Want to know how to turn your rental property into an income property? We have design tips to help you receive top dollar from your short or long-term tenants. At Design and Manage, we can manage your property, design it and handle all guest relations - all you have to do is sit back and watch the money roll in! Let's take a look at how one of the largest demographics will effect your design choices.
Millennials make up a large percentage of dwellers, so it is important to understand their rental needs. In doing so, you'll make sure your space is appealing to this group that has firmly cemented themselves into the housing market.
Did you know that about 76% of Millennials own a cat or dog? So making sure to offer a pet-friendly rental option is very important. What's even more critical is that your space is designed in a pet-proof way. A few options for this would be to use tile or commercial vinyl as opposed to carpet throughout the space; use a velvet kitchen and bath paint (cleans easier) with either a tile base or wall base in lieu of baseboards; add extra HVAC filters on all ventilation ducts. Lastly, add a weight limit for pets.
Millennials also like to cook more and dine out less than the previous generation. Thus, having a modern, updated kitchen can be huge for the 61% of this market that enjoys a home cooked meal! Updated faucets, sufficient lighting, preparation space and an island can go a long way in making your rental more enticing.
Lastly, Millennials and most of your potential guests/renters will rate your property higher on their list, if you can offer outdoor space. Providing communal outdoor socialization spaces can really help your rental business boom! Not possible in the current space you own? Don't fret! Bring the outdoors, in with adding tons of greenery (e.g., flowers, plants, etc.), let natural light invade your home, and use natural floors and materials. This provides the illusion of a combined indoor/outdoor space.
We take the guesswork out of interior design and property management. We are a one-stop shop to start and elevate your income property so contact us today!