Understanding how to stay up to date with style and property trends is key to being a successful rental property investor (especially in 2023). There are tons of shifts happening in the world right now, and renter expectations are changing alongside these shifts. With the right know-how and tips, you can renovate and update the designs of your rental properties to stand out immediately to fashion-forward renters in 2023. To get you started on this renovation mission, here are ten design and renovation trends rental property investors should know about in 2023:
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1. Appliance Islands
With more people investing in a variety of cooking appliances, the kitchen can become a mess of cords and tech quickly. To help renters feel like their space is cozy, organized, and made for their trend-forward natures, add an appliance island so they can easily keep unused appliances and tools out of the way. Their kitchen time will have never felt as relaxing and satisfying.
2. Kitchen Islands
Islands are back in style, so if you’re renovating a kitchen in a rental property, placing the main social counter space in the middle of the room is a great way to attract high-class, trendy renters. The equity this will add to a rental property is impressive, so this renovation will keep paying for itself year after year. If you are worried about affordability, finding additional loans and co-investors to help you evolve your rental properties’ appeal is highly recommended.
3. Black Design Accents
All-white designs are becoming less popular in 2023. Black design accents on walls, countertops, and other key areas of a home are coming back with an aggressive explosion in popularity. If you want to make a bold change-up to your rental properties’ main aesthetic, this can provide a great choice.
4. Glass Walls
Although this renovation will be affordable only to those doing high-class, expensive rental units, the addition of a glass wall is a stylish way to show how fashion-forward your rental spaces are. There’s a futuristic, yet classy feel to glass walls that will not only wow potential renters, but which will make the space feel much larger than it actually is.
5. Renovated Outdoor Spaces
Knowing how to make the outside of a rental property feel appealing is key to standing out to those searching for an apartment or rental home. There’s an inviting, classy look to living spaces that have patios, decks, or other outdoor spaces that are ripe for socialization. Even if you can only decorate the entryways of your rental properties, spicing up their exterior is a great way to stand apart from the competition in 2023. Investors working from home will understand how much appeal a solid, relaxing outdoor space can hold.
6. “Smart” Appliances
Smart appliances are becoming more and more common for modern renters. If you want to show renters that you care about giving them access to fridges and stoves that will save them time and energy costs, this is a top-tier investment to make. The buy-in price can be high, but for high-class rentals, the demand for built-in “smart” appliances is getting more aggressive every year. Sooner or later you’ll need to make this change, so 2023 can provide you with an opportunity to get ahead of the curve.
7. Textured Designs
Textured designs are rarely considered to be a solid design choice for rental homes, but 2023 is poised to be a year for drastic design choices. Finding material that can create a faux brick or steel look to normal walls can be especially profitable and eye-catching. It creates a new-modern feel that will impress fashion-forward, design-savvy renters looking at your properties.
8. Two-Tone Cabinets
Two-tone cabinets have gone in and out of style over the years, but 2023 is seeing them come back into fashion in a fierce way. Cabinets are one of the first key parts of a kitchen renters are likely to focus on when touring a potential apartment or rental home, so making your first impression stellar is crucial to standing out from the competition.
9. “Green” Technology
If you want to draw in environmentally-conscious renters to your properties, advertising eco-friendly, green technology is key. Whether you’re using solar panels, bidets, or other energy-efficient, cost-saving, and environmentally friendly tech, you’ll make your rental property feel unique amongst the majority of other properties in your area. Especially if you live in an eco-friendly state, it’s crucial that you make these types of investments in 2023, or you’ll be at risk of becoming obsolete in some renter’s eyes.
10. Creating an Office Space
Converting a room into an office space, or adding space meant for that purpose, can be incredibly beneficial in attracting renters in 2023. As more people are working from home than ever before, spaces that are set up just for this task can make renters feel more confident with their choice. Additionally, this will allow you to add another unique feature to the list of your properties’ amenities when advertising your rental properties.
Intelligent Investments Can Lead to Massive Profits
While the buy-in for some of these renovations and upgrades can be high, the amount of additional profit and renter interest they’ll help bring in is absolutely worth it. Find two or more that you think will appeal to your ideal renter, and find a way to finance and implement them by the end of 2023. As the competition for renters heats up over the next decade, you’ll be glad you made the leap.