In the competitive Nashville rental market, property owners are always looking for ways to enhance their investments. One of the most effective strategies is to implement rental property renovations that appeal to potential renters while significantly boosting return on investment (ROI). This article explores several affordable and easy renovations that can modernize your rental property, increase its appeal, and enhance cash flow.

Introduction

Consider these renovations for boosting the cash flow and ROI of your rental property in Nashville. These easy and affordable rental property upgrades can make your rental unit more attractive to potential tenants while increasing its rental value. None of these renovations require extensive capital investments and can be executed quickly during your unit turnover.

Replace Outdated Showerheads

Modern showerheads can dramatically improve the visual appeal of bathrooms in rental units. Beyond aesthetics, they can significantly impact your ROI by enhancing water efficiency.

Many older showerheads waste a considerable amount of water, leading to higher utility bills for tenants and property owners alike. Replacing them with energy-efficient models can make your rental property more attractive to environmentally-conscious renters. Additionally, many new showerheads come with features like adjustable spray settings and built-in water-saving technology, providing tenants with a more luxurious and customizable shower experience, which can be a strong selling point during showings.

Improve Curb Appeal with New Exterior Doors

First impressions are critical in real estate, and new exterior doors can greatly enhance the curb appeal of a rental unit. Attractive doors can create a welcoming entryway for prospective renters while simultaneously boosting your ROI through improved energy efficiency.

Modern exterior doors often come with better insulation, reducing heating and cooling costs. This makes your property more appealing to renters, potentially justifying a higher rental price. Investing in new doors can be a simple yet effective rental property renovation that elevates your property's exterior aesthetics. 

Choosing doors with stylish designs or colors can set your property apart in a competitive rental market, attracting more interest and possibly leading to quicker lease signings. Consider options that include smart locks or enhanced security features, as these additions not only provide peace of mind for tenants but also add an element of modern convenience that is increasingly sought after in rental properties.

Update Interior Spaces with New Light Fixtures

One of the simplest rental property improvements you can make to modernize your rental is updating light fixtures. Outdated lighting can make a space feel old and uninviting. By replacing them with modern lighting solutions, you can instantly improve the ambiance of your rental. The right lighting can create a warm and welcoming atmosphere, making it easier for potential tenants to envision themselves living in the space.

When selecting new fixtures, consider purchasing modern LED lights. They not only elevate your rental unit into the twenty-first century but also enhance energy efficiency, reducing long-term costs. Additionally, LED lights come in various color temperatures, allowing you to tailor the mood of each room—whether it's a cozy, warm glow for the living area or a bright, invigorating light for the kitchen. It's a straightforward update that can have profound effects on the aesthetics of your space.

Refresh Kitchen Cabinets with New Handles

A quick and affordable way to modernize your kitchen is by adding new handles to kitchen cabinets. Elegant, upgraded handles can transform how a kitchen looks and feels. They can serve as a focal point, drawing the eye and enhancing the overall design of the kitchen. Choosing handles that complement the existing color palette and style of the cabinetry can create a cohesive and polished look.

This simple rental property upgrade can be executed in just a few minutes and doesn’t require a substantial financial investment. When prospective renters walk into the kitchen, these subtle yet classy changes can make a lasting impression, signaling that the property is well cared for and inviting. 

Consider pairing new handles with a fresh coat of paint on the cabinets or a stylish backsplash to further elevate the kitchen's appeal. Combined, these rental property improvements can significantly enhance the perceived value of your rental property, making it stand out in a competitive market.

Update Paint Colors to Modern Palettes

This is perhaps the most time-intensive rental property improvement on our list, yet it can yield significant results in enhancing the prospective rental value of your unit. Many renters are drawn to fresh, modern paint colors rather than the standard white or beige walls.

Upgrading to on-trend color palettes can make your rental stand out among other listings. Consider utilizing soft neutral tones or bold accent walls to create an inviting atmosphere. While it requires some effort, the payoff in terms of attracting tenants can be substantial.

In addition to choosing the right colors, it's essential to consider the finish of the paint. Matte finishes can provide a sophisticated look, but they may not be as durable in high-traffic areas. On the other hand, satin or semi-gloss finishes are easier to clean and can withstand the wear and tear of everyday life, making them ideal for kitchens and bathrooms. Furthermore, incorporating textures through techniques like sponging or stenciling can add depth and character to your walls, making your rental even more appealing.

Another factor to consider is the psychological impact of color. For instance, soft blues and greens can evoke feelings of calmness and relaxation, which might be particularly attractive to potential renters looking for a peaceful retreat. Meanwhile, warm colors like yellows and oranges can create a sense of energy and happiness, making spaces feel more inviting. By thoughtfully selecting colors that resonate with your target demographic, you can create an environment that not only looks great but also feels like home.

Conclusion

You can quickly and easily conquer any of these suggested rental property improvements and reap the benefits. Simple renovations such as updating fixtures, applying fresh paint, and enhancing curb appeal can make a substantial difference in your rental property's attractiveness and profitability.

If you’re looking for a hassle-free option, consider working with a professional property manager like Evernest, who can facilitate these updates during your property turnover. Furthermore, Evernest offers a full range of rental property renovation services for more comprehensive repairs or upgrades, ensuring that your property remains competitive in the Nashville rental market.

Ready to get started? Contact our local team today!