Improving the value and marketability of your rental property is the most effective way to make your property stand out, and maybe even help you to find that dream tenant as soon as you put it onto the rental market.
Today’s generation who wishes to rent property in Dubai demand so much more from their rental and they rent for longer.
Therefore, if you want to attract high-quality tenants to your rental property in a competitive rental market, you need to maximize its value. Doing so will only attract more potential tenants, but also increase the rental price and improve your rental return. So, how can you maximize the value of your rental property in Dubai?
Increasing the value of your rental property does not have to cost a lot. Even a few simple changes can boost the performance and add to your rental property’s overall value. Performing regular tasks on the property between tenants such as cleaning and maintenance are the basics in maximizing the value of a rental property.
Getting your property in the best shape is of high importance and you can add a little upgrade and updates to make it stand out more.
Eager to learn more about how you can increase the value of your rental property in Dubai? Keep reading for smart ways to maximize the property.
1. Remember that your property needs to appeal to a wide range of people
We know how tempting it is to decorate your rental property as if it was your own home. You probably already have an idea of how you want it to look and how to make it comfortable for you.
After all, you are the owner of the property and you can do anything you want with it. However, it is important to keep in mind that someone else will be living in it, not you.
Therefore, you need to treat your rental property in Dubai as a blank canvas. It needs to appeal to a board range of people. Go for neutral colors and add simple furniture.
Do not put statement pieces that only appeal to you as it might put off potential tenants. You should keep this principle in mind before you do any upgrades or changes to your rental property.
2. Get your property into the best shape
Give your property a fresh coat of paint (remember, nothing crazy, you need it to appeal to a lot of people). Replace your light fittings with modern fittings to make a difference in the look and feel of the interior. Replacing yellowing plug sockets and light switches will also help make your property look like it had been revamped.
Two rooms you should never ignore in order to get your property into the best shape are the bathrooms and the kitchen. You only need to spend a bit of time (and Dirhams) to increase potential rent. For the bathroom, start by replacing simple things, such as the toilet seat, the shower head, and moldy seals.
For the kitchen, make sure that the gas hobs are sparkly, the kitchen sink is squeaky clean, the fan filter is free of grease and grime, and the kitchen cabinets are free of stains. All these changes are easy and require only minimal investment, but they will have an instant impact.
3. Improve the appearance of the front of the property
Remember first impression matters, and it does not take long for people to make a first impression. Therefore, ensure that the front of your rental property has an attractive appearance. Simple aesthetic improvements, such as painting the front door and windows, mowing the lawn (if your rental property comes with a lawn), replacing the address number, changing window shutters, and so on can have a big effect.
Again, you do not have to spend a lot of money to do this, but it can help to get the property rented.
4. Making basic upgrades will have a positive impact
Most people think that improving their rental property means making big changes. This does not have to be the case. Often, a few simple changes here and there can result in an improved overall impression that attracts tenants to rent your property. Even when you already have tenants, you can retain them by implementing basic upgrades.
These upgrades can include replacing shower doors with modern designs, changing worktops, and installing design-friendly storage shelves. If your rental property is vacant, you can change the flooring in certain rooms to make it look better.
Don’t have an eye for design? Don’t worry, you can always ask a designer, realtor or friend to help point out fixtures that need to be upgraded.
5. Think about green space
If your rental property has a garden, make sure you pay attention to it. No matter how small it is, it can be a huge asset to increase the rental value of your property, particularly in Dubai. However, it needs to be properly looked after.
Always tend to the green space between tenancies. If the garden is big, you can hire a gardener to help out. It is also essential that you are clear with your tenants about who is responsible for the green space during the tenancy.
6. Point out lifestyle qualities
Location, location, the location might be a real estate cliché, but it has a good reason. Some areas in Dubai are popular for renters and buyers. Also, certain areas attract a specific target audience. For instance, Dubai Marina is appealing for those who love metropolitan vibes and outdoor lifestyle, while Arabian Ranches attracts young, growing families.
The best tenants will be interested to know about the area of the property and nearby amenities as they may want to rent for an extended period of time. So, add some details on how far the property is from public transport, shops, restaurants, shopping malls, schools, or hospitals. Don’t forget to provide photographs with views to impress new tenants.
7. Make your property “energy efficient”
In this era where people are more eco-conscious, going as green as you can have a big impact. More and more tenants, especially the younger ones, consider the energy efficiency of a potential rental when they’re deciding whether or not they should sign a lease.
This is why you need to improve the energy efficiency of your property as it can both cut down your monthly utility bills and boost the value of the property.
Do some simple, energy-focused changes, such as getting energy-efficient light bulbs, additional insulation, water-saving showerheads, or even new windows to let more natural light in. These will make a major difference in the performance of a rental, especially with older properties.
8. Add extra perks or amenities
If your property is located in a competitive rental market, you can add some special extra perks or amenities to attract tenants who are willing to spend a little bit more. For example, if your property has a lawn, you can implement a program where tenants can pay you to mow their lawn each week.
You could also invest in installing a state of the art security system; extras all add up and will mean you will be able to charge a little more rental.
9. Make sure the property smells good and is well lit for viewing
We talked about first impressions before making improvements to the front of your rental property. Now, you do not want a good impression to be ruined when they enter the property, right? It goes without saying that you have to clean a unit before showing it.
Also, make sure the blind is up and the lights are on to make the unit well-lit when the prospective tenant comes. Dark rooms look less welcoming, less appealing, and smaller.
In addition, get some air fresheners to make your property smell good. Keep in mind that the sense of smell is closely linked with memory, so when the prospective tenant is debating on which property they want to rent, yours will stand out in their head.
10. Increase the rent upon lease renewal
Always increase the rent upon lease renewal. You do not have to worry that this will force your current tenant to move out. In fact, most tenants expect you to raise the rent annually. Just make sure that you are reasonable with it, do not raise it too high.
Remember that every additional dollar you can get from your rental property is pure profit. The increase will at least keep the rent with inflation.
That being said, always let your tenant know what’s coming. If possible, tell the tenants that the rent will almost certainly increase every year when they are signing the original lease.