If you’re planning to put your apartment in the market for renting or leasing, upgrading the interior features and fixtures can make it easier for you to attract potential tenants. While undergoing full apartment renovation can be a bit pricey, if you plan to make it a source of income for a relatively long time, it might be to your advantage to completely update your apartment but before you do so, it’s important to look into what tenants are looking for in a place in terms of features, interior fixtures, and appliances. Doing so can save you a whole lot of time and money. Below are some tips on how you can upgrade your apartment to attract tenants based on what people in the market for residential rentals are looking for:
Upgrade Your Apartment’s Color Scheme
People who are looking to rent property in New York are looking for fresher color schemes that make an apartment look bigger and brighter. While keeping everything a neutral white or beige is a safe choice, it won’t hurt to introduce a few light colors like light gray, light brown, or even a soft blue or green if it suits your interior. While a lot of potential tenants also prefer the use of bold colors in residential units, if you want to be safe with your color choices, keeping it fresh but muted will be to your advantage and will probably appeal to more tenants. For long-term leases, it might be a plus for tenants if you allow them to repaint the apartment during the duration of their lease. Since repainting does not require major apartment renovation and is relatively inexpensive, you can just easily change the colors after every lease, you’ll need to apply a fresh coat of paint after a certain amount of time anyway so it won’t really be an additional cost.
Update Your Kitchen
Renters are looking for kitchens that are airy, contemporary, and well equipped. So if you want your apartment to appeal to more renters, if you haven’t already updated your kitchen’s style to a more modern one, then it might be the best time to do so. Kitchens that have adequate storage and counter space with an optimal layout for working will appeal the most to tenants.
Appliances
Most property buyers and renters prefer stainless steel appliances. If you plan to turn your apartment into a source of income then it’s best if you make sure that your kitchen is well equipped with modern appliances. Stainless steel is preferred because it is easy to clean and looks sleek and modern.
While you don’t necessarily have to undergo major apartment renovation to update your apartment, if you think a lot of your interiors need upgrading, it might be cheaper to hire a contractor for a full apartment renovation than to have fixtures upgraded one at a time.