As a rental property manager, it’s important to focus on maximizing your return on investment (ROI) to ensure that your business is profitable. One way to do this is by upgrading the finishes in your rental properties. Upgrading finishes like your rental property countertops, flooring, and cabinetry can help you attract higher-paying tenants, increase your occupancy rates, and boost your property’s resale value. In this blog post, we’ll explore how upgrading your countertops can help you maximize your ROI and provide tips on how to choose the right countertop material for your rental properties.
Upgrading Finishes In A Down Market Decreases Churn and Increases Resale Value
Finishes are a key feature in any rental property, and they play a significant role in determining the property’s overall aesthetic appeal. From 2021-2023 the South Sound area is expected to see a large influx of new apartment properties on the market. Rent rates are starting to flatten after years of growth due to increased supply of housing options for potential tenants. By upgrading your finishes, you can make your rental property more attractive to potential tenants, which can help you command higher rental rates and increase your occupancy rates. Additionally, upgrading your finishes can help you increase your property’s resale value, which can help you maximize your ROI.
Now, let’s focus on countertops. Countertops are a particularly important finish in rental properties, as they’re one of the most heavily used surfaces in the home. Upgrading your countertops can help you increase your rental rates and attract higher-paying tenants. Here are some tips for choosing the right countertop material for your rental properties:
Consider Rental Property Countertop Durability
Durability should be one of the most important factors to consider when choosing a countertop material for your rental property. Rental properties tend to see a lot of wear and tear, so you’ll want to choose a countertop material that can stand up to daily use. Materials like quartz, granite, and porcelain are all highly durable and can withstand scratches, stains, and other common forms of damage.
Think About Low Maintenance Multifamily Countertops
Tenants tend to beat up properties more than owners. Maintenance needs are another important consideration when choosing a countertop material for your rental property. You’ll want to choose a material that’s easy to clean and doesn’t require a lot of upkeep. Quartz and porcelain are both low-maintenance materials that are easy to clean and don’t require sealing, while granite requires occasional sealing but is still relatively low-maintenance.
Consider Aesthetic Appeal And Current Apartment Style Trends
While durability and maintenance needs are important factors to consider, you’ll also want to think about the aesthetic appeal of your countertops. Your countertops should match the overall aesthetic of your rental property and appeal to your target tenant demographic. Materials like quartz and granite come in a wide range of colors and patterns, making it easy to find a style that fits your needs.
Think About Your Rental Property Remodel ROI
Ultimately, the goal of upgrading your countertops is to maximize your ROI. You’ll want to choose a countertop material that’s durable, low-maintenance, and visually appealing, but that also fits within your budget. While materials like quartz can be more expensive upfront, they can provide a higher ROI in the long run by attracting higher-paying tenants and increasing your property’s resale value. In general we have seen apartment owners generate outsized ROI by opting for simple 2cm Frost White quartz upgrades for their countertops. Renters are becoming more discerning and it’s hard to beat the clean modern look of this affordable quartz countertop option.
Find Discounted Rental Property Countertop Materials
If you are only turning one unit at a time and don’t care about uniformity, remnants aka mini slabs, are your friends! Most fabricators don’t like holding onto odds and ends from old jobs and will sell these remnant pieces at a steeply discounted price to clear them out of inventory. Check out our Deals page to see what we have on special at Tops currently. Alternatively, if you plan to do several units around the same time frame you might be able to get favorable commercial grade pricing by paying for several units at once. The breakeven for the best possible pricing is typically 6 slabs or more worth of work (anywhere from 4-10 kitchens and bathrooms depending on the size of each).
Upgrade Your Rental Countertops During the Slow Times
For most countertop fabricators, the two slowest times of the year are between Christmas and New Years and between the Fourth of July and Labor Day. These are when the best deals can typically be found. See our blog post on the best time of year to buy countertops for more details.
By carefully considering your options and choosing high-quality finishes that meet the needs of your tenants and the needs of your budget, you can attract higher-paying tenants, increase your occupancy rates, and boost your property’s resale value. Whether you choose quartz, granite, or another material, investing in high-quality countertops can be a smart move for rental property managers looking to maximize their ROI.
Don’t forget to contact Tops Countertops, the South Sound’s premier countertop provider, to get a quote going! Check out our Commercial page to see what else we can do for your Western Washington commercial remodel.