Keeping your rental property in top shape will help maximize your return on investment and reduce vacancy rate. In addition, routine maintenance and periodic upgrades will allow you to increase your tenant’s monthly rent every time they renew their lease. Here are 5 surefire ways to increase your rental income.

How to Increase Your Rental Income

  • Add a Coat of Paint

A simple, fresh coat of paint can enhance rooms, create eye-catching accent walls, and boost the value of your rental property. However, it’s important to avoid going overboard. Choose neutral colors in order to appeal to a variety of people. Although the generic industry standard is tan or beige, landlords can also opt for white, light blue, gray, taupe, etc. Using quality, low VOC paint can diminish odors, minimize dust and dirt, and improve indoor air quality. In addition to painting the interior of your rental property, consider painting the exterior walls to boost curb appeal.  

If you are painting multiple surfaces, consider purchasing paint in bulk to save money. Be prepared to spend anywhere from $100 to $500.

  • Repair and Replace

Having outdated or faulty home appliances and design will most likely turn off potential tenants. Here are just a few actions you can take to keep your tenant happy and comfortable in their home:

  • Install better countertops
  • Replace cabinets
  • Upgrade plumbing fixtures
  • Replace flooring
  • Add energy efficient windows
  • Replace old appliances

As a landlord, there are all kinds of unique repairs you can do to improve your rental property, increase rental income, and gain the trust of your tenant. Keyrenter Richmond has a large group of qualified technicians and specialists to help with a variety of repairs.

  • Clean and Care for the Exterior

The first thing tenants see is the exterior of your rental property, so it goes without saying that it needs to be immaculate. To improve your property’s curb appeal and increase the monthly rent, consider the following:

  • Pressure wash the outside of the house
  • Plant colorful flowers
  • Mow the grass
  • Upgrade the front door
  • Install outdoor lighting

At Keyrenter, we have personally seen how a clean and cared for exterior can catch the eye of potential renters and increase a landlord’s rental income.

  • Install Wood Flooring

Choosing carpet is a common mistake for rookies. Not only does it stain and give off unpleasant smells, it also needs to be replaced every five to ten years. As a property manager in Richmond, we highly recommend installing wood flooring throughout your rental property. Wood flooring will help your property stand out among other rental properties in the area. Damage done to wood flooring is a simple fix, so it offers landlords enormous cost benefits.

  • Add Smart Home Tech

More and more landlords are offering trendy new tech to maximize their profitability and stand out from their competition. To make your property a smart home, add home security, keyless entry, doorbell camera, strong Wi-Fi, smart thermostats, etc.  We find that smart home tech allows for simpler property management, larger profits, and higher tenant satisfaction.

Bonus: Install a Washer and Dryer

If you really want to impress tenants, install a washer and dryer. Although supplying your property with this appliance isn’t industry standard, going the extra mile will help you attract quality tenants. If you’re looking to rent out a high-end property, consider purchasing new washers and dryers.  Look for a used washer and dryer set if you’re on a budget.

Boost Your Property Investment with Keyrenter Property Management

At Keyrenter Property Management in Richmond, we understand that being a landlord isn’t the easiest job. We hope these inexpensive upgrades have given you inspiration and will help you achieve a rent increase for your rental property in Richmond. If you have more questions about making the most of your investment, send us a message or call us today!