We're going to put on our interior designer hats for a moment and talk about some of the design trends that we've seen in Philadelphia rental properties. If you're still thinking about a rental unit as simply something that requires four walls, a ceiling, and a floor, you're not going to be a very successful real estate investor. Tenant demands are more sophisticated than ever. They want more than just a place to live. Today's well-qualified residents want an experience. If you want to maximize what you can earn on your rental property, you'll deliver that experience. This means getting an idea around what tenants are looking for in terms of design. It can be fun. Philadelphia is a city that's rich in history, and whether we're talking about a downtown apartment or a single-family home in the suburbs, this region paints a colorful background for designers and landlords looking to keep their rental properties both modern and memorable. Whether you're working with historic brownstones in the charming Center City or contemporary apartments sprouting up along the Schuylkill River, incorporating the latest design trends can make all the difference between standing out and blending in. Here's a look at some of the prominent design trends current tenants are seeking, and how you can apply them to your Philadelphia rental properties:
Philadelphia Rental Properties are Embracing the Industrial Aesthetic
Industrial design has firmly entrenched itself in Philadelphia's landscape. It's not just the chic Fishtown lofts that are cutting-edge in this area; even homes in the cozy further-flung neighborhoods are reflecting the industrial charm with exposed bricks, steel beams, and reclaimed wood. It's a vibe, as the kids would say. At its core, industrial design emphasizes raw and undone textures, which can be an excellent approach if you're aiming to attract a young, urban demographic. Hipster tenants will gravitate towards your rental property as soon as they see the pics you post with your listing online. If you're going to lean into the industrial aesthetic, consider accents like pendant lights with a vintage filament bulb, wrought-iron furniture pieces, and exposed ductwork. To balance the rough with the refined, ensure there's plenty of greenery and soft textures, such as velvet or faux fur cushions, to add warmth.
Functional Furnishings Can Complement Compact Spaces
When it comes to living in the city of Philadelphia, functionality is key, and that's mostly because of the compact spaces that are available for rent. Given the city's high population density and penchant for walkability, tenants often favor properties that maximize space efficiency without sacrificing style. Multi-purpose furniture, such as sofa beds or ottomans with hidden storage, is a rising star in this neighborhood. If you're staging your rental home as you show it, these are the things you'll want to consider as you select pieces to complete the image you're after. Another space-saving design strategy is to go vertical. By using built-in shelves and wall-mounted cabinets, you not only save on space but also draw the eye upwards to create the illusion of higher ceilings, which can be particularly advantageous for smaller units. When space is a factor in your rental property, use the design elements that will work best in showcasing the cozy and low-maintenance aesthetic of a smaller space without leaving prospective tenants feeling like they might be a bit claustrophobic in your property.
Colors: Go With High-Contrast Monochrome Palettes
If you're in the middle of a turnover, or preparing a vacant home for the rental market, you'll need to think about colors, and you've likely always been told that neutral colors are best. True, but neutral doesn't have to mean boring. Philadelphia is a city of stark contrasts, from its diverse neighborhoods to its rich cultural history and modern urban development. Leverage this juxtaposition with a monochrome color palette that makes a strong design statement. Classic black and white is a timeless choice, but you can also experiment with deep navy and pale gray, or charcoal and ivory, inspired by the city's own architectural diversity. Incorporate these shades into your walls, flooring, and furnishings to create a cohesive look that's both elegant and easy to maintain.
Invest in Sustainable and Eco-Friendly Features
Green design isn't just a trend; it's a movement, and Philly has plenty of tenants looking to live in a more sustainable fashion. With the city striving to become more environmentally friendly and able to attract an increasing number of eco-conscious tenants, sustainability is a significant selling point for rental properties. Incorporating green features doesn't have to be complicated or expensive; it can be as simple as using low-VOC paints, installing energy-efficient appliances, or adding a recycling station in the kitchen. For a larger commitment to sustainability, consider features like solar panels, green roofs, or high-efficiency HVAC systems, which can also help reduce your long-term operational costs. This is more than design, it's a nod to the future and the willingness to meet tenant demands.
Smart Home Technology
As the co-founder of America's first public library and the home of the nation's first hospital, Philadelphia has a legacy of innovation, making it a fitting location for the inclusion of smart home technology in rental properties. Smart home features like automated smart thermostats, keyless entry, and integrated home security systems not only appeal to tech-savvy tenants but also offer practical benefits, from saving on energy costs to providing added convenience and peace of mind. Remember, trends are always changing, especially design trends, and it's crucial to stay adaptable and keep one eye on what's new while the other looks back at what the home and heart of Philadelphia stands for. By infusing your rental properties with these design trends, you're keeping up with the times and ensuring that your rental homes remain attractive to tenants, valuable, and easy to rent. If you'd like some help choosing some design elements for your property, we're here to provide any assistance you need. Please contact us at Innovate Realty. We work with investors of all experience levels in the greater Philadelphia metro area as well as surrounding suburban areas in Montgomery, Chester, Burlington, and Delaware County, to the Delaware River.
