All owners of rental property share the same main goals: keep vacancy to a minimum while maintaining or increasing property value. Besides a clean space and working appliances, there are several more factors that contribute to an ideal situation for owners and renters alike. Interior design can be a big help and won’t cost too much with a little preparation. Though trends come and go, it is important to be aware of what is popular when designing your property for rental.
Experts Are All Around You
With sites like Pinterest and Houzz, there is no shortage of “expert” advice and influence to be found on the internet. Maybe you have a Facebook friend that has their finger on the pulse of the trends and can help you make some informed decisions. There is a balance between making some popular interior design adjustments to enhance your condo/apartment’s aesthetics and spending countless dollars on a full makeover. Knowing your market can really help to find that balance. With the right touches you can easily enhance your condo and make it much more marketable.
When it comes to upgrading rental property, Owners can also learn a lot by looking at other listings in the area. Making yourself aware of the finishes that renters in your market are looking for will set you up to make the right decisions on your own investment.
Even with the advice of the “experts” on the web, sometimes time just isn’t as plentiful as one may need it to be. Savvy owners turn to Lofty, one of the top property management companies in Chicago. Lofty has apartment management in Chicago down to a science.
Want to increase profits and cut down on your time spent managing your properties? Contact us and we’ll show you how to do just that. We provide free market analysis, consultations and professional photography for all our new clients. We will ensure you never have to worry about renting out your condo again.
Some Tips from Lofty
Through their experience leasing condos in Chicago, the Lofty professionals have refined their list of what does and does not work in rental property design elements.
Here are a few tips you can use as a sort of guide or checklist when you are ready to make some changes for the better:
- Hire a professional service to clean the apartment really well so you can expect to have your unit returned to you in the same pristine condition it was given.
- A good place to invest a bit of money is in matching, stainless steel, energy efficient appliances. Otherwise, make sure whatever is there is cleaned like new and operating without issue.
- Choose interior design materials that are timeless. Hardwoods, natural stone, and stainless steel are all good options.
- When painting or decorating with wallcovering, opt for neutral colors. A neutral color palette will please the majority of potential applicants.
- Avoid costly, over-the-top customization as adding too many details may limit the appeal or price you out of the market.
- Built-in storage and shelving can be a big hit. Bookshelves in a flat wall can add some extra space; closet or cabinet organizers in bathrooms and bedrooms will help maximize storage.
- Simple bathroom updates like a new mirror, faucet, towel rods and light fixtures make a big difference.
- Depending on marketplace expectations, blinds—especially wooden blinds— are a great investment as they offer more control and class than a pull-down shade. Remember to instruct tenants on proper operation.
Here at Lofty, we provide free market analysis and consultations. We would be happy to come out and take a look at your space to help you determine what interior design touches can help you get more income out of your rental. The right interior design elements will get your property rented for top dollar and keep it rented. We want your time spent where it should be, enjoying life.
Speak with one of our experts to find out how we can supercharge your investment.