Having a smaller rental property can be both a blessing and a curse. Repairs and replacements are generally less expensive, and cleaning and repainting after a vacancy is often easier and faster. But not everyone prospective tenant wants a small home to rent. Even if they don’t need the space, they might think it looks too small to accomodate their life. Worse for you, as a landlord, it can be hard to command top rental prices in your market with a smaller home to rent.
To gain the attention of great tenants and justify asking more in rent, there are things you can do to make your small rental property more appealing and attractive.
Make Your Rental Look Bigger
You can do a lot more than you realize with a few cosmetic changes. Making your rental physically bigger won’t be an easy fix, but making it look bigger doesn’t take as much effort.
Paint the walls a bright, neutral color. Don’t choose a color that creates dark shadows. Change the carpet, tile, or other flooring to a brighter color. Brighter doesn’t mean white or beige. It can simply mean that the color looks clean and not dingy. Add extra lighting and use brighter light bulbs. Whenever possible, use natural lighting but failing that, lighting that brightens an entire room will go a long way in making a home feel bigger.
Make the Rooms Bigger
Technically you could add a room or extend a wall, but it rarely makes much financial sense to do that with a small rental property. If you’re planning a remodel during the next vacancy, look to see what you can do to make a room or two bigger to increase the perception of space.
Do you have an extremely small room that’s not really good as a bedroom? Maybe it can become a bathroom or a walk-in closet.Can you convert two small rooms into a larger room? Tearing down a wall can open up a space and make the entire propery feel larger than it is. Always work with a licensed and bonded contractor for these kinds of projects.
Focus on the Kitchen and Bathrooms
Want to make a rental of any size stand out to any prospective tenant? Update the kitchen and bathrooms. Many renters will overlook certain factors like size in favor of what they really want. A kitchen that has updated appliances, plenty of storage, and isn’t too small is one of them. Next on the list are modern bathrooms that don’t look like they’re a throwback to the 20th century.
Add Storage
Some tenants will overlook the lack of square footage if they’re sure a home will comfortably hold all of their things. Consider adding storage during your next vacancy. You’ve got more options than you realize.
Shelving in the garageA small shed in the backyardBuilt-in shelvesAdditional cabinets
Be careful about what storage options you choose. You don’t want to make small rooms look even smaller in the name of storage.
Offer Extra Amenities
At a certain point, there’s nothing more you can do to make a small rental look, feel, or be bigger than it is. But you want to increase the rent and find the best possible tenants. You’re not out of options. It’s time to think more creatively by adding other incentives:
Security systems, Basic cable, and Lawn maintenance
Consider the neighborhood and property when choosing the amenities to offer, and make sure the increased rent you ask for can more than pay for any extra service you provide.
The changes you make will depend on the type of property you have, it’s structure, and your budget. For big changes, work with a licensed and bonded contractor to make sure everything is done correctly. If a major remodel isn’t an option, get creative about how to make your property as attractive as possible to prospective tenants.
Need help getting your rental in front of great tenants? Not sure how much to charge to stay competitive? Work with a property management company with the tools, skills, and knowledge to help you rent your small space for the highest possible rent. Contact us ERA American Real Estate today!