets opportunity, we provide expert advice to help landlords make profitable renovation choices. Ready to increase your rental income? Contact us today for tailored guidance on adding value to your property!