When you’re trying to drive up rental values and attract the best possible tenants in Los Angeles, what’s the first thing you should do?
We recommend that you update your property.
A few key and cost-effective renovations can launch you into a new rental range. Tenants want a well-maintained home. Well-qualified tenants are looking for some extras. Maybe it’s a tile backsplash in the kitchen or adjustable lighting in the bedroom. Certain details will get their attention and also increase the value of your Los Angeles investment property.
The trick is to know which details make the most sense.
We’re talking about renovations that add value to your Los Angeles property.
Kitchen and Bathroom Renovations Deliver ROI
Where can you get the best results for your renovation dollars?
Two spaces in particular: kitchens and bathrooms.
Kitchens are always going to benefit from updates and upgrades. It can be something big, like new appliances. If you put in stainless steel appliances, tenants will notice and rents will rise. But, you don’t have to go that far. When you need a cost-effective way to replace appliances, look for energy-efficient models that match the décor of your kitchen. As long as all the appliances match, it doesn’t have to be stainless.
Most Los Angeles tenants are looking for an open kitchen with great storage, ample counter space, and working appliances.
For higher property values and rental prices, think about attention-grabbing renovations like shiny faucets and new hardware. Other minor kitchen renovations that can bring in better rents include:
- Backsplashes against the wall, especially above the stove or sink.
- Soft-close drawers.
- Clean, modern cupboards.
- Ambient lighting, such as under cupboards or along shelves.
- Double sinks.
- Garbage disposals.
After kitchens, tenants are going to consider the condition of the bathrooms in your rental property.
Renovating bathrooms may seem difficult. It’s a small space that’s pretty specific when we talk about functionality.
Tenants want an attractive, cozy, and modern bathroom. Give them the details they’re looking for, and your property increases in value.
Here’s what you can do in the bathroom:
- Make sure the tub or shower is clean and sturdy. Check for any mold or chipping tiles or fading linoleum. Apply fresh caulk.
- Change out any mirrors and lighting that make the place look dated.
- Consider a low flow toilet and shower head. These aren’t expensive to install and they can immediately update the bathroom.
Kitchens and bathrooms are ideal starting points. After that, you can hone in on some specific details like floors and technology and landscaping.
Update Floors and Eliminate Carpet
We don’t meet a lot of tenants who are excited about carpet. While it seems like an obvious go-to when it comes to rental homes, you can do better. If you want to increase the value of your home, you should do better.
For many tenants, it’s a health issue. More and more people have allergies and sensitivities to the carpet fibers, which can trap dust and dirt and mites. Tenants with children and pets tend to worry about keeping carpets clean and free from stains and odors.
Hard surface flooring is an upgrade that will have an immediate impact on your rental value and your property condition. This will especially work well in common areas like hallways, living rooms, and dining rooms.
Hardwood floors would be great, but they’re also pricey. Take a look at laminates and faux woods. Even some types of vinyl look great and don’t cost a lot. These floors will increase your earnings because they’re cleaner and easier for tenants to maintain. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet every year.
This is one of the best and most cost-effective renovations you can make. We strongly encourage you to tear up the carpet, and instead of installing new carpet, make the move towards laminate or tile floors.
Upgrade Your Technology and Provide Convenience
Your Los Angeles rental property becomes instantly more valuable when you install some sort of technology to make a tenant’s life easier. Online rental payments, for example, are a big deal.
Today, your potential tenants are increasingly interested in better Wi-Fi, syncing their devices, and security features that allow them to feel like they have more control over their home.
A lot of the technology available today is expensive, but you won’t have to do too much to make your tech-friendly home stand out:
- Make sure Wi-Fi is easy to access. If you’re not providing it, let your tenants know which providers are most reliable.
- Ensure your property is compatible with any of the smart home technology tenants might want to bring in on their own.
- Consider installing a video doorbell. Video doorbells are a big deal right now. Tenants can install a doorbell that shows them who is at the door before they answer it. Even if they’re not home, they can access the link on their phones.
- Let smart devices sync with your property’s functions. You’ll find tech-savvy residents will also want to set their lights to turn on at a certain time and smart thermostats will be appealing.
Choose which smart home upgrades will be most important to your residents, and offer them. With the right technology, you’ll stand out in the rental market and have an easy time charging higher rents.
Landscaping Renovations for Los Angeles Rental Homes
Los Angeles is known for its pretty neighborhoods and its well-landscaped homes. However, we’re also dealing with drought conditions a lot of the time. This can make landscaping a challenge.
You don’t have to provide anything over-complicated at your rental property. In fact, you should keep things simple and low-maintenance so tenants don’t shy away from renting your home.
Make sure you have some great curb appeal going on. The front of the home should look clean and orderly. The grass should be cut and the bushes and trees trimmed. If you’re renting out a multi-family unit, make sure the entrance to the building is appealing and welcoming.
Increasing your rental value is a good reason for renovations, but you also want to attract good tenants and get them into place quickly. Those things will increase what you earn, too. A well-landscaped rental home that looks clean, neat, and inviting will help you attract the right tenants and make your property stand out in a fast-moving rental market.
If you’d like some custom recommendations based on your Los Angeles rental home, we’d love to make them. Please contact us at Earnest Homes.
