As a landlord, the last thing you need is an empty property. Attracting and securing good tenants is a vital skill when you’re in the property rental market. The easiest way to make sure your rental property is always occupied is to ensure they are comfortable, functional, and aesthetically pleasing spaces to potential tenants.

Renovating your rental should be an easy decision to make. The more value your property has, the more money it will make you. These five tips below will help to enhance your rental property and increase your rental income in 2022:

• Add A Garage

Garages add instant value to your home because they offer tenants the ability to protect their vehicle, no matter what the weather conditions are outside. Adding a detached garage onto your rental property can increase your rental turnover by as much as 10% more per year.

Some tenants will immediately rule out a property unless it has a garage, so add one on as soon as possible – so you don’t miss out on some of the better tenants.

• Bathroom Remodel

Modern bathrooms are a major selling point in today’s rental market. Potential tenants are drawn to fancier looking bathrooms because they hold the appeal of a relaxing place to wind down in after a long day.

Maximize your bathroom and provide adequate storage space, that will give your tenants a functional area that is also pleasing to the eye.

• Property Management

Hiring full-service property management in Toronto, might not seem like an immediate enhancement but it absolutely is. Service enhancements are equally as important as physical ones.

The right property management team will respond to your tenant’s problems and enquiries, freeing up your time to focus on other things. These teams are a must, especially if you own multiple rental properties.

• Replace The Carpets

Replace the old, tired carpets in your rental with newer options. It isn’t a massive job, and it can be done in a relatively affordable way, it just takes some time. If you don’t want to replace them, you could choose to remove them entirely and expose the flooring underneath.

Sometimes, older houses have the most beautiful hardwood flooring underneath the carpets – you just need to uncover them.

• Add Natural Lighting

Natural lighting has the most incredible way of completely transforming your rental house. Break down a few walls and make the windows bigger – that way it will encourage the sunlight to brighten up the space.

Naturally, well-lit houses are mood-boosters, and they feel newer and cleaner. That is a necessary renovation, especially if your house is dark and dank. Houses with more natural lighting can command higher monthly rental amounts.

To End

Don’t view housing enhancements as an expense – instead, view them as adding value to your property. Keeping your properties up-to-date and properly maintained will keep the tenants staying for longer and guarantee you a steady passive income for many years to come.

Be smart about your enhancements, and do them as quickly as your budget allows. That way the tenants won’t be disturbed, and you can all get on with your lives.