Updated on June 21st, 2024
As a property owner, you know keeping your property clean and well-maintained is essential to attracting and retaining good tenants. However, the rental market is competitive, and to maximize your property’s potential, you can add amenities to make your property more appealing to high-quality tenants. Let’s take a look at the upgrades tenants value the most.
Pre-upgrade Considerations
Before starting a significant renewal project on your property, you must be strategic about it. Your choice of amenities should consider your target tenant demographic, the local rental market, and budget. Thorough market research and understanding your ideal tenant preferences will help you determine which amenities attract and retain tenants the most.
From our experience, some amenities are universally welcomed by tenants, regardless of their lifestyle or housing needs.
8 Upgrades to Make Your Property Stand Out
1 – Modern Kitchen Appliances
Upgrading kitchen cabinets and countertops or including utensils such as a refrigerator, a stove, a dishwasher, and stainless steel appliances can appeal to tenants who enjoy cooking and convenience.
2 – Improve the Bathrooms
Modern fixtures and faucets can dramatically change the look and feel of a bathroom, giving it a fresh and updated appearance. They also tend to be more water-efficient, which can appeal to eco-conscious tenants.
You can also upgrade the shower by installing a better shower head, like a rain shower head or a multi-function shower head that offers different spray patterns. This can be a simple but impactful addition to make the property more appealing without breaking the bank.
Here are other bathroom upgrades you can consider:
- Lighting: Ensure the bathroom is well-lit with overhead lighting and task lighting around the mirror to make it pleasant to the eye. Consider changing the fixtures to modern ones and energy-efficient light bulbs.
- Mirrors: Replace old mirrors with larger or more stylish ones. Mirrors with built-in lighting or anti-fog features can be a nice touch.
- Ventilation: Proper ventilation is essential in bathrooms to prevent mould and mildew. Ensure the exhaust fan is working efficiently, and consider upgrading to a quieter, more powerful model if needed.
- Accessories: Add finishing touches like modern towel bars, hooks, and additional shelving spaces to provide convenience and style.
3 – Include In-Suite Laundry
Having a washer and dryer within the rental eliminates the need for tenants to use a shared or off-site laundromat, which is a desirable convenience. You don’t necessarily need to buy a new washer or dryer; fully functioning, second-hand options are good alternatives.
4 – Air Conditioning and Heating
Reliable air conditioning and heating systems help tenants maintain a comfortable living environment all year. Consider hiring a professional assessment and maintenance company to determine the state of your property’s HVAC system and make the necessary repairs to ensure it works properly before receiving its next tenant.
If your budget allows it, consider installing ceiling fans in living rooms or bedrooms. They’ll be an invaluable asset during the summer months and consume less energy.
5 – High-Speed Internet
Many people rely on a high-quality internet connection at home, especially after the rise of remote work, streaming services, and smart TVs. By including a pre-installed internet service in the rental price, you save your tenants from the hassle of contacting and waiting for the Internet company to go to the unit and start a new service, which many tech-savvy tenants value.
6 – Extra Storage Space
Adding extra storage space with closets and cabinets is an easy and affordable way to enhance your property’s rental value. Tenants who need extra space to store belongings will appreciate this simple improvement.
7 – Green Add-Ons
Many tenants prioritize sustainability and are willing to pay more for a rental that meets their values. Eco-friendly amenities fit practically any landlord’s budget: you can install energy-efficient light bulbs and a programmable thermostat to improve the property’s insulation or install solar panels.
8 – Check On the Insulation and Improve It
Ensuring the property is airtight and insulated in the most critical areas (walls, attics, and basements) will help you make it a comfortable living space, save you and your tenants from problems like moisture issues, improve air quality, and reduce energy costs.
Consider having a professional energy audit performed to identify areas that need insulation and ensure that all work meets the province’s safety standards and regulations.
An Upgrade to Take Your Investment to the Next Level
Hiring a property manager to help you assess the best upgrades for your property is a smart choice. Professional management gives you access to a curated selection of service providers to keep your property rental-ready all year round and the peace of mind of knowing your investment is well-maintained and generating revenue.
If your property is in the Calgary area and you want to enjoy the perks of having a team take care of your landlord’s to-do list, contact us.
