In Denver’s competitive rental market, property owners continually look for ways to enhance their investments. One of the most effective strategies to attract tenants and boost their return on investment (ROI) is through thoughtful renovations. Fortunately, many of these changes are affordable and quick to execute, particularly during tenant turnover. This article outlines several rental property upgrades that can modernize your property, increase its appeal, and ultimately improve your cash flow.

Introduction

Consider these rental property improvements for boosting the profitability of your rental property in Denver, which can give your rental a modernized appeal for potential renters and increase the prospective rental value. They do not require extensive capital investments and can be executed during your unit turnover.

Replace Outdated Shower Heads

One of the simplest, yet most impactful, rental property upgrades is replacing outdated showerheads. Modern showerheads not only improve the visual appeal of bathrooms in rental units, but they can also improve water efficiency. With many styles available, you can choose fixtures that complement your property's aesthetic while benefitting from lower water bills.

Furthermore, tenants are increasingly interested in properties that offer water-saving features, and by investing in water-efficient showerheads, you can market your rental unit as eco-friendly. This could lead to higher retention and justify a rent increase. 

Consider installing adjustable showerheads that cater to different preferences, allowing tenants to customize their shower experience. This small touch can create a sense of luxury that renters appreciate.

Improve Curb Appeal with New Exterior Doors

New exterior doors can significantly improve the curb appeal of a rental unit. Curb appeal is important in attracting potential tenants, as the exterior is the first impression they have of your property.

In addition to being an aesthetic improvement, new doors can boost your ROI by enhancing the energy efficiency of the home. Insulated doors can help maintain a comfortable indoor temperature year-round, which is an attractive feature that many renters prioritize. Installing these doors as a rental property improvement can be a relatively straightforward process that enhances both the functionality and appearance of the property. 

Consider choosing doors with advanced security features, such as multi-point locking systems, which enhances tenants’ peace of mind. This added layer of security demonstrates your commitment to tenant safety. Additionally, the right color and style of door can reflect the character of the neighborhood, further integrating your property into its surroundings and making it stand out in a competitive rental market.

Update Interior Spaces with New Light Fixtures

Updating light fixtures is a simple yet transformative rental property renovation. A quick swap from old, outdated fixtures to modern versions can instantly refresh the visual appearance of a rental property. This upgrade does not have to break the bank; there are affordable options available for living rooms, kitchens, and bathrooms. From sleek pendant lights to minimalist flush mounts, the variety of styles allows you to easily find fixtures that complement your property’s aesthetic.

Taking this opportunity to replace your light bulbs with energy-efficient LED bulbs can result in additional savings on energy. 

Modern lighting can change the ambiance of a space, making it feel larger and more inviting. For instance, dimmable fixtures can create a cozy atmosphere for evenings, while brighter options can enhance productivity in home office settings. 

Consider incorporating smart lighting solutions that allow tenants to control their environment through mobile apps or voice commands, adding a touch of modern convenience that many renters appreciate.

This rental property renovation can be executed quickly, ensuring that your property remains competitive.

Refresh Kitchen Cabinets with New Handles

Another quick rental property improvement that can refresh your rental property is updating kitchen cabinet handles. By installing modern, elegant handles, you can quickly give the kitchen a more updated feel. This simple swap can happen in a matter of minutes, requiring only basic tools and minimal financial investment. The choice of materials, such as brushed nickel, matte black, or antique brass, can dramatically influence the style of the kitchen, making it feel more cohesive and thoughtfully designed.

New handles not only enhance the appearance of the kitchen but also improve the overall experience for tenants. A well-maintained kitchen can be a make-or-break factor for potential renters, so investing time and effort into minor updates can yield significant returns. Additionally, consider pairing new handles with a fresh coat of paint on the cabinets for an even more striking transformation. This combination can breathe new life into the space, making it feel more modern and inviting. 

With the right updates, a kitchen can become a standout feature that attracts quality tenants and encourages them to stay longer, ultimately benefiting your bottom line.

Update Paint Colors to Modern Palettes

Of all the rental property improvements on this list, updating paint colors may take the most time; however, it can have a significant impact on the prospective rental value of your unit. Many rental properties default to standard white or beige interior colors. By upgrading to on-trend yet neutral color palettes, you can make your rental unit stand out.

Selecting colors that are fresh and modern can appeal to a broad range of potential renters, helping your property seem more trendy and inviting. A fresh coat of paint should mask signs of wear and tear, further enhancing the attractiveness of your unit. This rental property renovation can create a lasting impression and ensure your property remains desirable.

Conclusion

You can quickly and easily conquer any of these suggested rental property improvements. They upgrade the aesthetic appeal of your rental property while contributing to its profitability. If you work with a professional property manager like Evernest, you can have your property manager facilitate these updates during unit turnover. Ultimately, whether you take on these rental property renovations yourself or enlist professional help, these improvements can create lasting benefits for your rental property in Denver.

Evernest provides a full array of rental property renovation services if you need more comprehensive repairs or renovations for your property. Embrace these upgrades, and you'll see the value of your investment increase while attracting high-quality tenants.

Ready to get started? Contact our local team today!