Attracting great tenants while maintaining your profit margin can seem daunting. Fortunately, small upgrades can create a big impact with renters, ensuring your property is one they can see themselves making a happy home in. 

Here are three affordable rental property upgrades that tenants will love. 

Energy Efficient Upgrades

From Gen Z to families and solo retirees, reducing energy expenses is a concern for most tenants, making rental properties with improved sustainability and energy efficiency appealing across the age demographic.

Energy-saving upgrades can add instant value for tenants and are relatively affordable for landlords. Here are some ideas:

– Install a dishwasher - add or upgrade to a sleek, energy-efficient model to enhance the functionality of the kitchen space.

- Install low-flow taps and showerheads – Renters will appreciate the water-saving measures and the shiny new tapware. 

- Upgrade air conditioners and hot water systems – Depending on where you live, upgrading to energy-efficient appliances may attract government incentives. In NSW, replacing an electric hot water system with a heat pump water heater could save up to $640. Discounts of up to $560 are available when switching to an energy-efficient air conditioner. Check with your local government for all offers and relevant terms and conditions. 

Always use a licensed professional for any installations. By using a trusted local plumber, electrician and any other trade, landlords can ensure the works are completed in compliance with all relevant regulations, manufacturers’ warranties, and the terms and conditions of government incentives or rebates.

Improved Storage 

Older properties typically lack adequate storage for modern living, which can make it tricky for tenants to maintain an organised home. Enhancing the functionality of a space with clever storage doesn’t have to be expensive. 

- Add a pantry and additional overhead storage to the kitchen.

- Install built-in robes in all bedrooms. Alternatively, choose a free-standing wardrobe with space for hanging clothes and ensure it’s secured to the wall to prevent hazards.

- Add floating shelves to laundries, bathrooms, garages, and sheds.

- Visit furniture stores like IKEA for storage system inspiration. 

Attractive, Low-Maintenance Outdoor Spaces

Alfresco living is enjoyed by singles and families alike, so improving outdoor spaces can give your property an instant boost in appeal. 

- Transform courtyards with clever, minimalist landscaping.

- Add aesthetic appeal with low-maintenance native plants that are visually striking and drought-hardy. Grevilleas provide flowering ground cover that also keeps weeds at bay.

- Create a simple entertaining space with paving and a shade sail.

Invest in Happy Tenants

Happy tenants are much more likely to stay long-term. So consider the small changes you can make to enhance the overall appeal and livability of your rental property as an investment in boosting tenant satisfaction and avoiding the hassle and expense of vacancies.