Nearly 55% of people living in California owned homes in 2021. That means that almost half of California residents live in rentals.
People looking for rental properties base their decisions on location and costs. However, most also look at the condition. This fact is important for landlords to know.
If you're a landlord, you can make some home upgrades to your rental properties. Fortunately, the right upgrades increase rental property values. As a result, you can charge higher rent.
Here are five excellent upgrades to consider for your rental properties in the California Bay area.
1. Replace the Old Light Fixtures
One thing tenants notice when viewing rental homes is the lighting. For example, does the house seem too dim even with the lights on? People love bright light and natural light.
Thus, replacing old light fixtures is a smart update. When doing this, choose energy-efficient options, such as LED lights. You might also choose modern fixtures, which make a home look newer and trendy.
Some older homes don't have enough light fixtures, but you can add more. For example, install light fixtures in the bedrooms if they don't already have them.
2. Add Energy-Efficient Systems
Energy efficiency is important to people, so updating to greener energy options is a plus. For example, you could install solar panels on your rental homes.
You might also replace the old systems with new ones that offer improved energy efficiency. High-efficient AC systems are attractive to tenants.
If you're unsure what to update, talk to a property manager. In fact, hiring a property manager is beneficial for this aspect and others.
3. Improve the Security
People love feeling safe when they're home. Thus, most tenants analyze a property's safety when viewing rental homes.
For example, upgrade the locks to deadbolts on every exterior door. Consider installing security systems in the homes. Additionally, install camera doorbells.
Upgrading the security attracts higher quality tenants, as safety is important to most people. Therefore, your properties will be worth more with high-quality security features.
4. Update the Kitchen
Kitchen renovations are costly. However, they make a world of difference. Upgrading a rental property's kitchen instantly increases the home's value.
For example, replace the old cabinets and install granite or marble countertops. Next, add a beautiful backsplash.
Potential tenants spend more time viewing kitchens than any other room when searching for a property to rent.
5. Install New Flooring
Finally, replacing the flooring in rental properties is always a good idea. Of course, you should avoid carpet, as it stains easily and doesn't last.
Instead, use laminate or hardwood flooring materials. These are durable, and they look good. They'll last much longer, and tenants will appreciate them.
Make These Home Upgrades to Increase Value
Maintaining your rental properties is vital, but making some home upgrades also helps. Your rental property values will increase if you make the proper upgrades, and you can start with these ideas.
Contact us for property management services in the California Bay area. We can help with your management duties and recommend the best upgrades for your rentals.