Want to reward your tenants for their great behavior? Consider property upgrades as an incentive to continue taking good care of their rental property and stay living there longer. These property upgrades will not only keep your tenants happy but also increase your property’s value and serve as preventive maintenance.
Incentivizing good behavior from tenants is a great way to create benefits for both yourself and your renters. Troublesome renters will receive no benefits for their behavior, but those who behave well and respect your properties will have more reasons to continue living on your property. As such, implementing an incentive program that rewards the tenants who stay in their rentals long-term with minimal issues is an excellent way to improve your business as a landlord or property owner.
The ideal upgrade incentive for a great tenant is one that will benefit not only them but also you and the value of your property. Options such as exterior updates, improvements to the property’s amenities, and high-tech upgrades can be a great way to improve the property’s value and the quality of life for the people residing there. Visual updates can also be a great way to improve your property value and guarantee happy tenants.
Exterior Upgrades
Exterior upgrades are an excellent way to improve your property’s appeal to your tenants, yourself, and any future tenants or buyers. Options for exterior upgrades include:
- Landscaping upgrades
- Repainting or replacing siding, windows, and/or doors
- Refinishing driveways
- Adding or upgrading security features
There are many more exterior upgrades you can implement, depending on your area, the property you own, and what you can justify and afford for your tenants. You can also perform some maintenance tasks or hire good maintenance people for tasks such as pressure washing the exterior of your house, which tenants appreciate, and which guarantees that these tasks will be done to take care of your property.
Learn more: Exterior Upgrades for Rental Properties Roundup
Replacing Carpets and Flooring
Carpets have a limited lifespan, and replacing them between tenants is often a necessity. However, a good tenant may warrant a carpet replacement as an upgrade incentive, as placing nicer carpet, or even replacing the carpet with laminate or wood flooring, can be a great way to both improve the value of your home and make your tenant greatly appreciative of the amenities you offer.
Laminate or wood flooring prevents the concern of damage to a carpet upon the tenant’s eventual move-out, as carpets are more likely to be stained, stinky, or sustain other damage. As such, this change will make your property lower-maintenance and keep it looking better for longer. This option is also ideal if your property is pet-friendly, as carpet can be easily damaged by pets, especially if they are young, elderly, or otherwise accident-prone.
Learn more: Rental Upgrades for Durability
Painting Walls
Painting your tenants’ walls for them is an easy upgrade, and letting them pick the color enables them to have control over their living space. Since it’s extremely common to paint between tenants anyway, you lose nothing by offering the choice of wall color to your tenant. This can also discourage tenants from painting without your consent, which means that you can ensure any painting is done properly and professionally. You can also set rules prohibiting any paint colors that may be difficult to cover between tenants, such as highly saturated shades of red or green.
Learn more: Easy Rental Property Upgrades for Happier Tenants
Kitchen Upgrades
Upgraded kitchen appliances not only increase the value of your property, but also make for happy tenants. Everyone appreciates an upgraded refrigerator, stove, or dishwasher, and new, high-tech amenities can increase your property’s overall value easily. Should you need to rent the property out again, these upgraded appliances will appeal to new renters as well. In many cases, upgraded appliances can enable higher rents for future tenants, due to the overall property value increase.
You can also upgrade aspects of the kitchen such as the countertops, cabinets, and sinks. These upgrades will not only improve the appearance of the kitchen, but also keep it looking better for longer, as well as prevent further damage. A granite countertop will typically last longer than a laminate one, for example.
Final Thoughts
There are many more options available to a landlord hoping to incentivize a great tenant. Any upgrade you may want to make to the property could appeal to a renter as well. While I have many suggestions for you, this list is not comprehensive, and any ideas could be excellent incentives. Consider discussing options with your tenants to see what would make the ideal tenant incentive.
