In Austin’s competitive rental market, property owners are always looking for ways to enhance their investment returns. Implementing strategic rental property renovations can significantly improve cash flow and return on investment (ROI). This article will explore easy and affordable rental property upgrades that can modernize your property, attract potential renters, and increase rental value.
Introduction
Consider these rental property renovations for boosting the cash flow and ROI of your property in Austin. These easy, and affordable rental property upgrades can modernize your rental unit’s appeal for potential renters and increase its prospective rental value. None of these rental property improvements require extensive capital investments and can be executed quickly during your unit turnover.
Replace Outdated Shower Heads
Modern shower heads improve the visual appeal of bathrooms in rental units, and they can also improve your ROI and cash flow by improving water efficiency. By opting for water-saving shower heads, landlords can reduce water bills while offering an attractive feature to prospective tenants.
The installation is simple and can often be completed in under an hour. Plus, choosing fixtures with sleek designs can enhance the aesthetic of the bathroom. Many modern shower heads come with adjustable settings, allowing tenants to customize their shower experience. This added convenience can be a significant selling point, especially for renters who prioritize comfort and luxury in their living spaces.
Improve Curb Appeal with New Exterior Doors
First impressions matter. As a rental property renovation, installing new exterior doors can significantly improve the curb appeal of a rental unit. An attractive entryway welcomes visitors and can set the tone for the entire property.
In addition to aesthetic improvements, modern doors can boost your ROI by making homes more energy-efficient. Energy-efficient doors can reduce heating and cooling costs, making your rental even more attractive. Investing in high-quality doors with good insulation properties can also enhance security, providing peace of mind for renters. Moreover, a well-chosen door can reflect the character of the property, whether it’s a charming craftsman style or a sleek contemporary design, thus appealing to a broader range of potential tenants. Consider adding decorative elements like stylish door knockers or smart locks to further enhance the functionality and appeal of your entryway.
Update Interior Spaces with New Light Fixtures
This simple rental property upgrade can instantly update your property’s visual appearance, especially if the original fixtures are still in place. Without breaking the bank, you can purchase modern light fixtures for living spaces, the kitchen, and bathrooms that elevate your rental unit into the twenty-first century.
This is also a great opportunity to ensure that you’ve upgraded all of your light bulbs to energy-efficient LED bulbs, which can further reduce utility costs and appeal to eco-conscious renters. LED bulbs have a longer lifespan, meaning less frequent replacements and less waste, which is a significant plus for environmentally-minded tenants.
Consider the style of the light fixtures as well; choosing fixtures that complement the aesthetic of the property can create a cohesive look that enhances the ambiance of each room. For instance, pendant lights over a kitchen island can add a touch of elegance, while stylish sconces in hallways can create a warm, inviting atmosphere. The right lighting can also highlight architectural features and artwork, making the space feel more curated and thoughtfully designed.
Refresh Kitchen Cabinets with New Handles
Modernizing your kitchen cabinets can be as easy as swapping out the old handles for sleek, new ones. Elegant, upgraded handles are super affordable and will make the entire kitchen feel more updated.
This simple rental property renovation can happen in a matter of minutes and without substantial financial investment. An upgraded kitchen can significantly increase the desirability of the rental unit, making it essential for attracting quality tenants. The choice of handles can reflect current design trends, such as matte black finishes or brushed gold, which can add a touch of luxury and sophistication to the space.
Additionally, while you’re refreshing the handles, consider giving the cabinets a fresh coat of paint or a new stain to further enhance their appearance. A light, neutral color can make the kitchen feel larger and more open, while a bold color can add personality and charm. As a combination of rental property upgrades, new handles and refreshed cabinet surfaces can transform the kitchen into a focal point of the home, making it not only functional but also a space where tenants feel inspired to cook and entertain.
Update Paint Colors to Modern Palettes
This is the most time-intensive rental property improvement on our list, but it can make a major impact on the prospective rental value of your unit. Many rental properties default to standard white or beige interior colors, but upgrading to on-trend color palettes will make your rental unit stand out among other online listings.
Choosing colors that are trendy yet neutral can attract a wider range of tenants. To ensure the renovation remains affordable, consider a DIY approach or hire local painters who understand the rental market.
In addition to selecting the right colors, it's important to consider the finish of the paint. Matte finishes can provide a modern, sophisticated look, while eggshell or satin finishes are more durable and easier to clean, making them ideal for high-traffic areas. Furthermore, accent walls in bold colors can create a focal point that adds character without overwhelming the space. This approach allows for creativity while still maintaining a cohesive aesthetic that appeals to potential renters.
Another aspect to consider is the impact of lighting on paint colors. Natural light can enhance certain hues, making them appear brighter and more inviting, while artificial lighting can alter their appearance. Before committing to a color scheme, it's wise to test samples in different areas of the unit at various times of the day. This will help ensure that the chosen colors not only look great but also create a warm and welcoming atmosphere that tenants will love coming home to.
Conclusion
You can quickly and easily conquer any of these suggested rental property improvements. From minor updates that can be done in a weekend to more extensive renovations that require time and planning, these changes can dramatically enhance your property’s appeal and ROI.
If you don't have the time or resources to complete these renovations yourself, consider working with a professional property manager like Evernest. They can facilitate the updates during the property turn, ensuring that your renovations are efficient and effective.
Evernest also provides a full array of rental property renovation services if you need more comprehensive repairs or improvements at your property in Austin. Investing in these changes can position your rental for long-term success in a bustling rental market.
Ready to get started? Contact our local team today!
