7 Rental Property Renovation Trends Holding Strong Through 2024
As a landlord, if you want happy tenants and the best rental prices, renovations are part of doing business. It is your role to keep properties in good quality. Tenants want homes that are bright, welcoming, and modernized no matter when the structure was originally built. In addition to maintenance matters like roof care and water heaters, the occasional renovation can help to keep your rental homes both appealing and high-quality.
To keep your rental home competitive in 2024, which renovations should you plan for during the next tenant turnover? Let's take a look at rental property renovation trends that are still going strong as we head toward 2024.
1) Fresh Coat of Paint
Every tenant turnover should start with a fresh coat of paint. Fresh paint gives you a chance to redefine the color-scheme to meet the latest color trends. It also removes old scuffs and can give almost any house that new-home feeling. Professional painting techniques such as clean lines and painting behind the baseboards make a difference. Along the same lines, a little molding goes a long way at the top and bottom of each wall and where cabinets attach.
2) Safety and Integrity Upgrades
Always make sure to prioritize safety-related upgrades first. If the siding is loose or warping, upgrade the siding before you choose more stylish interior upgrades. Have an inspector confirm that your wiring is safe, that your attic is navigable, and your plumbing is in good condition to ensure that your next tenants get a house that is in tip-top shape. They will appreciate the quality of your rental home as a result.
3) Installing Laminate Wood Floors
Old wall-to-wall carpets are out and wood floors are in. But not traditional and delicate hardwood floors. The latest in rental home flooring is laminate composite board. These floors look and feel like hardwood, but they are much more durable. Warm, springy, and beautiful, laminate boards are actually made with layers of wood board and laminate, which makes a moisture-resistant, scratch-resistant floor that is both beautiful and difficult for tenants to accidentally damage.
This trend has been going strong for over a decade, and the quality of affordable laminate board flooring is only getting better. Whether you're replacing cracked tile or ratty carpet, laminate wood floors are the way to go.
4) New Cabinet and Plumbing Hardware
You don't have to rebuild the kitchen to modernize the space. You might be surprised that subtle changes in the cabinet handles, drawer pulls, and sink hardware are all you need to bring your kitchen decades forward in style. Combined with repainting or refinishing the cabinets and you can create a whole new kitchen - with the same floorplan and an inexpensive upgrade plan.
If you want to go all-out without breaking the bank, replace cabinet doors with a new style but leave the hardboard emplacements. The same trick also works in any bathroom.
5) Swapping Ancient for Energy-Efficient Appliances
Upgrading appliances is a great renovation choice for rental homes. Many tenants are looking for a modern kitchen and recent, energy-efficient models for washers, water heaters, and ACs. Recent appliance upgrades can make any well-maintained rental home more appealing, and black or stainless steel appliances never go out of style.
6) Modernizing Outdated Details
Keep an eye out for remarkably outdated details. Rooster tile backsplash in the kitchen or glaring bathroom vanity lights can really date a house and make it less appealing than the home truly deserves. A few select renovations to modernize outdated details about a rental home can transform your property's desirability for modern tenants.
7) Updating Old Light Fixtures & Adding Light Coverage
Finally, if you've got the time and budget to get creative, upgrading a rental home's light fixture can be very rewarding. Start by replacing old, finish-flaking fixtures that clearly need an upgrade. Choose energy-efficient fixtures in attractively modern styles. From there, work with your electrician to add lights where a home has dark hallways or gloomy corners. Improving the illumination quality in a home can raise it's style, value, and appeal in one delightful improvement project.
Rental Home Renovations with Leaf Management
Renovating a rental home should be a joyful opportunity to reinvest in your property. You can have fun choosing practical and stylish upgrades and your future tenants will appreciate the modern, stylish, and welcoming result. Of course, if rental home renovations are not your idea of fun, you can always rely on a trustworthy property management team like Leaf Management, instead. We'll keep your properties attractive and energy-efficient so you can focus on your next investment strategy. Contact us today to learn more.
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