Are you wondering why it’s important to invest in landscaping for your rental properties? As it turns out, there are a lot of solid reasons to update your outdoor space — including increased property values and curb appeal. This is by no means an exhaustive list, but the following will show some of the major reasons why you should consider updating your outdoor spaces.
Make Outdoor Spaces More Useful
These days, tenants want more than a nice home or apartment. They also want an outdoor space that can double as an extension of their indoor living spaces. There are many ways to make your landscape more useful — add raised beds to facilitate vegetable gardens or design an outdoor living room that serves as an entertaining area.
Another option is to incorporate outdoor structures into your landscape. Something like a pergola, pavilion, or gazebo comes with many uses, if you have the room. Not only can a structure make a great place to host guests, but it gives your tenants a place to relax and enjoy the outdoors. Anything that can make the landscaping useful in some way will make your property more attractive to potential tenants.
Increase the Property’s Curb Appeal
You’ve likely read all about how landscaping can increase curb appeal and add value to homes and rental properties — some sources indicate that the value can rise by up to 15 percent. However, increased value isn’t the only reason to landscape with curb appeal in mind.
Real estate agents often talk about how the “wow factor” sells homes, and the same is true for rental properties. If you can impress potential tenants from the moment they arrive, they’ll have a much more favorable opinion of your property throughout the showing. That favorable opinion will turn into signed rental agreements and long-term relationships with happy tenants.
Give Tenants More Privacy
Not everyone wants to cover their windows with blinds or thick drapes to make sure that the interior of their home remains private. Further, when it comes to outdoor spaces like the backyard, the only other option for maintaining privacy is a privacy fence, which isn’t always the most attractive option. Use trees, large shrubs and other landscape features to give your tenants privacy — along with a great view — and your tenants are much more likely to stay long term.
Reduce Maintenance Needs
While there are a few people that love to spend their summers working in their gardens, most people would prefer not to spend much time weeding or maintaining complex plant spaces. If tenants are expected to maintain the landscaping around your properties, then make it easy for them to do so by creating a landscape that doesn’t require much maintenance. If you’re paying for landscape maintenance, then simplify the landscaping to keep costs within your budget.
Show Tenants that You Care
One of the best reasons to update your outdoor space is that it sends a big message to potential renters. When people see the attention you devote to the landscape, they’ll realize that you care about the property’s looks and condition. When people know that you’re willing to go the extra mile to make a property well-maintained, they’ll be much more confident when it comes to signing the rental contract.
Increase Your Equity
Anything you can do to boost the value of your properties leads to an overall increase in your net worth and equity. It might sound small, but improvements to landscaping at one or more properties can provide the equity you need to leverage financing for further improvements or to purchase additional rentals.
Of course, there are many more great reasons to update the landscaping of your rental homes or apartments. Get started today, and you’ll soon understand just how important it is to have well-designed landscapes at each of your properties.