Why You Should Consider Adding a Deck to Your Rental Property

Thinking about giving your rental property a little facelift? Taking it to the next level with a deck should be high on your list. Decks are known for expanding your outdoor living space, but here’s the real kicker – do they actually add value to your rental property?

Spoiler alert: Yes. With around 44% ROI on the cost of the deck, in fact. A quality deck doesn’t just beautify your property aesthetically; it also increases its value. The catch, though, is that the extent of the value addition depends on the deck’s design, the materials used, and overall build quality.

Adding a deck is a savvy investment 

The National Association of Realtors conducted surveys, and a deck addition scored a whopping 9.8 out of 10 regarding personal enjoyment. Having a deck is not just about increasing property value; it’s about creating a space where your tenants genuinely love to unwind.

When it comes to enticing potential renters, a new wood deck ranks as the 5th best improvement, right after a series of lawn and landscaping upgrades. However, the choice of material, deck location, and design all play pivotal roles.

Let’s dive into the material aspect – wood decks offer a decent return on your investment, making them the go-to for immediate value. However, if you’re eyeing the long game, composite deck materials steal the show with their higher dollar value return, low maintenance costs, and impressive lifespan ranging from 25 to 50 years. 

Building your rental property for outdoor entertainment

There are plenty of ways to improve the value of your property with yard-based additions, but what about enticing those tenants? A deck, a tiled courtyard, a gazebo, a sizzling BBQ, and some stylish outdoor furniture is a strategic move that can make your property an irresistible drawcard for tenants.

Adding an outdoor entertaining space is like unlocking the key to tenant satisfaction. It’s not merely an amenity; it’s an experience. Tenants are not just renting a space; they’re investing in a lifestyle. When potential tenants walk into your property, if they are greeted by a charming deck, a BBQ for those delightful al fresco meals, and some comfortable outdoor furniture, your property becomes a magnet for those searching for a home beyond four walls.

Building a deck is a budget-friendly endeavor 

A deck is a cost-effective option that can make a significant impact without draining your wallet. Compared to other home improvement projects, the cost of adding a deck is remarkably reasonable. It is certainly more affordable than the daunting prospect of renovating the kitchen or giving your entire property a flooring facelift!

If you’re working with a limited budget, but you’re yearning for a home improvement project that delivers a colossal impact, a new deck is a pocket-friendly solution that allows you to improve your rental without burning a hole in your finances.

You need to beat your competition

The rental landscape in the United States has experienced a notable transformation in recent years, with a staggering 1.2 million new rental apartments hitting the market, predominantly on the high end. However, the influx of new units has ushered in a paradigm shift, creating a more competitive environment for landlords.

A recent study delved into the dynamics of this shifting market. Surprisingly, last year’s peak rental season, spanning from April to June, was to be less cutthroat than its predecessor. The increased inventory, coupled with a decrease in the number of prospective renters vying for each unit, has contributed to this shift.

Results revealed that over half of the studied markets were less competitive than the previous year, witnessing a decline from an average of 15 renters competing for each unit to a more manageable 10 this year. This decrease has translated into a longer duration of apartment vacancies, granting renters a more leisurely timeframe for exploration and consideration.

So, fewer renters and more competition? You need to be doing all that you can to stand out!

Decks can be enjoyed throughout the year

A cozy covered deck is useful even as the seasons shift and the temperatures fluctuate. By adding livable space to your property, you create additional areas for your tenant’s gatherings, work, games, or quality family time. And let’s not forget the practicality of storage. Your deck is an opportunity for your tenants to maximize space creatively. They can use it to store items that might otherwise clutter the living areas, giving the home an added dimension of utility.

Finally, there’s the beauty of low maintenance. In the grand scheme of home improvements, decks require minimal effort to keep them looking good. With a weatherproofing finish, your deck becomes a hassle-free addition that won’t demand excessive upkeep. All of this makes for a very attractive feature when it comes time to find the right tenants.

More cool moves for landlords

RentRedi is a high-quality, innovative piece of software landlords use to manage their properties, making life easier. Our team is here to provide world-class support that leaves you with money in your pocket. Learn more about how we can help you manage your property today.