As a landlord, one of the most significant challenges is creating a living space that appeals to everyone. Remember, you won’t be living in the house, so making the right design choices to attract renters is key. After all, there is a limit to the changes tenants can make in a rental apartment. Therefore, many renters would prefer a blank canvas where their personal belongings can add character. Thus, it would be best for homeowners to stick to well-known rules for designing their kitchen, living room, bedrooms, or outdoor spaces. This article explores the top 3 design principles that add value to single-family rental homes. Also, stick around to learn the importance of balancing the price and aesthetics of your designs.
Top 3 Design Principles that Add Value
Low Maintenance Landscaping
While many homeowners overlook their property’s exterior, it is as essential as the interior. Curb appeal is a significant factor in swaying a prospective tenant’s decision, which is why you need to pay attention to your landscaping. When most landlords think of landscaping, they might picture extensive year-round maintenance, shoveling mounds of mulch, and getting dirty.
However, while it requires a bit of a green thumb, there are several low-maintenance tasks that can keep your house looking beautiful. For example, consider adding hardscaping in to your design, planting native greenery, or using perennials to add color year after year. Hardscaping involves decorating with concrete, walkways, and gravel beds which are a great way to cut down on maintenance around the home. Also, you can plant minimalistic trees that require less frequent pruning and raking of leaves.
Neutral Color Palette
While it’s hard to say the best paint color for a rental, you can never go wrong with a neutral palette. When prospective tenants come to your home for the first time, you want them to picture living in that space immediately. Using bold colors or prints in your design can make that visualization harder. However, light neutral tones feel like blank canvas renters can easily envision.
More so, colors like off-white, pale grays, and beige look great in all areas. Another benefit of working with a neutral palette is that it won’t clash with any belongings the tenant moves in. Also, neutral colors are easier to touch-up if scuffs or damage occurs.
One question you might often hear during a house viewing is, “how much storage does the house have?” For many renters, limited storage can be a deal breaker. After all, no one wants to have all their belongings hanging out in the open. Thus, if your rental has limited space, you should consider an upgrade.
Creating extra room in your apartment could cost anywhere from a few hundred to thousands of dollars. It all depends on the project. However, it is often worth it since many tenants are willing to pay for more storage. Some creative ways to extend your living space include knocking down walls to make a bigger closet. If that is not in your budget, consider adding more shelving wherever you can to maximize efficientcy.
The Importance of Balance between Price and Aesthetic
Increased Tenant Satisfaction
Remember that while a rental property might be an investment, it’s home to your tenants. Most people want an affordable home, but one that is beautiful too. Thus, you’ll receive fewer applications if your property isn’t appealing to a wide variety of renters. Additionally, if the rent is too expensive because of your extravagant design choices, prepare for an extended vacancy. When renters feel a rental gives them value for their money, your tenant turnover will drop, and income will remain consistent. To help make the right decision, Bay Property Management Group in Baltimore can discuss design ideas that increase property value.
It Earns You More Money
Finally, finding a balance between price and aesthetics earns you more money. As we highlighted in the previous point, it increases tenant satisfaction. As a result, renters will feel more inclined to stay longer and keep paying rent. Thus, fewer vacancies also mean more money in the bank for you. In addition, cost-effective and appealing upgrades can also increase your ROI.
To be successful, it’s important to provide good rental value and appeal to a wide pool of potential tenants. These top 3 design principles that add value to rental homes can help you do that. Low maintenance landscaping, a neutral color palette, and added storage are some of the most sought-after details for tenants. With these changes, you can create a more appealing space and expand your potential market. As a result, you also improve your chances of securing high-quality and financially responsible tenants.
Of course, overseeing these changes can be challenging. Thus, don’t be afraid to ask if you need an extra hand. You can seek the professional guidance of a property management company to help you. These experts can guide you in selecting the best option, finding a reputable contractor, and overseeing the installation. In turn, relieving you of unnecessary stress and burden.