The Best Upgrades to Boost Your Memphis Rental’s Value – Foundation Property Management’s Expert Advice
The Best Upgrades to Boost Your Memphis Rental’s Value – Foundation Property Management’s Expert Advice
Want to make your Memphis rental stand out—and earn more? Start with smart upgrades.
In today’s rental market, tenants aren’t just looking for a roof over their heads. They want a place that feels like home. If your property doesn’t offer that feeling, it’s likely to sit vacant longer, bring in less rent, or attract residents who don’t take care of the space.
At Foundation Property Management, we specialize in helping owners make the right improvements—not the most expensive ones, but the ones that truly increase value, boost retention, and attract quality tenants.
Let’s walk through the best rental upgrades that pay off, especially for landlords using property management services in Memphis, Tennessee.
Why Should You Upgrade a Rental Property?
Before we dive into specifics, let’s be clear—upgrades are an investment, not just an expense. And smart investments do three things:
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Increase your property’s value
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Reduce vacancies
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Attract and retain better residents
This matters even more if you’re relying on residential property management to oversee your rental. The better condition your property is in, the easier it is to manage—and the more income you’ll generate over time.
The Top 7 Upgrades That Make a Big Impact
At FoundationPM, we’ve helped hundreds of landlords make cost-effective improvements that lead to higher rent, lower turnover, and fewer maintenance headaches. Here are seven of the best upgrades to consider:
1. Fresh Paint in Neutral Colors
A fresh coat of paint can make an old rental feel brand new. Stick with clean, neutral tones like light gray, beige, or off-white. These colors appeal to a wide range of people and make spaces look bigger and brighter.
2. Updated Lighting Fixtures
Good lighting changes everything. Swapping outdated fixtures for modern ones (like LED flush mounts or pendant lights) gives your rental an instant upgrade with minimal cost.
3. Durable Flooring
Hardwood-style vinyl plank flooring is a win for both landlords and residents. It looks high-end, lasts longer than carpet, and is easier to clean. That means lower maintenance costs and more resident satisfaction.
4. Energy-Efficient Appliances
Older appliances can be energy hogs and often lead to complaints. Replacing them with Energy Star-rated models adds value and makes your listing more attractive.
5. Smart Thermostats
Adding smart thermostats like Nest or Ecobee is a low-cost upgrade that tenants love. It helps with energy savings and offers convenience—a nice perk that sets your rental apart.
6. Updated Kitchen Hardware
New cabinet handles and drawer pulls may seem minor, but they can completely refresh a kitchen or bathroom without the cost of a full remodel.
7. Curb Appeal Touch-Ups
First impressions matter. Pressure wash the exterior, trim the hedges, plant a few flowers, and make sure the entryway is clean and welcoming.
How Upgrades Increase Rental Value in Memphis
In the Memphis rental market, tenants are looking for homes that are clean, modern, and easy to maintain. The right upgrades can help you increase your rent by 5–15% depending on the neighborhood and property type.
But it’s not just about the money. Upgrades also reduce the number of repairs, tenant complaints, and vacancy time—all of which save you money in the long run.
Plus, when your home feels fresh and updated, residents are more likely to treat it with care. That means fewer issues and lower turnover.
What Should You Upgrade First?
Not every upgrade needs to happen at once. If you’re working with a limited budget, here’s a question to help prioritize:
What part of the property do your residents interact with every day?
Focus on the areas that matter most to daily life: kitchens, bathrooms, lighting, and temperature control. These spaces have the biggest impact on comfort and satisfaction.
Avoid Over-Improving—Here’s How
Yes, there’s such a thing as doing too much. You don’t need granite countertops in every unit or brand-new tile floors. At FoundationPM, we help owners avoid over-improving by making smart, data-driven decisions.
We consider:
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Current rent vs. neighborhood market rent
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Type of residents you want to attract
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What competing properties offer
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The age and condition of your building
By understanding these factors, we help you focus on value-driven upgrades, not vanity upgrades.
Where FoundationPM Adds Value with Rental Upgrades
As a trusted property management company, we don’t just manage maintenance—we plan for long-term success. Here’s how we help with upgrades:
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On-site property inspections to spot areas for improvement
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Cost breakdowns to help you choose what fits your budget
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Access to reliable vendors who do quality work for a fair price
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Project coordination so you don’t have to handle logistics
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Market research to ensure your upgrades match neighborhood expectations
Our goal is simple: protect your investment while making it easier to rent and easier to manage.
Real Story: One Upgrade Made the Difference
One of our Memphis landlords recently replaced old carpet with luxury vinyl plank flooring and added a new dishwasher. That $2,800 investment led to a $150/month rent increase and a signed 2-year lease. Small upgrades, big results.
Want results like that?
Are You Missing Easy Ways to Add Value to Your Rental?
Take a walk through your property today. What would you want to see if you were moving in tomorrow?
That question can guide your next steps—and if you’re unsure where to begin, Foundation Property Management is here to help.