Innovative renovation ideas that can make your rental property stand out

Following the recent Renters’ Rights Bill, it is harder than ever for tenants and landlords alike to navigate the rental market. 

With rising interest rates and ongoing uncertainty, it’s more important than ever for landlords to attract and retain good tenants. By investing in innovative renovations, landlords and property developers can make sure that their property stands out compared to others in the area. 

From functional storage spaces to amenities that provide convenience and comfort for tenants, here are the best upgrades for rental property to help increase rental and resale value. 

Prioritise integrated storage solutions 

Often, renters don’t want to invest in large furniture like wardrobes or chests of drawers, as they can be a hassle to dismount and transport when they move or they may not want to invest in pieces that won’t fit their forever home. 

In-built storage can be in short supply in many rental properties, especially period properties or converted flats. So, one of the best upgrades for rental properties is to prioritise storage wherever possible. 

Utilising vertical space with built-in wardrobes or cupboards and making clever use of dead space, like the areas under stairs, can help to provide renters with a functional space to store all their belongings. 

If you own a HMO (house in multiple occupation), be sure to provide adequate storage for the amount of people living in your property, especially in communal areas like the kitchen and bathroom. 

Improve energy efficiency  

One of the best improvements to increase rental value that landlords and property developers can make is to improve the energy efficiency of their property. Not only will this help to keep energy bills down for their tenants, but it can increase the resale value of the property too. 

Landlords should consider investing in double-glazing for all the windows in a rental property. Upgrading to double-glazed windows can help to improve the energy efficiency of a property, but it can also: 

• Increase security.
• Decrease noise pollution.
• Improve air quality.
• Increase the long-term value of your property.

Dress new double-glazed windows with made-to-measure blinds to increase efficiency and aid heat retention. Further reduce the amount of heat lost and increase heat retention by adding insulation into loft spaces and draught-proofing doors and floorboards. 

Although it can seem like an upfront cost, upgrading boilers and radiators can help to improve the energy efficiency of your property while also reducing its environmental impact. Be sure to schedule regular maintenance and servicing for radiators and your boiler to increase the longevity of your investment. 

Market your rental property to attract quality tenants 

Once your rental property is ready for rental, focus your efforts into marketing it to attract the very best tenants.

Be sure that you or your estate agent take quality photographs of your property. While you want to show the space in the best view, avoid wide-angle lenses that misrepresent the size of your property. This will end up wasting time when potential tenants come to view your property and are disappointed. 

Instead, focus on maximising natural light and any unique selling points of your property. If you are offering a furnished property, consider the staging and styling and reduce clutter. 

Alongside high-resolution photographs, you can make your rental property stand out by filming a walk-through video to better showcase your space. Even better, add a 3D rendering instead of a flat floor-plan, to allow interested renters to virtually walk through your property and visualise themselves in your space. 

Add appliances to increase convenience 

When it comes to appliances and amenities, there are some nice-to-haves that landlords could consider adding to their rental property to increase convenience and comfort for their tenants. 

Equipping your rental property with an in-unit washing machine will provide convenience to your tenants by avoiding trips to the laundrette. Take this one step further and invest in a combined washer-dryer. Not only will this increase your tenants’ experience, but it can also lead to decreased moisture levels in your property as a result of tenants drying wet clothes indoors. 

A little luxury you could add is a dishwasher. This can improve hygiene in the house, reducing the risk of mice or insects from dirty dishes left on the side, but it can also reduce water consumption, as dishwashers, on average, use less water and work more efficiently compared to hand washing dishes. 

Make the most of outside space

Outdoor space in rental properties is rare, especially in urban locations like cities.  So, if you are fortunate enough to have some outside space at your rental property, be sure to make it usable and accessible for your tenants. 

For gardens, ensure that grass is mowed and fences are well maintained. If gardens are communal or shared, communicate this to tenants and reiterate that they can use the space but they must also keep it neat and free of litter. 

If outdoor space is limited, you can add a window box to the outside window sills to give an element of nature. Opt for low maintenance or even artificial flowers for easy upkeep for you or your tenants. Consider providing patio or balcony furniture to enhance your tenants’ experience in your rental, as well as somewhere to store it in the winter. 

Make the most of any outside space available at your rental property, no matter how big or small, as it will likely be a big selling point for potential renters! 

Don’t underestimate the impact of a fresh lick of paint 

Once you’ve completed any renovations or building works in your rental property, be sure to give the place a thorough clean and a fresh lick of paint. It’s a good idea to keep the walls neutral so you can make the most of any natural light, and provide renters with a blank canvas to add their personality through furniture and furnishings. 

To really stand out, you may want to consider asking your tenants if there is a particular colour they’d like you to paint, or if they have a preference between warm or cool leaning neutrals. 

Alternatively, be open to the possibility of them painting and decorating the house themselves. This can lead to increased overall satisfaction and happiness for the tenant, promoting a better landlord-tenant relationship, and may even encourage a more long-term arrangement. 

Final thoughts 

In the current competitive market, landlords can make innovative rental upgrades to their property to help them stand out and attract quality prospective tenants. 

Considering how the space functions for tenants, like making energy-efficient upgrades that help tenants reduce their bills, adding appliances that offer convenience and providing ample storage, can help to retain good tenants once they’re in your property, and reduce additional costs and admin associated with finding new tenants regularly.