Top 10 Rental Property Upgrades to Attract Quality Tenants and Boost ROI

If you're a property owner looking to improve the return on investment (ROI) on your rental property, the right upgrades can work wonders. With a desirable rental home in excellent condition, quality tenants are more likely to pay a higher rent and stay longer, reducing your turnover costs. 

So, what makes a rental property appealing to the best renters in the Virginia Beach area? Today, our property management experts have compiled a list of top ten thoughtful upgrades that can make your property a renter's paradise and improve your ROI on rental property — without doing too much rehab!

10 Property Rental Updates

1. Add Smart Home Technology for Modern Appeal

Why It Works: Smart home technology is increasingly popular, particularly among tech-savvy tenants who value convenience and security. Incorporating these modern features can set your property apart in a competitive rental market. Upgrades to Consider:

• Smart thermostats that help control heating and cooling costs.
• Keyless entry systems for easy and secure access.
• Wi-Fi-enabled security cameras for peace of mind.

Pro Tip: Unsure about what tech upgrades to prioritize or how to install them? A professional property management company can help you source, set up, and manage smart home features, making the process stress-free for landlords.

2. Improve Lighting for a Brighter Living Space

• Why It Works: Lighting plays a crucial role in shaping the atmosphere of a space. Well-lit homes feel inviting, clean, and modern, while poorly lit-properties can seem small, unappealing, and even outdated.
• Upgrades to Consider:
  • Replace old fixtures with modern designs.
  • Use energy-efficient LED bulbs that provide bright, natural-looking light.
  • Add under-cabinet lighting in kitchens for a sophisticated touch.
• Added Benefits: LED lighting doesn’t just look better — it consumes less energy, reducing utility bills. Tenants who value energy efficiency will see this as a big plus, making your property more attractive.

3. Install Water-Saving Fixtures for Lower Utility Bills

• Why It Works: Tenants often factor in the total cost of living when choosing a rental, and utility bills can play a significant role. By installing water-saving fixtures, you make your property cost-efficient and eco-friendly, which appeals to a broader range of renters.Upgrades to Consider:
  • Low-flow toilets that use up to 70% less water per flush.
  • Aerated faucets to reduce water flow without sacrificing pressure.
  • Water-efficient showerheads that lower water usage while still providing a luxurious experience.
  Added Value: Environmentally conscious renters are often willing to pay a premium for properties with sustainable features. These upgrades also position your property as modern and responsible, making it stand out.

4. Choose Modern Flooring for Durability and Style

• Why It Works: Flooring is one of the first things tenants notice. Outdated, worn-out, or damaged flooring can make an otherwise well-maintained property feel neglected, while modern, stylish options elevate the overall aesthetic.
• Best Flooring Options:
  • Luxury Vinyl Planks (LVP): Offers the look of hardwood with the added benefits of being water-resistant, durable, and cost-effective.
  • High-Quality Laminate: Mimics natural wood or stone at a fraction of the price, and is easy to clean.
• Long-Term Benefits: These flooring options are highly resistant to wear and tear, lasting 20–25 years with minimal maintenance. They’re ideal for families, pet owners, and busy professionals, making them a sound investment for landlords.
  
  

5. Boost Curb Appeal for a Lasting First Impression

• Why It Works: A property’s exterior is the first thing potential tenants see, and first impressions matter. A well-maintained, inviting exterior can set the stage for a positive viewing experience, while a neglected exterior may deter renters before they even step inside.
• Simple Curb Appeal Enhancements:
  • Add landscaping with low-maintenance plants and mulch for a polished look.
  • Power wash driveways, sidewalks, and exteriors to remove dirt and grime.
  • Repaint the exterior with neutral, modern colors to freshen up the property.
• Pro Tip: Even small upgrades, like updating the front door or adding pathway lighting, can make a big difference in the overall perception of your property.

6. Offer Energy-Efficient Appliances for Cost-Conscious Tenants

• Why It Works: With rising energy costs, tenants are more mindful of their utility bills. Offering energy-efficient appliances makes your property more appealing and positions it as a cost-effective option.
• Upgrades to Include:
  • Energy Star-certified refrigerators, washers, dryers, and dishwashers.
  • Energy-efficient stoves and microwaves for modern kitchens.
• Tenant Appeal: Not only do these appliances save tenants money on utilities, but they also contribute to a lower environmental impact — a strong selling point for environmentally conscious renters.

7. Update Countertops for a Fresh Look

• Why It Works: Kitchens and bathrooms are among the most important areas for tenants, and outdated countertops can detract from these spaces.
• Upgrade Options:
  • Install granite or quartz for a high-end look that’s durable and long-lasting.
  • Opt for high-quality laminate as a cost-effective alternative that still delivers a polished appearance.
• Added Value: A countertop refresh gives these key spaces a clean, modern feel, which tenants will notice and appreciate.

8. Expand Usable Space for Added Value

• Why It Works: Tenants value functional, versatile spaces that meet their needs, especially in today’s era of remote work.
• Ideas to Add Space:
  • Convert unused basements, attics, or closets into home offices or recreational areas.
  • Add storage solutions like built-in shelving to maximize space.
• Bonus Appeal: Home offices are a particularly sought-after feature for remote workers and professionals.

9. Freshen Up With Paint (Inside and Out)

• Why It Works: A fresh coat of paint is one of the easiest, most cost-effective ways to give your property a new lease on life.
• Color Tips:
  • Use neutral tones like light gray, beige, or white to create a clean, versatile palette.
  • Light colors make rooms appear larger and brighter.
• Added Benefits: Fresh paint signals that the property is well-maintained, leaving a lasting impression on tenants.

10. Modernize the Bathroom for Greater Appeal

• Why It Works: Bathrooms are often deal-makers or breakers for tenants. An outdated bathroom can turn renters away, while a clean, modern design can set your property apart.
• Quick Upgrades:
  • Install stylish faucets, shower-heads, and fixtures in finishes like matte black or brushed nickel.
  • Replace outdated mirrors and lighting for a fresh, spa-like feel.
• Tenant Appeal: A modern bathroom feels luxurious and adds significant value to the overall rental experience.

The Best Virginia Beach Property Management Can Help You Upgrade

Upgrading your rental property with these enhancements can attract quality tenants and increase the ROI for your rental properties. However, making the right decisions on which updates to tackle first can be challenging without experienced insights. 

Osprey Property Management helps rental property owners simplify the upgrade process. Our team can advise you on the best way to upgrade a property while watching your budget dollars and improving your bottom line! 

To see better returns, reach out to our team. Or, start with a free copy of our resource for property owners, "10 Things You Should Do To Increase the ROI for Your Rental Property."