8 Easy Ways to Add Value for Tenants (On a Budget)
Category Owners Advice
Landlords around the Cape are always asking us how to add value for tenants so that they reduce vacancy, improve rental yields, and keep quality tenants for longer. If you're in the same boat, then you're in luck. These are our 8 easy ways to add value for tenants (on a budget).
#1 Air Conditioning
This one is a no-brainer. Tenants love air conditioning! Overall, it's a relatively inexpensive way to add value for tenants. It's a simple way to make your property comfortable for tenants in winter and summer. Most tenants appreciate air conditioning, which is a great way to add value. The initial capital outlay will quickly be recouped and your tenants will thank you for it!
#2 LED Light Fittings
LED light fittings are cheap to install, energy efficient to use, and tenants love them. They can be installed in strips to create ambience and fill a space with soft light. They're particularly good in apartments without a lot of natural light. We particularly love the effect of bulkhead LED lighting at wardrobe doors. It helps to illuminate clothing and overall adds a lot of value to the tenant for a super low cost.
#3 Backup Power
Backup power is an incredible value add for tenants. With load shedding well into its 14th year at time of writing, and no signs of it going anywhere soon, a small backup power solution can make a huge difference. While many generators are feasible in some free-standing homes, uninterrupted power supplies recharge using municipal grid electricity and are great for use in apartments. These systems can keep the lights shining, the wifi streaming, and the good times rolling.
#4 Fast Fibre
Speaking of streaming - consider fast, affordable fibre if you want to add value for tenants. After a hard day at the office (or when working from home) fast fibre is a must for everyone. Providing the option to stream uninterrupted, browse unlimited, and scroll unrestricted is a great way to add value for tenants.
#5 Consider a Carpet-Free Arrangement
Carpets can be amazing but depending on your rental property, it may simply not be practical. Without routine care, carpets can quickly go nasty. Stains, smells, and even critters like fleas can make the apartment uncomfortable.
#6 Make All Finishes Uniform
It happens... A door handle or light switch breaks. So, you do what any reasonable person does, you get it replaced. However, it can often end up that the flat has mismatched finishes and this can detract from the overall impression the rental property creates. Ensuring that all finishes match is a great way to improve your apartment's appeal and add value for tenants.
#7 Install Cornices
Cornices ('skirting' that runs just beneath the ceiling) can make a world of difference for an apartment. Cornices are also a low-cost way to create a more welcoming environment. These simple things add character, make a room feel larger and draw the eye upwards. We can't recommend cornices enough if you're looking for an easy, cheap way to add value for tenants.
#8 Security Deterrents
Security features are a must in South Africa. The fact that 5.3% of households were broken into in 2019 is proof of that. Security features like burglar bars, high fences, and so on are commonplace. But installing additional security features can serve to deter any criminal attempts and thwart those brazen enough to make attempts. Modern surveillance companies use advanced video analytics to detect criminal intention before it turns into crime in progress and respond accordingly. Marius Bezuidenhout, Head of Security at Cam-Tech says, "this technology allows us to prevent crime."
Author: Paul Wasson
