Landlord Hacks: Boost Your Rents in 2024

Multifamily landlords: Are you looking to boost your bottom line in 2024? 

These affordable apartment upgrades may go a long way to justify a rent hike. 

In today’s tough economy, everyone is hoping to save a buck—and bring in some more!

The problem for multifamily owners is that most of us understand the financial challenges our tenants are facing. No landlord wants to impose further hardship on their hard-working residents. 

And so, commercial investors have to be savvy when it comes to raising their rents. If you feel your building has the potential to generate additional income, it’s important that any increases you make in 2024 are easily justified. 

Whether you have a new investment hitting the rental market or a few existing tenants who are not renewing, the last thing you want is to deal with vacant units. Instead of artificially inflating your rents and alienating potential renters, might we suggest some savvy value-add upgrades?

This month, Everest is taking a cue from creative renters all across the country. For decades, people have come up with low-budget ways to transform their otherwise drab apartments into stunning spaces where anyone would love to reside. Now, landlords—it’s your turn! 

Most of these quick, easy upgrades can be done yourself or with the help of a handyman. Even better, they can be completed within the typical time you’d have to turn over a unit after the previous tenants move out. In other words, no gap in rental income. 

Love what you hear so far? Read on!

The budget-friendly basics

Before we dive into some unique apartment hacks for 2024, let’s revisit some of the tried and true rules for how to command higher rents in any economy. 

According to Rita Horowitz, Senior Loan Officer at Everest Equity, most people will apply the same discerning eye when touring a property. Beyond the general location and size of the unit, they want to feel that they’re receiving a decent product for their money. 

“The appearance of the apartment is key,” she says. “They will be looking for clean floors that are in good shape, so double-check for missing or broken tiles in the kitchen and bathrooms. Hardwood floors should be screened and polished. And of course, nice smooth walls.” 

Cracked floors, chipped counters, and beat-up drywall may seem insignificant in the grand scheme of things, but they send a cautionary message to potential renters. If the landlord takes little to no pride in the appearance of the place, why would they care about the bigger issues? 

Mrs. Horowitz continues, “Appliances should also look clean and always be in good working condition. Tenants are paying for the space, but also these essential services. Just as renters have a responsibility to take care of the stove and refrigerator, the landlord must ensure they are operating properly upon move-in and throughout the duration of their stay (if appliances are included in the lease).” 

Luckily, most appliances will last for years before needing replacement. To impress incoming renters, sometimes a good scrub and polish is enough to send a positive message. 

Now, let’s discuss the building and grounds. 

“Windows should not be jammed!” advises Mrs. Horowitz. “Inattentive landlords let years of built-up dirt and dust prevent windows from operating smoothly. Just a little simple cleaning and spray lubricant goes a long way. Residents should be able to easily use the windows in their units for fresh air.” 

And if your multifamily has a basement where tenants go to store items or do laundry, take care to eliminate mold, mildew, and other bad odors. This is something visitors will instantly notice on a walkthrough of the building. 

For properties with shared outdoor space or even small patches of grass, regular maintenance is also important. When asking for higher rents, people expect to see excellence in every corner of the property—not just inside the individual units. 

Per Mrs. Horowitz, “Landlords and property managers should ensure the backyard and any outdoor spaces are kept clean at all times. The lawn should also be cut regularly. If you pass these basic points for inspection, you can expect to get the highest market rent for your apartment.”

Once you’ve tackled these essential items, try out some of the unique hacks in this month’s top 10 list below. Landlords can use these tricks to add a small touch of comfort. Even perceived luxury can lend instant appeal and help landlords command higher rents in 2024 and beyond. 

Let your friends at Everest Equity know how it goes! 

10 Rental Hacks to Boost Your Rents

Install modern light fixtures

So many apartments are dragged down by their ugly, dated lighting. Flush mount and/or hanging lights can be changed in seconds and for very little cost. 

Apply custom cabinet fronts

A full kitchen renovation will set you back thousands of dollars. For an easy yet beautiful makeover, consider swapping out just the cabinet doors and hardware. Huge difference! 

Update the bathroom mirror

Reflect on this—have you ever thought about changing the bathroom mirror? Most landlords don’t! A gorgeous framed piece or modern backlit mirror will make a marvelous impression. 

Try a fresh paint color

According to Mrs. Horowitz, “A fresh coat of paint always helps!” This isn’t the most novel hack, but since most renters shy away from painting units on their own, why not do it for them? 

Add open kitchen shelving

From the big city to the suburbs, renters always need more storage space. If you don’t have the room or budget for more cabinets, try some open shelving wherever you can fit them. Quick and cost-effective! 

Redo bedroom closets

On a similar note, did you know that many renters prioritize bedroom storage when choosing an apartment? Focus on maximizing space in the closet with affordable hanging and built-ins. 

Install balcony awnings

Having an overhead covering on each balcony adds tremendous value, as renters can use the space in every season. Keep in mind—you may have to take them down in extreme weather. 

Clean bathroom and kitchen grout

Nothing says, “dirty” like nasty grout. Before tenants tour your place, do a deep clean using grout cleaner. Even better, regrout any areas with missing or uneven grout. 

Try a curved curtain rod

It’s great to have glass to show off your fresh, clean tile. But if you’re working with a rod and curtain, the curved variety is currently on-trend. The bath will instantly feel bigger! 

Replace the toilet seat

Another oft overlooked feature! You’d be surprised at how much a simple change can alter the look and feel of a bathroom. If it’s worn out or old, change the toilet seat. 

Everest says: We prime our clients for 

multifamily success—no hacks needed!

Helping close New York’s top 

commercial deals since 2005. 

The region’s premier investors trust Everest Equity’s experienced loan officers 

to bring them the finest multifamily financing programs available. 

What’s your investment dream? Make it a reality in 2024!