5 tips to increase your rental prices effortlessly

A man and a young woman

Are you looking to maximize your rental income and attract tenants willing to pay more for quality real estate?

Whether you own an apartment or a house to rent, there are several ways to add perceived value to your property, which justifies an increase in its rent.

Here are 5 simple but effective tips to increase your rental prices while meeting tenant expectations.

1. Improve appearance and attractiveness with a small renovation

A well-maintained and modernized rental property commands a much higher rent than one that looks dated. You don't need to undertake major renovations to increase your rental price. Repainting the walls, updating the kitchen or bathroom, and improving the lighting can make a big difference.

Opt for neutral, modern colors like white, beige, or gray, which appeal to a large majority of tenants. A well-painted, bright apartment can justify a 10 to 15% rent increase.

2. Furnish and equip the property to offer a turnkey rental

Furnished rentals are often more popular with tenants looking to move in quickly without having to worry about purchasing furniture. Adding functional and modern furniture significantly increases the rental value. Consider including quality appliances (refrigerator, washing machine, microwave).

Create a warm and practical atmosphere. Simple yet elegant furniture, such as a comfortable sofa, thick curtains, and a work table, make all the difference. A furnished property can rent for up to 30% more than an unfurnished one.

3. Offer additional services that add value

Tenants are increasingly interested in practical services that make their lives easier. Offering services included in the rent, such as Wi-Fi, a streaming subscription, or even utilities, can increase the perceived value of your property.

Offering a fast internet subscription or access to a concierge service for small repairs can be a plus that justifies a 5 to 10% rent increase.

4. Create outdoor spaces or shared amenities

If your property has a balcony, terrace, or even a garden, make the most of it. Tenants are willing to pay a premium for outdoor space, especially in large cities. If you manage a residential property, adding communal areas like a rooftop, gym, or coworking space can increase your property's appeal.

Creating a small relaxation area on a balcony with plants and outdoor furniture increases the property's appeal. Well-designed outdoor spaces can increase your rent by 10 to 20%.

5. Optimize tenant safety and comfort

Investing in security upgrades like a video intercom, surveillance cameras, or an alarm system gives tenants peace of mind. Similarly, improving thermal and sound insulation or installing an air conditioning system can attract tenants willing to pay more for a comfortable home.

Installing double-glazed windows to improve sound and thermal insulation can justify a rent increase of 5 to 15%, especially in noisy areas or regions with extreme climates.

Conclusion: Adding value to increase rents

By implementing these 5 tips, you can not only improve the perceived value of your property, but also attract quality tenants willing to pay a higher price for a better-appointed, more comfortable home with additional services.

Consider investing strategically in minor improvements that have a significant impact on rental demand, and you will quickly see your rental income increase.

Visit Housing Place and discover personalized solutions to increase the value of your rentals now.