5 Tips for Transforming Your Home Into a Rental Property

Are you looking to move out of your current home and transform it into a rental property to generate extra income? The rental market is competitive, but you have a few opportunities to make your property stand out.

If you're transforming your home into a rental property, you'll need to understand your legal responsibilities as a landlord and obtain the necessary licenses. Here are some rental options you can choose from:

• Long-term rentals: If you want a stable, consistent income from your rental property, transforming your home into a long-term rental is your best bet. Year-long lease agreements give you guaranteed income and mean you don't need to market your property as frequently.
• Short-term rentals: These rentals might extend between a few days and a few months. Your target audience might be individuals who are not interested in committing to a full-year lease, such as college students. 
• Vacation home rentals: If you live in a popular tourist destination, your home could serve as a perfect vacation rental. This option often means guests will only stay between a few days and a week, which means you can use the space when it's not reserved.

Whatever rental avenue you take, these design tips to make your home into a rental can help you create a fantastic space.

1. Have a Consistent Theme

The design or style of a space is one of the first things that stands out to potential tenants. Pictures play a key role in generating leads for rental properties, and you can show off your property's theme in photos on popular listing sites like Zillow or Airbnb. Special themes or unique design elements catch the eye of browsers. 

For example, if you own a vacation rental home near the beach, you might focus your design around colors like blue, green and white. A unique property with character and quirks will suit more eclectic elements, such as geometric ottomans that make a statement or textured wall coverings that add dimension. 

Keep in mind that if you want to make your home a long-term rental, you will likely want to choose more neutral design elements and colors so tenants can make the space their own.

2. Balance Beauty With Livability

A great-looking space will make your rental listing photos stand out, but functionality is essential. If potential tenants cannot see themselves living and using the spaces, then you will have a tough time renting out your home. 

If you're providing a furnished rental space, take comfort seriously. Tenants appreciate a good-looking sofa, but their joy will soon fizzle if the cushions are stiff and uncomfortable. Procure seating that balances style and comfort to suit your tenant's lifestyle and your home's design elements. 

Additionally, built-in furniture like wall beds and sofas add a touch of elegance to home furnishings. Luxury console dining tables add more functionality to your space without crowding rooms with bulky furniture.

3. Prioritize Storage

Whether you're targeting short-term or long-term rentals, think about what your tenants will use the space for. Expanding your storage options can ensure they have plenty of room to store their belongings without feeling cramped. Consider installing built-in storage solutions to complement your design while enhancing functionality. Some storage ideas include:

• Room dividers: If you want to increase storage in your rental property, consider room divider shelving. These options are also excellent for spaces with large windows — you can install these shelves in front of a window to get all the benefits of natural light while still providing plenty of storage options for your tenants.
• Corner closets: Small spaces need storage, too, and corner closets are the perfect solution to take advantage of the often-empty corner spaces in your rooms. Customize them with shelves, drawers and racks to create the perfect storage solution.
• Custom wall-mounted cabinets: If you haven't found the perfect ready-made product for your rental property's storage needs, custom cabinetry units might be the perfect solution. You can design the perfect configuration, and wall-mounted cabinetry will also save you valuable floor space. 
• Wall beds: These aren't your mother's Murphy beds! A wall bed folds down from a storage compartment in the wall, but your options aren't limited to mattresses. You can find fold-down options for desks, tables, bunk beds and sofas. Wall beds aren't just a great option for small rooms — having more beds can also expand your property's earning potential.

4. Create Distinct Spaces

Open-concept design is all the rage, and if your property has an open floor plan, consider how you can create distinct spaces within your home so that tenants see all the possibilities. For example, you might tuck a unique flip-down desk into the corner of the living space to create a home office. Having this option will appeal to many, including remote workers and gaming enthusiasts who might feel their desks crowd up a room. 

Strategic design choices can help you curate spaces that speak to your tenants' needs. If you plan to rent your home long-term, it's even more important that tenants can visualize how they will use each space. 

5. Think About Versatility

Whether you're working with a few hundred or a few thousand square feet, versatility is essential. Having multifunctional spaces expands the functionality of your property so your tenants can get more use from the available space. Versatility is especially important in smaller spaces.

Consider the following design features to enhance the versatility of your space:

• Flexible seating: Modular sectionals add flexibility so you can create an ever-evolving space for maximum relaxation and comfort. 
• Media units: Whether free-standing or wall-mounted, having media units makes it easier for tenants to organize their electronics. They can also conceal televisions or projector screens while they're not being used to promote an uninterrupted design.
• Transforming tables: A transforming table is one of the most versatile pieces of furniture you can buy. Adding a convertible table to your space, like a coffee table that expands into a full-size dining table, means you get two pieces of furniture in one.

Design Your Rental With Help From Resource Furniture

Rental properties need to stand out to get noticed in this competitive market — unique furniture and storage solutions can help you create a space that enhances your property. With products from Resource Furniture and these design ideas to make your home into a rental, you can create a dynamic and functional space that attracts tenants. 

Take a look at our gallery to see our products in action, and then schedule a free consultation at one of our showrooms. If you have any questions or concerns, don't hesitate to reach out to our Design Sales Team.