Rental property managers with apartments and multi-family units are recognizing the increased benefits of incorporating renovations to their spaces. Updates small and large can increase an apartment’s marketability. Renovations and improvements will allow you to charge higher rent. And in many cases, because apartment renovations improve efficiencies, upgrades can impact your investment bottom line.
From improving your rental property’s value to enhancing rentability, you know it’s time to consider a few apartment renovations. But you don’t want to necessarily take on complete remodels, and you certainly don’t want to invest in renovations that don’t tap into those inherent benefits. What you need is an idea list of renovations to consider. Keep reading. Here are ten suggestions to help you leverage all those renovation benefits without overspending.
1. Bathroom Makeovers
Improving a bathroom space can be as big or as little of a project as you need. Updating to more stylish and functional showerheads across all your units, for example, doesn’t cost a small fortune and requires less time to complete. But consider renovating sinks, tubs, and shower surrounds, too, if the budget allows. Residents will always appreciate fixtures and furnishings that look new. And lighter colors of these pieces can make a tiny bathroom feel more spacious.
2. Apartment Renovations in the Kitchen
Much like the bathroom, you can tackle a kitchen with a small or large renovation budget and see improvements. Swapping out cabinet and drawer knobs in an apartment kitchen can dramatically enhance the look of the space without an extensive budget. But of course, you can also consider major overhauls in the kitchen that might include new appliances or cabinetry. Sometimes a decorative backsplash or stylish faucets is all an apartment kitchen needs to feel fresh. And an open kitchen with new stools or bar tables is also trending right now among residents as a fun and casual aesthetic.
3. Fresh Flooring Is Often a Must
Apartment spaces are typically small. And with resident turnover, with or without pets and children, it’s often the flooring that takes the biggest hit in usage and wear. Between residents, you might hire professional cleaning services to freshen the space. But ultimately, when you have apartment renovations on your to-do list, fresh flooring is a must consider. There are incredible surfaces out there worth looking at, including laminates, hardwoods, linoleum, and high-traffic carpeting. It’s best to incorporate surfaces that are easy to clean and maintain for your residents and for you in between residents. And remember, lighter shades can make small apartment spaces feel larger and brighter, appealing to potential residents.
4. Lighting Improvement Ideas
Swapping out the old, outdated light fixtures for new, modern styles can significantly improve the look and feel of an apartment space. Better illumination will always make a space feel inviting and open. And if you’re upgrading lighting fixtures across several apartments you own, you can often find bulk discount purchasing offers to leverage, making it an affordable investment. Remember to stick with common wattage and required bulbs, so you do not have to supply expensive replacements. And another lighting feature your residents will appreciate is swapping out traditional switches for dimmer switches, a unique touch they likely won’t readily find at other rental properties.
5. Accentuate the Windows with Modern Treatments
Whether your apartment has few or small windows, or large glass doors to a balcony, windows matter to residents. You can accentuate whatever window styles you have by investing in window treatment improvements. Bamboo treatments are all the rage these days, with light and airy feels. But fresh blinds or accent curtains can help potential residents envision themselves enjoying a space. And if much of your rental unit is bland in color, with whites and beiges, window treatments can help you introduce color and personality to a space.
6. Innovate for More Closet Space
Residents always appreciate innovative and efficient ways to maximize space. And this includes smart use of nooks and crannies that might otherwise go unused. Consider creating additional storage spaces or small closets where your apartment rental permits as part of your renovation. Creative storage areas or even expanding an existing closet can be just the differentiator your space needs to win over new residents.
7. Sliding Barn Doors for a Whole New Look
Traditional interior doors separating bedrooms from main living areas are essential in the apartment life. But don’t forget you have renovation options there, too, when improving your apartment layout. Consider sliding door designs featuring reclaimed wood materials that bring a modern barn door look to an old apartment. Room dividers are great, as well, to help residents make the most use of their apartment living space. And if you can’t spring for big design changes to your interior doors, you can always opt for new door knobs and hardware for a subtle and affordable update.
8. Fresh Paint and Accent Wall Ideas
Most rental property owners will suggest keeping with the same paint palettes across all your rental properties. It’s just easier to replicate, touch up, and manage when you’re only worried about one paint code across all maintenance efforts. And in general, many investors prefer various shades of neutral colors, especially in smaller square footage properties, for a more open feel. However, there are great ways to renovate your apartment rental to introduce new designs that will help your living space stand out from the rest. Just painting an accent wall a different color or introducing a unique pattern of removable wallpaper can stage the perfect living space. Changing out or refurbishing trims can bring dull white spaces to life, too. Get creative with your apartment and explore adding new splashes of color without overhauling your whole paint management system.
9. Plants Add Life to a Small Space
Sometimes, renovating your apartment space completely just isn’t in the budget. But you can explore ways to improve the aesthetics of your rental to make it more appealing during a walkthrough. For example, adding small houseplants to an empty countertop or an outdoor balcony can add “life” to an empty space. You might be able to introduce a fresh bouquet of flowers, as well, for a splash of color. Plants are welcoming and inviting, especially if you tell potential residents they’re a housewarming gift from you as their fabulous new landlord.
10. Make Safety Part of Your Apartment Renovation
As you plan out your apartment renovation and improvements, it’s always a great idea to consider those upgrades that provide added layers of safety to your apartment living lifestyle. These might include updated hardware for locks and deadbolts. You can also add door cameras or app-based security features for an increased sense of safety. These updates can be relatively affordable and present benefits to both you and your residents.
Tap into some of these ideas for your next apartment renovation or improvement effort. You’ll realize countless benefits and breathe new life into your available space. And if you’re still not sure what maintenance or investment property upgrades you should prioritize first, let Axel Property Management help!
