Guest Post by Dan Daugherty, CEO and founder of rentbits.com and active real estate investor (that means landlord).

Landlords are in the commodity business. In many instances, there are very few differences between one rental over another. Smart real estate investors look for properties that give them a clear competitive advantage over a similar property in the same neighborhood. It could be the view, it could be renovations, it could be proximity to the light-rail.

As a renter, you can increase the value of the rental property while developing a better living environment for yourself. Below are some ways to get your landlord to pay for your renovation.

• Sign a longer lease If you intend to stay for a longer period of time, more than a year, this adds to your negotiating power.

• Pay your rent on time The first step to getting a renovation in your rental is to first develop trust with your landlord. The easiest way to build a relationship is to pay your rent on time and, if possible, before the due date.
• Make a case Use data to tell your story. If you are asking for a new refrigerator or a new paint job throughout the apartment or house, educate your landlord on the added benefits of doing the renovation. How much will it add to the future value of the home or apartment?
• Extend your lease In addition to making the case with the landlord, give them a reason. What is in it for them? Signing an extension to the existing lease gives the landlord confidence the rental will be filled in the future. This eliminates a lot of the headaches of marketing and filling the rental in the future.

Recently, a tenant asked if I could repaint the entire rental house. The original color was dove white that was approximately five years old. The original request was to use five separate colors for each room red, yellow, brown, blue and black. The resident tried to make a case that the new look would add value to the property for future tenants. I asked them if they would extend the current lease. They said no. I asked them if they could pay their rent early each month for the remainder of the term, which had six months left. Previously, they were late on payment two out of the first six months. They said they would try.

At this point, the resident didnt have much negotiating power to get the new paint in the house. However, I knew that multiple colors in a rental property does not add value. In fact, it decreases it. The best way to repaint a rental is to use colors that do not affect emotion colors like white, beige, etc.

In the end, we were able to come to an agreement where the resident extended the lease, received a new refrigerator and a new paint job. In beige, of course.

About the Author. Dan Daugherty is an active real estate investor and the CEO and founder of rentBits.com. a rental search engine and advertising network founded in 2006. The rentBits index currently has over 500,000 active rental listings and rental rates in over 4,000 cities. For the record, Dan does like colors other than beige.