Upgrading, where possible and financially feasible, is a great idea, especially in a market where the scales are tipped towards the renter (as opposed to a landlord's market). Read this relevant blog entry...
~ Joe Lane :o)
When travel, do you prefer a hotel with 80's decor or a renovated hotel with modernized theme?
Undoubtedly, most travelers prefer a newly renovated one. This is why we often see hotels spend multi-million dollars on renovation to entice visitors to stay at their properties.
Rental properties are like long term hotels. Giving a choice, renters prefer properties with modernized upgrades such as kitchen with stone countertops, stainless appliances, hardwood floor, travertine floor, earth-tone paint, neutral-color carpet, 2" wood blinds, plantation shutters, modernized faucets and light fixtures.
It is very difficult to rent a property that still has the original 50's to 80's decor. Houses with older decor will normally fetch 10% to 30% less rent comparing to the upgraded ones. Even with a deep discount, it may take an extra few months to secure a suitable renter.
Therefore, adding the lost of rental discount and vacancy rate, it may be more cost effective for landlords to modernize their rental properties if budget allows.
