Thursday, June 8, 2017

Sensational Renovations: What Tenants Are Looking for in a Rental Property

When it comes to rental properties, I often receive questions about what kind of improvements get the most bang for the buck.  The truth is, there are many things potential tenants look for and wish their property managers would invest in. These finishing touches and remodeling projects can help attract tenants and influence their ultimate decision; to rent or not to rent. At Titus Contracting, we are often asked to help with tenant improvements in Woodbury and the surrounding areas so I would like to provide a brief rundown of some of the most common tenant improvement requests and why they seek them out.

New Windows
If you are considering any large scale tenant improvements before renting your property, new and improved windows should be at the top of your list. Older properties in particular will benefit from  upgraded windows. New windows will regulate the inside temperature, therefore increasing energy efficiency. Often, tenants have to pay for their heating and/or cooling and want to know that their money isn’t leaking out through old, faulty windows.

Storage and Closets
One of the first things potential renters look for in a new home or office space is ample sized closets for clothing, toiletries, files, and more. While you cannot increase the size of your property, there are several ways to increase the size of your storage. You can create storage space where it didn’t exist before, as well as make the most out of the storage areas you already have.

A Fresh Coat of Paint
Whether or not you have the time and budget for larger scale tenant improvements, you should never turn over a rental property without giving the entire space a fresh coat of paint. It lends an overall cleaner look and shows you put the time and effort into getting it ready for future residents.  

Kitchens & Bathrooms Renovations
If you can only focus on one or two areas during your next round of tenant improvements, make it the kitchen or the bathroom. Small but impactful projects, such as new taps, faucets, light fixtures, backsplashes, and energy efficient appliances will upgrade the look of the unit and make it more appealing to potential tenants.  

Offer More Amenities
Add a fitness center, laundry room or common area to increase your building’s appeal. With today’s emphasis on health-consciousness, having an on-site fitness center is an attractive amenity to a lot of prospective renters. Titus Contracting has constructed plenty of fitness centers throughout the years, so we can help add this great amenity, and many others, to your building!

Do you want more information about tenant improvements in Woodbury? Call Titus Contracting at 952-746-7817, or you can contact us for a Free Estimate.