Want to Increase the Value of Your Single Family Rental Property? Try Renovations

The housing market has always relied on property owners to think creatively if they want the value of their investment to increase over time. The classic way to protect a single family rental property from sliding down in value is by giving it a makeover through renovation.

Renovation projects are not straightforward – they can range from new landscaping and cosmetic upgrades like new paint or cabinets to wholesale improvements like installing a new kitchen, an extra bedroom, or a full bath.

No matter what you choose, renovations that feel fresh, modern, and practical are the surest way to not only increase value, but also to attract quality residents and fetch maximum dollars in a competitive rental market.

Kitchen Upgrades

The kitchen is considered the heart of the home, not just because that’s where meals are prepared and served, but because it’s where people congregate with family and friends. A drab kitchen with dated appliances doesn't show well; small kitchens are also perceived as not functional. Updating the kitchen so it suits modern tastes is critical for securing renters who may be willing to pay more.

High-impact upgrades to consider:

• Purchasing energy-efficient, stainless steel appliances. Not only can they lower utility costs, but they look modern
• Replacing outdated countertops with quartz or granite and add a stylish backsplash. People expect surfaces where food is prepared to be new and clean.
• Upgrading cabinetry with fresh paint or new hardware.
• Installing low-cost upgrades. New faucets or under-cabinet lighting, for example, go a long way in making big impressions.

Bathroom Upgrades

Like kitchens, bathrooms represent another high priority area of the home where both residents and guests spend time. Renters want bathrooms that are not only clean and comfortable, but also functional and appealing. Ways to freshen up the bathrooms in your single family rental property include:

• Replacing dated fixtures with modern, water-saving models that not only are visually appealing but also will lower utility costs.
• Installing new tiles for the floor or wall, or wallpaper.
• Adding cabinetry for extra storage.
• Improving lighting with more elegant and energy-efficient fixtures.
• Replacing your tub with a modern walk-in shower, or the toilet with a bidet.
• Deep cleaning the bathroom, such as regrouting the shower tub or reglazing the tub.

Exterior Upgrades

First impressions matter, and the exterior is the first thing potential residents see when touring your property. Curb appeal matters. After all, renters want to return to a home they feel good about. Transforming your single family rental property from the outside can mean:

• Repainting or pressure washing the exterior for a fresh, clean look.
• Enchasing landscaping such as native plants, shrubs, flowers, or low-maintenance greenery.
• Replacing windows and doors that are more energy efficient.
• Adding modern security measures such as a door camera or motion-activated lighting.
• Installing pavers to replace concrete pathways.

Flooring Upgrades

Floors are one of the first things residents notice when entering a home. So worn or outdated flooring is an immediate message to potential renters that your single family rental property is, well, worn and outdated.

Improving or replacing flooring will not only create a good impression among prospective renters, but it’s a long-term improvement to your investment. Ways to do this include:

• Replacing carpet with vinyl plank or engineered hardwood flooring for a sleek, low-maintenance option.
• Refinishing wood flooring so it looks new.
• Installing designer tile in bathrooms.
• Using waterproof laminate in high-moisture areas like basements.
• Choosing neutral carpeting colors that appeal to a wide range of residents.

Energy Efficiency Upgrades

One way to help your renters is by lowering their utility costs. The fastest way to do this is by retrofitting your property with energy efficient technology, such as:

• Replacing doors and windows with energy-efficient options that improve insulation.
• Adding a smart thermostat that monitors exterior temperatures and adjusts accordingly.
• Upgrading exterior and interior lighting to LED fixtures.
• Replace HVAC systems with modern, energy-efficient models.

Creating Additional Living Space

More living space means more flexibility when it comes to renters. This is especially true in the post-Covid world where remote working and learning have become more accepted. Properties that give renters extra space for houseguests, home offices, and recreation may also fetch higher rents. Areas to consider renovating for more space may include:

• The basement. Depending on your property’s flood history, finishing the basement can result in extra space for home offices, gyms, or recreation rooms.
• The attic. Adding dormers, drywall, or new flooring can help build out a third-floor space to serve your needs: A home office, children’s playroom, or guest bedroom.
• Exterior buildings. A garage or coach house can be transformed into an artist studio, office, or gym, especially with enhanced electric and plumbing.

Simplify Renovations with Lessen

Renovating a single family rental property can be overwhelming, especially when balancing multiple projects across a portfolio. Lessen simplifies the renovation process with a network of over 30,000 vetted vendors and advanced project management tools.

• Expert vendor matching. Connect with qualified professionals for every aspect of your renovation.
• Project transparency. Monitor progress and budgets with real-time updates.
• Faster turnarounds. Our intelligent dispatch system ensures timely project completion.

Thoughtful renovations can significantly increase the value of your single family rental property. With Lessen’s expertise and resources, you can take the stress out of renovations and focus on maximizing your investment.

Contact us today to learn how Lessen can simplify your residential property renovations and help boost your property’s value.

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