When your unit becomes vacant, it’s the perfect opportunity to make smart upgrades that not only attract better tenants—but also justify higher rent. As a first-time landlord, it’s tempting to either overspend or do nothing. The sweet spot is making cost-effective improvements that offer a high return on investment (ROI) without breaking the bank. (If you’re just getting started, see The Ultimate First-Time Landlord Guide for essential tips.)
Here are the 7 best upgrades that can significantly increase your rental income:
1. Fresh Paint: Low Cost, High Impact
- Estimated cost: $300–$1,000
- Potential rent increase: $50–$100/month
A fresh coat of neutral-colored paint makes a space feel clean, modern, and well-maintained. It’s one of the easiest ways to make an older unit feel new again.
2. Update Lighting Fixtures
- Estimated cost: $100–$400
- Potential rent increase: $25–$50/month
Swapping outdated light fixtures for modern ones instantly elevates the perceived value of the unit. Consider warm LED lighting and statement pieces in living rooms or kitchens.
3. Replace or Refinish Flooring
- Carpet cleaning: $150
- LVP install: $1,200–$2,000
- Refinish hardwood: $2–$5/sqft
- Potential rent increase: $75–$200/month
Luxury vinyl plank (LVP) is a favorite among landlords—it’s durable, water-resistant, and stylish. Replacing worn carpet or refinishing wood floors adds serious appeal. For more on keeping your property in top shape, check out 6 Key Responsibilities of Every Landlord.
4. Modernize the Kitchen (Without Remodeling)
- Estimated cost: $500–$2,000
- Potential rent increase: $100–$250/month
You don’t need a full kitchen overhaul. Instead:
- Replace cabinet hardware
- Upgrade faucets
- Install a new backsplash
- Paint or refinish cabinets
- Swap old appliances for stainless steel (check Craigslist or appliance outlets)
5. Add In-Unit Laundry (If Feasible)
- Estimated cost: $1,200–$2,500
- Potential rent increase: $150–$300/month
In-unit laundry is a major amenity, especially in urban markets. If you have the plumbing and electrical capacity, this can give you a significant competitive edge.
6. Improve Curb Appeal & Entryway
- Estimated cost: $200–$800
- Potential rent increase: Up to $100/month
First impressions matter. A clean, well-lit entrance with a freshly painted door and potted plants can set the tone and make tenants feel the unit is well cared for.
7. Add Storage Solutions
- Estimated cost: $100–$500
- Potential rent increase: $50–$100/month
Tenants always need more storage. Simple solutions like closet organizers, shelves, or added cabinetry make your unit more livable—and valuable.
Pro Tip: Know Your Market
Before spending money, research your local rental market:
- What’s the average rent for similar upgraded units?
- Are certain amenities like dishwashers or AC in demand in your area?
- Use platforms like Zumper to see competitive listings in your neighborhood.
Final Thoughts
Upgrading a vacant unit is your chance to make a strong first impression on prospective tenants and increase your long-term cash flow. Focus on improvements that add functionality, modern aesthetics, and comfort. Even modest upgrades can set your property apart—and command higher rent.
And when you’re ready to start finding tenants, try Zumper’s free tenant screening tool to quickly verify income, credit, and background before signing a lease.
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