Best Upgrades for Rental Property – Upgrades Tenants Love

It is said that any kind of rental-friendly upgrade can make investors get their biggest return on investment. Your rental property can have various kinds of issues like cracked foundation, broken windows, carpet, flooring, and more. This can help you rent your house fast. This article has tips about what Best Upgrades for Rental properties you need. It comes down to getting the biggest benefit for the dollars invested.

Tenants Love Clean, Safe, and Affordable Homes

If you have a newer home, you’ve likely got a house with the latest in finished work. These types of houses are always in high demand. I don’t recommend spending much on rental upgrades to these types of homes. It’s just not necessary.

It’s the older homes that need renovation and cosmetic updates. Don’t overspend, it does not matter whether you are investing on expensive upgrades or cheap upgrades. You may not get the money you have invested back. Don’t work on rental property upgrades that waste your time and money.

Your property management company needs to make sure the rental property is very clean when you are trying to lease it. A house that is 90% ready to rent is 10% NOT ready to rent. You’ll pay a price for a house that is 10% incomplete.

Best Upgrades For Rental Property Oklahoma

You don’t need to provide a designer house unless that is your market, such as doing Air BnB short-term rentals. But that doesn’t mean that you should always go cheap. Here is the list of cosmetic upgrades for a rental property after all renovation is the best.

Sheet Rock: Repairing is Easy Even if Tenants Does Anything Wrong

• If you have a house full of wood paneling, plan on tearing it out and hanging new sheetrock. Paneling makes the house look dark. Most people don’t like wood paneling because it makes the house look outdated. In addition, if your tenants put holes in the paneling, you cannot repair it. It’s fairly easy to repair holes in the sheetrock. 

• When you are going to install sheetrock on exterior walls, make sure you insulate behind the wall. If you don’t want to tear down the sheetrock, you can drill a hole in the wall and blow-in insulation.

• Do your electrical and plumbing work first. Once these are done, then you can close up the walls. 

• If it is an older house with lath and plaster walls, you can repair the walls, skim coat where necessary, and texture before painting.

Learn more about Tenants Responsibilities for Repairs

Upgrade Painting: No One Loves Unattractive House

• If you have some marked-up walls, you may not have to do a complete repaint. The best fix is if the wall can be scrubbed clean. If the walls aren’t painted with semi-gloss, this isn’t likely to work. If you have to touch-up paint, the paint needs to be a close match or it’s going to look terrible. That’s why it’s a good idea to leave the leftover paint in the house when you are done painting. And, use semi-gloss paint on the walls.

• Use high-quality paint. Select a uniform color to use in every house and every room. If you try to match the paint, they are always just a little off the true color. 

For the Interior, Use a Two-tone Color Scheme, One Color for the Trim, and One Color for the Walls.

Again, use semi-gloss paint, which is easy to touch up and clean. Walls painted with flat paint will not clean up easily. Pick a wall paint and trim and door color that you will use on every property. That way, you can easily touch up the paint when the renter moves.

• Paint the ceilings white. That will brighten the room because it will reflect more light onto all the surfaces.

• Use one supplier for your paint. You will need to get good technical advice from your supplier on some trickier jobs from time to time. 

• Use an oil-based paint or latex paint that is both paint and primer for exterior painting. This way, you won’t need to use a primer in most cases. That will cut your labor cost because they will only need to apply one coat.

Get to know What are the steps of Getting a House Ready to Rent?

Provide Best Flooring for Tenants: Gives Welcoming Vibe

Different flooring types include ceramic tile, vinyl tile, wood laminate, hardwood flooring, and carpets in rental properties.

Carpets In Rental Properties

• If you are going to install a carpet, don’t spend a fortune buying high-grade carpet. Work off the assumption that it will only last for one tenant before it needs replacement. 

• Most of the time carpets can be steam cleaned between tenants. You would be surprised at some of the stains I’ve seen come out of the carpet with a good carpet cleaner. The exception is the pet smell, especially cat urine. Steam cleaning will not remove the pet smell most of the time. In fact, it often makes it worse because it mobilizes the organic chemicals that create the smells in the pad. You can remove and replace the carpet and pad. If it’s an older carpet that has seen its better days, that’s the best approach. If it still has some life, it’s possible to remove those odors. Over the years, we’ve figured out how to remove those odors 100% of the time.

Hardwood Floors In Rental Properties

• Hardwood floors are great for rental properties. All it takes is one careless tenant with a mangy cat to ruin $2,000 worth of carpet. Hardwood flooring can take a lot of abuse. In the worst case, you will have to refinish it. Have a little carpet in your rental property as possible. Dirty, soiled carpets are unacceptable even in low-income rentals. Wood and tile flooring is easier to maintain and can take a lot of abuse. This is one of the most popular upgrades for your rental property.

• Instead of sanding your hardwood floors, you can often just buff the floor with a commercial floor buffer to remove grime and build-up. Use a coarse scrubbing pad to fit the buffer, a little Comet cleaner, and water. Once you are done with the buffer, mop up the mess. When the floor is dry, wipe it again with mineral spirits. Sometimes the floor will need to be stained, but most of the time you can just apply one or two coats of polyurethane. Your handyman or clean-up crew should be able to handle all this for you. 

