Investing in rental property can be very lucrative. Many people wonder what things are necessary to get top dollar rental income from their properties. Luckily there are a few simple things that can be done to attract high quality tenants, in return getting higher rent prices and increased cash flow.

Painting a neutral color throughout the home is the first critical piece to attracting a wide variety of tenants. The lighter and more neutral the color, the more desirable the home becomes as it generally lightens up the inside of the home and gives the appearance that all rooms are seemlessly connected. If you own multiple rental homes, it is a good idea to paint the inside of all the rental homes the same color, as this will save maintenance dollars later on when tenants change, and you have to repaint.

Caulking is both an aesthetic and protective step which will save on repair costs down the road, resulting in a more profitable investment property. Caulk around outside windows to prevent air and water leaks into the home. Also caulk around toilets bases and sink bases near the floor to prevent wood damage when water splashes or leaks from the sink.

Another important feature of a home that can be changed to attract high quality tenants is to make sure the carpet padding is high quality. The carpet itself can be a mid-quality carpet, but it's important for the padding under the carpet to be of high quality as it will result in the carpet lasting much longer. If the carpet itself has non-removable staining or tears, the carpet should be replaced.

A common misconception is that a rental home should have up to date appliances and home features, such as countertops and the latest style sinks. This is not a correct assumption. Appliances and home features should be clean, reliable, and mostly of standard issue. Remember that as a landlord, you are responsible for maintaining a safe and functional environment for the tenants. This means repairs and maintenance on all appliances. Having the latest brands and high end appliances generally means higher repair costs when they break down. Standard mainstream appliances are more simple to operate, don't have as many features to break, and usually cost less to repair.

Landlords can expect high quality tenant applicants and increased rental income potential by following the simple steps above.

The article Property for Investment has details on purchasing investment properties that will attract high quality tenants.