For you as a property owner in Columbus, the allure of maximizing return on investment (ROI) while attracting quality tenants is ever-present. With a few strategic rental property renovations, you can elevate your rental unit's appeal, all while keeping expenditures manageable. Below, we discuss several effective rental property improvements that can enhance both cash flow and property value, making your rental stand out in a competitive market.

Introduction

Considering rental property renovations can often feel overwhelming, but focusing on easy and affordable improvements can significantly enhance your property's ROI. These renovations can modernize the appeal of your rental unit, enticing potential renters and allowing for increased rental prices. None of the suggestions below require extensive capital outlay and can be executed swiftly during tenant turnover, making them practical for busy landlords.

Replace Outdated Shower Heads

One of the simplest ways to refresh a bathroom without major renovations is by replacing outdated shower heads. Modern shower heads not only elevate the aesthetic appeal of the bathroom but also provide significant functional benefits, enhancing water efficiency. This improvement is highly attractive to eco-conscious renters.

Investing in stylish, water-saving fixtures can lead to lower utility bills for both you and your renters, resulting in long-term savings. Additionally, you may find numerous options in various styles and prices, allowing you to make an upgrade that aligns with your budget. 

Consider adding a handheld shower head or a rain shower option, which can elevate the showering experience and appeal to a broader range of tenants. These features not only add a touch of luxury but can also be marketed as a unique selling point in your rental listings, drawing in more interest.

Improve Curb Appeal with New Exterior Doors

The first impression is crucial, especially in rental markets. Replacing old exterior doors can dramatically enhance curb appeal, making your property more inviting to potential renters. New doors can serve a dual purpose; they improve aesthetic appeal and offer better energy efficiency, which can be a major selling point.

Consider selecting doors with high energy ratings that help maintain indoor temperatures. Such rental property upgrades make your property more attractive; they lead to increased comfort for tenants, which can reduce turnover. 

You might explore options that include smart lock technology, which appeals to the tech-savvy renter demographic. This provides convenience and enhanced security, making your property stand out. With the right exterior door, you can create a welcoming entrance that reflects the quality and care you put into your rental property, setting the tone for the entire living experience.

Update Interior Spaces with New Light Fixtures

One of the most effective yet often overlooked rental property improvements is updating light fixtures throughout the rental unit. Outdated lighting can make even the most generous space feel dull and unwelcoming. By simply swapping out old fixtures for modern designs, you can instantly elevate the ambiance of your property.

When choosing fixtures, look for contemporary styles that fit your rental's overall aesthetic. This also presents a perfect opportunity to ensure that all light bulbs are upgraded to energy-efficient LED options, which not only reduces energy costs for your tenants but also aligns with modern sustainability trends. Consider adding dimmer switches to enhance versatility, allowing tenants to adjust the lighting to suit their mood or activity, whether it’s a cozy dinner or a party with friends.

Think about incorporating statement pieces, such as a striking chandelier in the dining area or sleek pendant lights over kitchen islands, to create focal points that draw the eye. These thoughtful enhancements improve the visual appeal and add a touch of luxury that can set your rental apart in a competitive market.

Refresh Kitchen Cabinets with New Handles

The kitchen is often seen as the heart of the home, and making small changes can have a significant impact on allure. Refreshing kitchen cabinets with new handles is a quick and low-cost rental property renovation that can completely transform the look of this crucial space.

Elegant and contemporary handles can give a bespoke feel to your kitchen, appealing to renters who appreciate style. This rental property renovation can typically be done within a few hours at a minimal expense, making it an excellent investment to modernize your rental without breaking the bank. In addition to handles, consider painting the cabinets in trendy colors or adding a fresh coat of stain to enhance the wood grain, which can further elevate the aesthetic.

Another idea is to complement the new handles with updated cabinet hardware, such as soft-close hinges or pull-out shelves, which can improve functionality and convenience. These enhancements not only make the kitchen more user-friendly but also signal to potential renters that the property is well-maintained and thoughtfully designed, increasing its overall desirability.

Update Paint Colors to Modern Palettes

Among all rental property renovations, updating paint colors may require a bit more time and effort, but the results can profoundly influence a rental's appeal. A fresh coat of paint in modern, yet neutral, trendy colors can set your unit apart from others that may default to bland whites and beige hues.

Choosing on-trend palettes can make your rental unit feel more inviting and contemporary, helping it stand out in online listings. Don’t shy away from bold or unique colors that can add character and charm; buyers are often seeking homes that feel personalized and stylish.

When selecting your color scheme, consider the psychology of colors. For instance, soft blues and greens can evoke a sense of calm and tranquility, making spaces feel more relaxing, while vibrant yellows and oranges can energize a room, creating a cheerful atmosphere. 

Incorporating accent walls can add depth and interest to a space without overwhelming it. A well-placed pop of color can serve as a focal point, drawing attention to architectural features or creating a cozy nook.

Think about how different colors interact with natural light throughout the day. A color that appears stunning in the morning light may look entirely different in the evening. Testing samples on the walls before committing can help ensure that the chosen palette harmonizes with the overall ambiance of the unit. Remember to consider the existing furnishings and decor; a cohesive look can elevate the overall aesthetic and make the space feel well thought out and curated.

Conclusion

Implementing any of these suggested rental property renovations can enhance the appeal of your property while simultaneously boosting your ROI. Whether you choose to tackle these updates yourself or partner with a professional property manager like Evernest, the benefits are clear. A property manager can take the hassle off your hands, coordinating updates seamlessly during tenant turnover.

If your property requires more extensive renovations or repairs, Evernest offers a full suite of rental property renovation services tailored for Columbus properties. By investing in these improvements, you are setting the stage for increased cash flow and a successful rental experience.

Ready to get started? Contact our local team today!