This month, we’re focusing on a crucial question for every property owner:
How can I maximize my rental return—especially in today’s changing market?
To help answer that, I want to share a real-life example from one of my own units—a small one-bedroom in a multiplex in the Seattle area. It was once renting for $1,095 per month. But with a few thoughtful upgrades, I was able to lease it for $1,545—a 41% increase in rental income.
Even more importantly, I did it on a budget, without a full remodel. Here’s exactly what I did—and how you can do the same to boost the value of your rental
“We identified a rent gap in the market, then completed Budget-Friendly cosmetic upgrades—new paint, refinished cabinets, stylish hardware, lighting, and minor appliance swaps—between tenants. These changes elevated the look and feel of the unit, allowing us to raise rent by 41% while staying within a modest budget.”
Key Takeaways:
A Budget-Friendly Home Upgrade focused on cosmetic and functional improvements can dramatically increase rental value—without a full remodel.
Strategic updates like fresh paint, LED lighting, modern fixtures, and refinished cabinets deliver high ROI on a small budget.
Stainless steel appliances and bathroom enhancements create a premium look renters will pay for.
Upgrading before turnover is critical, especially with rent control legislation like HB 1217.
Rental prices in 2024 surged in many markets—Tampa saw a 39.5% jump, showing the importance of staying competitive (Realtor.com).
The Opportunity: Spotting the Gap in Market Rent
My unit was clean and functional, but hadn’t been updated in years. While I was charging $1,095/month, I noticed nearby units of similar size and layout renting for $1,500 to $1,600. That gap was too large to ignore.
Instead of continuing to under-rent the unit, I saw it as a sign that I needed to reposition the property. The goal was simple: upgrade the feel, style, and perceived value of the space—without spending tens of thousands of dollars.
What I Upgraded (and What I Didn’t)
Fresh Paint to Brighten and Modernize
I repainted the entire unit in a light, neutral tone—think warm white or pale gray. Fresh paint instantly makes any space feel cleaner, brighter, and more modern.
Stainless Steel Appliances (Affordably)
Tenants love stainless steel—it’s seen as sleek and hygienic. I replaced a few key appliances with energy-efficient stainless steel models. For my range hood, I spray-painted it to match. It still worked great, and now it looks high-end.
Cabinet Refresh Instead of Replacement
Cabinets were structurally fine, just outdated. I cleaned them thoroughly, sanded, and gave them a fresh coat of semi-gloss paint. New handles and knobs gave them a totally new look—for a fraction of the price of replacement.
Bathroom Touches That Feel Luxe
Instead of replacing the vanity or tiles, I installed a bold peel-and-stick wallpaper on one wall. Gold-tone faucet and towel bars gave it a pop of boutique-hotel style. A new mirror and light fixture tied everything together.
Lighting and Fixtures
Swapped out old yellow bulbs and dated fixtures for modern LED lighting. This made the unit not only brighter but also more energy-efficient—another selling point.
Flooring Tip (if Needed)
In this case, the flooring was in good shape, but if it hadn’t been, I would’ve replaced it with luxury vinyl plank (LVP)—durable, attractive, and cost-effective.
The Result: A Stylish Unit That Rents at the Top of the Market
before
after
After the upgrades, the unit rented for $1,545—a 41% increase from the previous rent. Better yet, it rented quickly and attracted multiple qualified applicants. Why?
Because it now stood out from the sea of tired-looking rentals. It didn’t just look updated—it had a sense of style and care that resonated with renters.
Why This Is More Important Than Ever: HB 1217 Rent Control
With Washington State’s new rent control bill, HB 1217, rental increases are now subject to strict limits unless you meet specific exemptions. One of the most important exemptions? Substantial improvements to the unit.
That means:
If your property is underpriced today, you may not be able to raise the rent later unless you improve the unit.
Proactively upgrading your rental before a turnover helps you set a new baseline for market rent, which is vital in staying profitable long-term.
Want to learn more? Read our in-depth article on Washington HB 1217 here.
Why You Should Think Like a Renter
Today’s renters aren’t just looking for a roof over their heads—they want:
Clean, move-in-ready spaces
Energy-efficient appliances
Stylish touches that feel modern and welcoming
Good photos and great first impressions matter. In fact, many renters will skip over a listing entirely if it looks dark, old, or dated—even if the rent is lower. That’s why investing a little upfront can dramatically reduce vacancy, improve tenant quality, and increase income.
Proactive Maintenance = Higher ROI
I often compare rental property upkeep to personal health:
If you wait until something breaks, the cost (and stress) is much higher. But if you proactively maintain and improve your rental, you reduce long-term expenses and keep your investment in top-performing shape.
Want to Start? Use Our Free Upgrade Checklist
Not sure where to begin? Download our simple, step-by-step Rental Upgrade Checklist to help you focus on high-return updates—whether you’re in between tenants or planning for long-term improvement.
Download it here: Rental Upgrade Checklist PDF
Final Thoughts
Upgrading your rental doesn’t have to be expensive. With a clear plan, some creativity, and a focus on what renters actually care about, you can dramatically increase your property’s value and rental income—just like I did.
Whether you own one unit or many, keeping your rentals competitive is the key to long-term success—especially in the era of rent control.
Need help evaluating your rental’s upgrade potential? Contact our team at GPS Renting—we’re here to help you maximize your investment.
Ready to Maximize Your Rental Income?
At GPS Renting, we help property owners unlock their rental property’s full potential—without expensive renovations.
- Simple, Straightforward Pricing – No tenant placement fees, ever.
- Seamless & Online – Full-service management with AppFolio.
- Over 20 Years of Maintenance Expertise – Trusted, in-house crew and contractor network.
Contact us today to schedule a free rental upgrade consultation and see how a Budget-Friendly Home Upgrade can boost your rent too.