Here are some winter reminders for tenants to protect houses from bad weather.

Vinyl Tile In Rental Properties

• There are many different types of vinyl tile, including vinyl plank, commercial vinyl tile, sheet linoleum, and peel and stick.

• The most common type of vinyl tile is the vinyl plank. Vinyl plank has a wood look and comes in a variety of colors. Among vinyl tiles, I think it looks the best. It’s durable, and a very good flooring for any area of the house. It needs to be installed in a warm room and surface. If not, the adhesive will not bond properly, and the flooring will peel up. And, if the tenant damages some of the tiles, they can be replaced rather than having to retile the entire room.

• Commercial vinyl tile is durable but does not have a great look. And, if the tenant doesn’t buff out the flooring, it won’t have that shine that you see in stores with that type of flooring.

• We install sheet linoleum sometimes in small spaces such as bathrooms.

• Peel and stick tile is the least expensive vinyl tile, and the easiest to install. However, it also has a cheap look. This definitely will upgrade your rental property.

Recommended Article: Who is Responsible for Pest Control when Renting?

Ceramic Tile In Rental Properties

• Ceramic tile is the most durable flooring for rental property improvements. And, it can have a great, contemporary look.

• It is perfect for installation on concrete. You can still install ceramic tile on a wooden subfloor in a house with a crawl space, but you have to install a concrete board underneath it to make the subfloor strong enough.

• It is the most expensive type of flooring, at roughly double the cost of a vinyl plank or wood laminate, and more if it’s installed on a wooden subfloor.

Let us help you find the perfect houses for rent in Oklahoma.

Wood Laminate Flooring In Rental Properties

Wood laminate flooring looks good, and it’s affordable. However, I prefer installing vinyl plank over wood laminate because wood laminate flooring is ruined by water. Vinyl plank can come loose if it’s flooded, but it’s simply to dry out the surface and reapply adhesive to fasten it back down.

Light Fixtures: Updating your Lighting is Worth the Investment

• Install new lighting fixtures as needed. Ceiling fans are nice in some common areas, but not needed throughout the house. Ceiling fans are a must in the master bedroom. 

• Spotlights are a nice touch, such as in the kitchen. I recommend the type with ordinary bulbs.

Replace Windows:

Windows are one of the major parts of the house. They are not only installed for aesthetic purposes. They also have other uses, like passing natural light and air. They also help keep the house warm and cold. So, it would be best if you considered upgrading double-pane windows to provide better insulation and muffle outside sounds.

Install Security System:

As you already know, these days, everyone is very concerned about safety, whether it is their property, belongings, or other things. Due to safety concerns, it is important to install a security system to ensure the safety of your property and renters, which will also give you peace of mind.

Clean-Up: No One Likes to Rent a Dirty House

• Once renovating a rental property is complete, you will need to pay someone to do a final detailed cleaning. 

• You will need to have the house and yard initially cleaned up, including hauling off junk, old carpet, and construction debris. Quite often you will need to have a dumpster on location. 

Recommended Article: What is Tenant Improvement?

Why are Renter Friendly Upgrades Necessary?

It will benefit both if you do renter friendly upgrades on your rental property. Here are some of the benefits listed:

Improved Comfort and Functionality

Upgrades like better lighting, security solutions, and improved air quality can enhance the comfort and functionality of a rental unit, making it more enjoyable to live in.

Long-term Cost Savings

Energy-efficient upgrades save money on utility bills but also benefit the environment. These upgrades can be installed without major modifications and can be taken along when moving.

Enhanced Aesthetic Appeal

Simple changes like painting, new flooring, or lighting fixtures can transform the look, making it more attractive and inviting.

Tenant Satisfaction and Retention

Renter friendly upgrades tend to have happier tenants who may be more likely to renew their leases. This benefits both parties by fostering a positive rental experience.

Higher rental income potential

Upgrades like energy-efficient appliances, smart security features, and updated fixtures enhance the property’s perceived value justifying a higher rental rate.

Market Competitiveness

Rental properties that have been renter friendly upgrades may stand out in a competitive market, attracting more potential tenants.

Tax benefits

Depending on local laws, rental property upgrades might be tax deductible. Document the upgrades and consult an accountant to confirm eligibility. This is an additional financial benefit of maintaining and updating rental properties, helping to offset upfront costs. For more information, check out our article on rental property tax benefits.

Conclusion: Oklahoma Rental Property Upgrades

Upgrading a rental property is one of the most important things every landlord or real estate investor should take care of. Doing any kind of rental friendly upgrades always pays off and here I have listed all the inexpensive home upgrades that can be done easily and at the same time can increase our rental value exponentially.

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If you are looking for a trustworthy Oklahoma City property management company that can handle your investment properties and make steady profits, OKC Home Realty Services can be your right choice.

FAQs on Rental Friendly Upgrades