Maintaining an updated or modernized rental property is one of the key factors in avoiding constant renter turnover. It is also an ideal way to differentiate your property from competitors and maintain its value and functionality. But which upgrades are worth the investment and which upgrades are better to forgo?
Let’s examine the return on investment on rental property upgrades that may or may not be worth the time, energy and cost for your property. 
Curb Appeal Upgrades
The outside of your rental property is the first thing future renters see and the thing your current renters experience daily on their way to and from work. Maintaining a pleasant curb appeal is a win for everyone and a relatively easy upgrade to maintain.
Manicured lawns, colorful plantings, functioning outdoor lighting, and clean and safe walkways, parking spaces and paths are among the outdoor amenities that renters come to expect from a property management company. Keeping these outdoor spaces well-maintained will not only provide a positive first impression for visitors and guests but also ensure your property remains in good working condition.
A property upgrade that some owners or landlords consider adding is a security system that includes motion-activated lighting, video surveillance, access control for tenants, and smart technology, such as smart locks, for safety and peace of mind.
Kitchen Updates
Kitchen appliances are often one of the first things renters examine while touring a unit. They look for functionality and aesthetics, hoping that the appliances are not only in good working order but also well-matched.
Having upgraded appliances, including a stove, refrigerator and dishwasher, is a massive deal to potential renters and could be a dealbreaker if appliances are not in good working condition.
Additionally, by investing in energy-efficient appliances, utility costs can decrease, leading to increased tenant satisfaction and making your property even more appealing.
Bathroom Updates
Valuable bathroom updates don’t mean you need to take the room down to the studs and start from scratch. Instead, make minor upgrades, such as switching out fixtures, faucets, or showerheads, to create a cohesive aesthetic in the space. Or add much-needed storage that can make this high-traffic space easier to deal with.
If you are looking to revamp the vanity or sink area, add new countertops and a stylish mirror with storage that can bring the room together. And, don’t ever underestimate the transformative power of a fresh new coat of paint.
Flooring
According to a Dumpster.com survey, over 25% of renters want their outdated or ratty rugs replaced — so do it for them and give them what they want.
Installing new wood flooring may feel like a colossal task while a renter is currently occupying a unit, so use the turnover time to update the space with fresh, new floors that can make the space look and feel cleaner and more cohesive.
Upgrades to your rental units don’t need to break the bank, and in many cases, may help save money on repairs and utilities. Consider upgrading your units to attract loyal renters and create a community that people are proud to call home. Contact our team at Thayer & Associates for all your property management needs.