Rental properties can take a beating due to the neglect of often apathetic and irresponsible tenants, but there are a decent number of cheap ways to improve a rental property that involve little more than a few hundred dollars and a weekend of a landlord’s labor. It is critical to any landlord to make a rental unit as attractive as possible before it can be again placed on the market, and to make necessary repairs and upgrades as cheaply as possible increases profit margins and makes a rental property that much easier to lease. Little things can mean the world to a potential renter, and by using cheap ways to improve a rental property a landlord can make certain that as many areas of contention are tended to as become necessary to receive top dollar on a new lease.
One of the best cheap ways to improve a rental property is to clean the location thoroughly from top to bottom. In residential rental units every single wall, ceiling, counter top, cabinet and window should be cleaned as well as is physically possible in order to make dated items look more modern. Kitchens and bathrooms require special attention to remove remnants of past tenants, and every rental unit should be deodorized before attempting to find a new tenant. It is especially important to disinfect appliances such as refrigerators, dishwashers and laundry appliances to give the appearance of a germ-free environment. Carpets should be cleaned and tile floors should be made to shine like new again. It’s important for a landlord to remember that creating a hygienic rental property is the goal so that the maximum rent can be obtained.
After cleaning, one of the better cheap ways to improve a rental property is to go around the unit and replace worn or broken light switch and electrical plates, drawer handles and door handles. This can usually be accomplished for under $50 in an average apartment, and makes a major difference in the appearance of a rental unit. Next, a good cheap way to improve a rental property is to replace worn faucets and bathroom hardware, and the cost to do so is very minimal. Even something as minor as a few new ceiling light fixtures can improve a rental property and make potential renters more attracted to a specific property.
Lastly, a good way to improve a rental property is to ensure that the location is secure with new locks and adequate exterior lighting. A rental unit that is clean, safe and provides a measure of personal safety is one that is easier to rent, easier to maintain and more profitable.