Increase Your Rental Profit With These Renovations

November 8, 2021
increase rental value of home with these tips

Whether you’re a landlord or tenant, we all know that the better the place looks, the higher the rent. So if you’re a landlord, how can you renovate the property to maximise on rental profit? After surveying what tenants look for in a home, we’ve found you nine different ways to do this.

Tenants look at cleanliness (especially in the bathroom and toilet), the quality of household appliances, and the absence of unpleasant things, like odours, and insects. So before you add home decor to the home, make sure it’s clean and tidy first.

Clean up and get rid of excess furniture

clean up home to increase rental profit
Soho Rental Listing @ 9/13 Springfield Avenue, Potts Point, NSW, 2011, Australia

The easiest way to increase the attractiveness of an apartment is to put it in order and throw away all the trash. Suppose you have absolutely no opportunity to make a renovation in your apartment. In that case, you should carry out a deep cleaning: throw away all unnecessary and outdated things, wash the floors and walls, bathroom, kitchen, and hang new curtains.

This requires more physical strength than material costs. Still, a clean apartment is more likely to appeal to a potential tenant than a cluttered and unwashed apartment for years. In this case, it is better to rent the apartment empty. Even without furniture, such real estate will cost more and will be rented out faster.

Turn the home into a turnkey property

Suppose the apartment is in good condition or a pre-sale renovation has been made on purpose. In that case, it makes sense to offer a turnkey apartment with all furniture and appliances. This option is in great demand, allowing the new owner to call into the apartment quickly.

In this case, it is essential to work hard on the furnishings and general atmosphere of the apartment because they can increase the cost of the rent. If you want to present your home in the best possible way and are willing to spend extra on it, there are some possibilities. Certain property management agencies can help create the right impression, and will help you manage the tenancy process as well… for a fee.

Leave nothing personal

renovations to increase rental profit
Soho Rental Listing @ 3/123-125 Macleay Street, Potts Point, NSW, 2011, Australia

All personal items should be removed: photographs, magnets, other travel souvenirs, awards and diplomas, religious or political paraphernalia, posters depicting musicians, actors, cosmetics, and personal hygiene items. All these prevent those who are interested in an apartment from visualising it as their own.

It is vital to get rid of any hints of pets as well – many potential tenants may have allergies or dislike wool/odours.

Getting rid of everything superfluous and putting things in order does not go to the other extreme – the feeling of too empty, uninhabited premises. To avoid this effect, use decor to create an atmosphere in your home.

Use textiles for warmth

take good photos to increase rental profit
Soho Rental Property @1056/123 Cavendish Road, Coorparoo, QLD, 4151, Australia

Textiles do the best job of creating cosiness.

  • Beautiful curtains can emphasise the style and colour of the interior and visually change the proportions of windows or the height of the ceiling. The safest option is to choose plain curtains in the colour of the walls, which are 2-3 cm longer than the floor level and lie on it, creating beautiful vertical folds.
  • A bedspread in the bedroom can give life and texture to the bedroom space. It helps avoid the look of a huge plain canvas. Add decorative pillows and a blanket in a contrasting colour.
  • Without a carpet, the living room looks unfinished and empty, most of all missing it around the sofa and armchairs. In addition, the rug helps ideally to zone the space, which is especially important when combined with a kitchen/dining room.
  • Use throw pillows and throws in the sofa area to add colour accents, textures, and patterns. Looking at a cosy armchair with a beautiful pillow and a soft blanket, a potential tenant can easily imagine how pleasant it will be to live in this apartment.
  • You can even consider adding a stack of soft white towels in the bathroom for the same purpose.

Use accessories to fill voids

Decorative accessories will fill the voids, add variety to the decor and emphasise the style of the interior.

  • Indispensable decor for open shelves and other horizontal surfaces (TV or bedside table, coffee or console table, fireplace, etc.) Create a unique composition of various objects – vases, boxes, figurines, candlesticks, etc.
  • These objects should be united by colour and theme but at the same time differ within the same composition shape and size.
  • The created compositions should be proportional to the space in which they are located. The too-small decor is useless, and it only introduces visual noise.
  • Use one of the ready-made decorating schemes from the Internet if you don’t know how to start.
  • It is inappropriate to use art for wall decoration when renting out an apartment because its selection is a very individual story. An excellent solution for walls is to use posters – they are inexpensive to make and easy to change. Paired with textiles, they can add colour to a neutral interior and highlight the chosen style.
  • In addition to posters, clocks or decorative panels can be used for wall decor. Also, keep an eye on the proportionality of their size and style unity.

Add plants

add plants to increase rental profit
Soho Rental Property @ 041/35 Campbell Street, Bowen Hills, QLD, 4006, Australia

Nothing refreshes an interior like the plants in it. However, not everyone is ready for a large number of them in their home. Therefore, leave only a few of the apartment’s largest and most eye-catching plants during the show period.

Be prepared to take them with you if necessary. Before photographing the interior or showing the apartment, put the vases with natural flowers. This will create a particular mood. But there is also a more durable solution that can further delight new owners – dried flowers compositions. They look great in vases and are maintenance-free.

Update the HVAC system

HVAC systems are a significant aspect of any building’s mechanical system that provides thermal comfort for whoever is living there. They also regulate indoor air quality, which is necessary in order to have an optimal level of health and productivity.

When choosing HVAC supplies make sure to consider things such as speed control and usage in order for it to fit the needs of the property, and therefore of the future tenants as well.

Invest in professional photos

melbourne rental as an example of how to increase rental profit
Soho Rental Listing @ 2401/315 La Trobe Street, Melbourne, VIC, 3000, Australia

To attract potential tenants, you need to take high-quality photos of the interior. Your task is to show the space and all its functionality. Make a couple of general shots so that the layout is clear and detailed to assess the current state of the renovation.

Shoot in natural light, as artificial light distorts colours a lot. Make sure your photos are clear. Since there are a lot of specifics in the process of photographing a living space, we recommend contacting professional interior photographers. This will save time and get a high-quality result.

And remember that…

By investing in small things, you can get bigger ROI. So don’t be afraid to put some time and money into the revamping. In addition to this article, check out our other tips on increasing rental profit so you’re fully informed. And hopefully, you’ll create a good impression of your apartment, rent it out faster and get more profit.

Keep yourself updated with useful tips like these by getting registered on Soho. Not only are we finding you your dream home, but we’re also helping you save for it and decorate it! So don’t forget to swipe on your property matches so we can get you there faster.

Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.
Share this article
Don’t waste time searching for a home. Let our AI do the work
Soho logo

Our AI match engine will match you with over 150,000+ properties and you can swipe away or shortlist easily. Making your home buying journey faster and easier 

Soho logo
Our AI match engine will match you with over 150,000+ properties and you can swipe away or shortlist easily. Making your home buying journey faster and easier.