Rental Finishes for Tenant Attraction

[Stephen Schoon]

I heard a podcast recently wherein the guest said he finished his rentals so that, basically, his houses were the best on the street and fetched the highest tier rent in their market.  The purpose, in short, was to attract better tenants.  So I thought to myself that that's a good idea.  He didn't go into specifics, but I don't think he means putting granite in a formica neighborhood, but it may mean putting in stainless appliances and foregoing the vinyl for laminate or tile.

A couple months ago I was walking through a unit my buddy was light-rehabbing after tenant move-out.  He explained to me that he won't do this and won't do that but will do a couple other things because that's what the tenants expect.  They expect that the hardwood floors from almost a hundred years ago will be discolored, scuffed, and a little uneven.  He won't refinish them, but he may reseal/topcoat it.  You get my point.

Both mind-sets make sense.  One part of me wants to finish a unit/house to meet the expectations of the local tenant population, but another part would be willing to spend a little more to attract that quality tenant.

So what do you landlords think?  Is it/can it be worth the money to finish better and worth the (i assume) extra time to land a better tenant?  After all, If I can't get a good tenant with standard finishes I'm not going to get a good tenant with better finishes, right?

Thoughts? Opinions?