Other than finding the perfect resident, the next hurdle is to retain them. The state of the building can go a long way in keeping your residents happy and loathe to leave. Luckily, there are quite a few ways to spruce your property up without thinking of it as a huge capital expenditure. Here is a list of ideas that can be free or cheap to implement so you can keep those amazing residents!

Curb Appeal

Nothing is more influential than first impressions. When a potential resident walks up to a building, they will start judging immediately. Check out these excellent ideas to help your building look inviting and rentable.

  • Painting the Front Door- One of the easiest ways to enhance curb appeal is to paint the front door of the building. It adds a touch of character, allowing your property to stand out as something special. Average Cost: $20-$30/Gallon.
  • Sprucing Up the Address Numbers- Another easy way to stand out amongst other rentals is the way your address is displayed. From plaques to backlit metal cuts, this change can really make an impression on your residents and guests. Average Cost: $3-$40/Number Depending on Style.
  • Low Maintenance Landscaping- Not only is it good for the environment, well done landscaping provides a sense of permanency to you residents. Low maintenance evergreens and dwarf shrubs are easy to maintain and create a bit of depth to your property. Average Cost: $60-$120/Plant Depending on Species.
  • Replace Exterior Light Fixtures- You can instantly improve your exterior facade with architecturally appropriate sconces, path lighting, and decorative accents. There are many solar options that do not tap into your building energy. Average: $20-$30/Each.
  • Upgrade Community Mailboxes- With constant use, mailboxes can wear and tear very easily. You can either replace them with the standard stainless steel rows or match to your building’s architecture. For an added touch, simple labels can also improve the overall look. Average Cost: $150-$400 Depending on Style and Size.
  • Create a Communal Lounge Area- If you have the space, setting up an outdoor area for your residents to relax is a great way to sell the livability of your building. If you plan ahead, you may be able to purchase the furniture off-season and install during the warmer months. Average Cost: $800/Set.

Building Amenities

Aside from outside beautification, there are functional amenities that you can add to the common areas that appeal to renters.

  • Adding Decor to the Common Areas- Adding a splash of color in the form of art or wall decals provides an inviting space for your residents to walk through. Focus on neighborhood or city specific topics to keep it light and community minded.
  • Updating Light Fixtures- Much like the exterior of your residential building, interior lighting says a lot about the space. If you have outdated fixtures, it might be time to invest in something more modern. Average Cost: $20-$30/Each.
  • Storage- Urban living can be a challenge for storage. Offering a place for your residents to store decorations or used items is key to getting more interest in your units. Storage cages are easy to come by and a great amenity to have. Average Cost: $250-$500/Per Multi-Cubby Cage.
  • Safe Package Area- Whether you invest in a built-in or just provide a cabinet, safe package spaces were never more important in residential rentals. Peace of mind for your resident comes with this easy and cheap addition to your building’s entryway.

Interior Upgrades

Upgrade doesn’t have to mean a full rehab. Keep these helpful and cost-effective tips in mind when turning your vacant units.

  • Replacing Faceplates, Light Switches, and Outlets
  • Changing Door Knobs, Hardware and Faucets
  • Updating Light Fixtures
  • Install Washer and Dryer In-Unit