Top Renovation Trends for 2022

Effectively managing a rental property takes a lot of work and dedication. You have to determine if a property is a good investment, secure financing, then lease out the apartment. Besides that, you also have to keep your tenants happy, so they renew their lease and continue paying rent. One of the best ways to do that is by upgrading your rental property. 

Home renovations are an essential pillar in owning a rental property because they can reduce your expenditure, justify increasing your rent, and attract higher-paying tenants. However, there are many things you could change in a house that would not necessarily improve any of the three points highlighted above. So to help you out, we’ve compiled the top renovation trends for 2022. 

Read until the end of this article to discover the best changes you can make to your apartment this year. 

1. Improve your lighting

It’s safe to say that lighting isn’t going out of style any time soon and will be a big deal in 2022. After all, it’s only natural that tenants prefer the home they can appreciate because of the better lighting. The best part about making your rental property more luminous is that it’s a relatively cheap upgrade. You can get an LED bulb that works for years for a single dollar. Plus, they’re also energy-efficient and can help you cut back on your electric bill. If you’d like to take it an extra step, invest in smart lighting. This additional upgrade lets you automatically turn on or dim the lights. Also, you can integrate its control with other gadgets if you install a smart hub.

2. Install a wooden deck

The next renovation on our list is a more elaborate project, but it has a proven track record if you’re looking for renovations that boost ROI. Homeowners can earn as much as 70% of the cost in return. Wooden decks are also an excellent opportunity to increase the aesthetic appeal of your home. There is a variety of wood you can choose from to make your deck, from soft yellow pinewood to hard dark brown teakwood—each with its unique features and style, which you can use to complement your interior decor. 

Besides the apparent financial gain, installing a wooden deck has other perks. For instance, it increases the space in your home. Decks are a great venue to host parties, get-togethers, or enjoy some fresh air. Many residents with decks had the luxury of enjoying a change of scenery when the lockdown was at its peak. So naturally, they appeal to many people looking to rent. 

3. Update your cabinets

Some people consider the kitchen the most important part of the house, and while we can’t conclusively, every prospective tenant agrees. It’s undoubtedly a top consideration for most people. So we can deduce that having a functional kitchen is a massive plus to house searchers. 

That’s why your cabinets are so crucial. They improve kitchen organization and effectiveness, which is a benefit you can point out during an open house. Moreover, it’s an even better perk to point out when they’re stylish and lift the kitchen’s appearance. Thus, you can increase your home’s resale value by updating your kitchen cabinetry. 

4. Invest in durable countertops

After updating your kitchen cabinetry, the next upgrade you should consider is your countertops. Cabinets are essential for increasing your storage space, but you can’t put your microwave or coffee maker in them. For that reason, countertops are vital in holding your kitchen essentials.

 In addition, they also serve as the workstation in the kitchen. It’s essential the countertops can resist scratches, heat, and stains that come with years of meal preparation. To this end, you should look to materials such as granite or quartz. 

5. Layout new floors

Floors are a crucial investment because they make up a considerable portion of the rental property. You wouldn’t want to rent an apartment with scrupulous floors, so if yours are already worn out, it’s time for a new one.

Besides making your home more appealing, floors can also improve your resale value. Hardwood floors, for instance, have an elegant polished look that requires low maintenance and can last decades. They’re also capable of improving your ROI by as much as 70%. Although if you’re looking for a more budget-friendly solution, carpet, vinyl, and laminate have their unique benefits. Still, keep in mind that you don’t have to use the same type of flooring in all parts of the house. You can go with the more durable hardwood option in the living room and kitchen and the more economical carpeting in the bedrooms. 

Conclusion

Improving your rental property is an opportunity to maximize your profits, and cut down on your expenses. That is, as long as your upgrades are in line with the latest trends. If you’re unsure which changes will yield the highest ROI, a property management company can guide you in renovations. They can also help fill your vacancies, communicate with your tenants, and efficiently manage the property.