Pimp My Rental: Tenants Spring for Major Renovations

Historically high prices and the tightening of credit rules by mortgage companies are leaving a lot of would-be homeowners out of this "buyer's market."  Many renters have come to the realization that they're not going to be moving into a home of their own any time soon.  As a result, there is a growing boom in tenants making renovations that were once only done by property owners who would reap the benefits of the new improvements.

And we're not just talking about new shower curtains.  A recent USA Today article documented the trend, with anecdotes from renters who have taken up hammers and nails to make their apartments and rental houses feel more like home.  The New York Times even found renters who sprang for renovations costing as much as $100,000.  That's real money, even in New York.

MSN's real estate portal even provides a list of home improvement ideas for renters.  They range from the simple (e.g. slapping a coat of paint on the walls) to the semi-permanent, like changing the drawer-pulls and kitchen cabinet hardware.

But before you break out the sledgehammer and take to the walls of your studio, remember that any change you make can cost you your security deposit.  It's always best to talk to your landlord first and make sure they're fine with your plan; even get their approval in writing if possible.  For additional tips on not paying an extra month's rent because of your damage to your rental unit, check out the Renter's Guide on HotPads.com.