Nearly half of all properties in Nashville, Tennessee are renter-occupied. As investors and landlords, this makes the Music City a prime spot for earning top dollar in rental income. But with the high number of renters comes a high number of rental properties.
Helping your property stand out from the crowd to earn maximum income takes some smart upgrades. Thinking about upgrading your investment property? Keep reading to learn 5 tips to help you charge more for rent to boost your rental income.
1. Give the Bathroom a Refresh
If you're looking to invest in your property in order to increase what you're asking for in rent, you have a few options to choose from. Fresh paint or new flooring can help make a property look clean and modern to potential renters. But one space that can have an even bigger impact is the bathroom.
New, modern features like sinks, tubs, or showers are a great way to not only impress potential renters but also increase the amount of rent a property can fetch.
2. Boost Your Curb Appeal
Some upgrades cost more than others. One simple upgrade that can be relatively low cost but help you increase your rent and keep your units full is to boost your property's curb appeal. Depending on the state of your rental property, this upgrade could include several different things.
In an already well-kept property, simply cleaning up the landscaping, giving the outside of the home a good power wash, and painting the mailbox or fence with a fresh coat of paint can make a big impact. If your investment property has been neglected for some time, you might need to spend a little more to improve your curb appeal, like replacing the home's siding or pouring a new concrete driveway.
3. Upgrade the Roof
Improving your home's curb appeal may be a low-cost way to upgrade your property. Replacing the roof is the opposite.
Copper, tile, or slate roofs can last as long as 50 years or even longer. However, most shingle and composite roofs last just 20 years. An old, damaged, or leaky roof can be a major turn-off for renters. It can also lead to costly damage to your investment property if the leak is left unfixed.
If your roof is at the end of its lifespan or has suffered damage, when long-term renters move out, consider investing in a new roof for your property.
4. Create an Outdoor Space for Entertaining
Nashville is known for its lively social scene. This means that you can expect many potential tenants to love to entertain. One great way to upgrade your space and attract renters is to create an outdoor space for entertaining.
Add seating spaces with shade, an outdoor fire pit, or even a patio to improve the outdoor living space of your property.
Upgrading Your Investment Property
Upgrading your investment property is a great way to boost your rental income and keep your units full. From adding outdoor living space to simply cleaning up the landscape, any of these investments can go a long way toward improving your property and helping it fetch a higher rental income.
Looking for more tips for managing your investment property? Click to learn some tips on being a good landlord.
