At 3.9% in April 2018, the unemployment rate in the US is reported to be the lowest it has been since December 2000, according to a report by the Bureau of Labor Statistics. This was made possible by US employers from the construction and manufacturing industries, as well as professional and business services sectors, who in total generated nearly 164,000 new jobs.
The increase in the employment rate has led to people relocating in search of better jobs. However, with the rise in median home prices and lower affordability, more and more people are opting to rent homes. In a hot seller’s market like Knoxville, the median home value reached $160,000 in May 2018, rising 7.7% over the past year, according to data published by Zillow. It was predicted that this value will further rise 3.6% by 2019. However, the median rent price in Knoxville and the metro area is $1,200.
So, if you have property that can be put up for rent in Knoxville, you can hope to earn something extra each month. The key, however, lies is being able to not only get the best rent price but also find reliable tenants who will pay on time and not leave a trail of destruction in every property they rent.
For this, it is important to stage your home effectively for potential tenants. This will help you highlight the positives and attract more people, giving you greater choice when you shortlist potential tenants.
Here are a few tips that can help homeowners stage their home in the best light for tenants.
Keep it Spacious and Simple
Place all your furniture strategically, if you are offering a fully-furnished home, such that the space looks large and there is no clutter. The key to creating appealing home interiors is to use only one statement piece of furniture, which is usually the most bulky one in that room. This will create the focus area for the room and should be surrounded by light furniture pieces.
Avoid Putting Too Many Things
Too many items in any room can lead to the entire space looking confusing. When people receive confusing stimuli, they are likely to feel anxiety, which you definitely don’t want from a potential tenant. So, instead of sensory overload, use neutral colors on the walls and keep furniture and accessories at a minimum. Less is more in this case. Put away extra stuff in closets and clean up the yard to create a greater sense of space and openness.
Pay Close Attention to Kitchen & Bathroom Design
The highly customized and bright colored cabinets, multiple small kitchen appliances, cluttered all over the countertops in the kitchen is best avoided. Again, neutral and light colors create a greater sense of space and openness, while well organized spaces lead to a sense of calm and efficiency. This is also true of bathrooms. Make sure to give the bathrooms an extra cleaning and put clean towels and accessories in.
Add Memorable Design Elements
One thing that will distinguish your rental property from all the others is some smart décor elements to add a special touch to each room. So, consider wall art, minimal but statement knick-knacks on some tables. Remove all personal decorations, such as family photographs, so that the potential tenants can view themselves in that home, rather than the home screaming of its previous occupants.
Remember, if you want to get the best rental price, you will need to put in some time and effort to make the home look warm and inviting. Needless to say, you also need to ensure that all electrical and plumbing fixtures are working because today’s tenants are smart and do their own inspection before making a final decision. And, if all this seems like a daunting task, don’t hesitate to use the services of a trusted property agent, who will not only help stage your home in the best light but will also screen all potential tenants and take care of the paperwork.