When it comes to maximizing return on investment (ROI) for rental properties, choosing the right renovations is essential. In St. Louis, a city with diverse neighborhoods and varying demands in rental properties, strategic rental property upgrades can significantly enhance cash flow and attract quality tenants. This article covers a range of rental property improvements you can implement to modernize your rental units without a hefty financial burden.
Introduction
Consider these renovations for boosting the profitability of your rental property in St. Louis. These easy, and affordable renovations can give your rental unit a modernized appeal and increase its prospective rental value. None of these rental property upgrades require extensive capital investments and can be executed quickly during your unit turnover.
Replace Outdated Showerheads
Modern showerheads improve the visual appeal of bathrooms and improve your cash flow by improving water efficiency. In today’s eco-conscious market, renters appreciate water-saving fixtures that contribute to lower utility bills.
Upgrading to contemporary designs can provide an aesthetic upgrade that resonates with prospective renters. These improvements can often be installed within hours, ensuring that the renovation does not disrupt the turnover timeline significantly. Consider incorporating features such as adjustable spray settings or rainfall showerheads, which can elevate the showering experience and make your rental unit stand out. By offering a touch of luxury, you can attract a wider range of tenants willing to pay a premium for enhanced amenities.
Improve Curb Appeal with New Exterior Doors
New exterior doors can enhance the curb appeal of a rental unit for prospective renters. First impressions matter, and a stylish entrance can make all the difference when showing the property. Modern exterior doors can also boost your ROI by making homes more energy-efficient.
Investing in quality doors will not only secure the property but will also reduce heating and cooling costs, which can be an attractive selling point to potential tenants. Plus, the variety of designs available allows you to choose options that best match the style of your property, adding character and value. Consider options that include decorative glass panels or sidelights to let in natural light, creating a welcoming atmosphere. Moreover, a fresh coat of paint or a new finish on the door can further enhance its appeal, making it a focal point that draws attention and compliments the overall style of your rental unit.
Update Interior Spaces with New Light Fixtures
This simple swap can instantly update the visual appearance of a rental property, especially if the original fixtures are outdated. Without breaking the bank, you can purchase modern light fixtures for living spaces, kitchens, and bathrooms that elevate your rental unit into the twenty-first century.
This rental property improvement provides a great opportunity to ensure that you’ve upgraded all of your light bulbs to energy-efficient LED bulbs. These enhancements provide a fresh look and are cost-effective in the long run, appealing to budget-conscious renters. The warm glow of LED lights can create a welcoming atmosphere, making spaces feel more inviting and comfortable. Furthermore, many LED options come with dimmable features, allowing tenants to customize the ambiance according to their preferences, whether they are hosting a dinner party or enjoying a quiet evening at home.
Refresh Kitchen Cabinets with New Handles
Modernizing your kitchen cabinet doors with new handles is a fantastic way to give the whole space an updated feel. Elegant, upgraded handles are super affordable and can be installed in minutes, allowing for easy execution within your turnover period.
This simple rental property improvement can lead to a significant visual transformation of the kitchen, the heart of any home. A functional and modern kitchen is often a key attraction for renters, making this a worthwhile improvement for any landlord.
Consider pairing the new handles with a fresh coat of paint or a stylish backsplash to further enhance the kitchen's appeal. These small changes can create a cohesive and stylish look, making the space a joy to cook and entertain in. By investing in these aesthetic upgrades, you can significantly increase the perceived value of your property, attracting tenants who appreciate the attention to detail.
Update Paint Colors to Modern Palettes
This is the most time-intensive rental property improvement on our list, but it can have major impacts on the prospective rental value of your unit. Many rental properties default to standard white or beige interior colors, but upgrading to on-trend yet neutral color palettes will make your rental unit stand out among other listings.
Using modern, fresh colors can breathe life into these rooms and make them more inviting. Consider colors that are not just beautiful but also maintain a cohesive look throughout the unit, which could lead to faster renting and potentially higher rent prices.
When selecting your color palette, think about the psychology of colors and how they influence mood and perception. For instance, soft blues and greens can create a calming atmosphere, ideal for bedrooms or relaxation spaces, while vibrant yellows and oranges can infuse energy into kitchens and communal areas.
Incorporating accent walls or unique color combinations can add depth and character, making your property feel more like a home rather than just a rental.
Think about the type of tenants you want to attract. Young professionals may appreciate sleek, modern tones like charcoal gray or navy, while families might prefer warmer, earthy hues that create a cozy environment. By tailoring your color choices to your target demographic, you enhance the aesthetic appeal while increasing the likelihood of attracting the right tenants who will appreciate and care for your property.
Conclusion
You can quickly and easily conquer any of these suggested rental property improvements. Each renovation can make a meaningful impact on the overall appeal and value of your rental property in St. Louis. Or if you work with a professional property manager like Evernest, you can have your property manager facilitate the updates during the property turnover.
Evernest also provides a full array of rental property renovation services if you need more comprehensive repairs or renovations to your property in St. Louis. By investing in these strategic renovations, you set the stage for a fruitful rental experience that maximizes both cash flow and ROI.
Ready to get started? Contact our local team today!
