In 2023 over 34% of Americans are renters, and although the market has slowed down, they’re still desperate to try and get better accommodations. Landlords have been able to boost the price of rent to new highs over the last couple of years, but if you’re unable to show the value of a property, buyers won’t bite.

 

These are five building improvements that will have tenants rushing to apply for one of your units and what you can do to make sure they stay long-term!

Why Improvements Matter

Although you may have had no trouble getting renter applications in past years, in 2023, it’s important to try harder. The market is flipping, and many renters are getting pickier about how they spend their hard-earned money.

 

Improvements also ensure that renters are happier with the property they live on and that they’ll be more likely to request to renew their lease rather than deal with the struggle and work of moving and starting over again.

1. Adding Exterior Lounging Spaces

Spending time outdoors is good for mental and physical health and can allow your renters to befriend each other. Having a sense of community would help any tenant feel like this is a palace they need to stay in for as long as possible. 

 

Exterior seating spaces, like a roof deck made of lightweight roof pavers, give renters an area to stop and relax while getting in the fresh air and the chance to catch their breath after a long day at work.

2. Updating Your HVAC System and Insulation

A large concern for tenants in 2023 is how much their month-to-month bills will cost. Many are willing to pay more in rent if it means their electricity bills will be more predictable and they’ll be able to keep their space at a more comfortable temperature. 

 

Updating details like adding the best insulation for exterior walls, and checking that all windows and doors are well sealed, will give you a chance to make your tenants feel more comfortable renting from you.

3. Make Working From Home Easier

A quarter of Americans will still work from home in one way or another in 2023, and this has caused a huge shift in what matters for common spaces in multi-family buildings. If you want to help your tenants make more money so they can pay rent on time and want to inspire new tenants to apply, it’s a good idea to consider adding a common workspace in your building. 

 

This is an area with seating and desks that allows renters to stop and get work done in a quiet and calming space. Make sure to put up signage about talking or noise, and watch the renter applications come pouring in!

4. Boosting Landscaping to Add Value

How much curb appeal does your property have? Boosting the visual appeal of the exterior of your rental units will allow potential renters to picture what it would be like to come home to these units every day. This could mean using landscape drainage grates to pull water down and away from the building to stop standing water or adding far more plants and foliage, so it feels comfortable and welcoming.

 

Remember to deep clean the exterior when needed, through power washing, to keep it looking fresh and new year-round. 

5. Create Built-In Visual Interest

Visual interest can be hard to add when you’re never sure what the design tastes of the next tenant are going to be. Thankfully, neutral but attractive details like a white shiplap wall can add texture and appeal and still give the renter a chance to decorate and make the space their own. 

 

Go for a single wall in a room, rather than adding shiplap to every wall, since it minimizes this texture and won’t overwhelm the space or make it so tenants can’t hang art or pictures of loved ones. Renters will love the visual appeal, and you’ll love how affordable this addition is.

Costly Mistakes to Avoid

There are some simple mistakes that a lot of property owners make that can cost them tenants and money in the long run. These could be things like spending too much money and adding luxury details that make the property too expensive for the average renter.

 

If you don’t advertise your property, you’re leaving a lot of customers and money on the table. Make sure to network, promote, and create a brand for your property that will help tenants feel more connected before they even visit the building.

Update Your Properties And Watch Tenants Rush In!

Although it’s easy to assume you won’t have to change much as long as your prices and location are good: renters are getting pickier than ever. If you want a high-quality tenant, make sure to update your properties so that type of renter will feel at home in one of your units.

 

Sam Willis is a freelance writer that loves sharing his knowledge and expertise on commercial real estate. He lives in Atlanta, Georgia where he enjoys spending time with his wife and researching real estate trends in his free time. Sam’s work as a freelance writer can be found on Building Product Advisor, a new construction industry resource.