It's summertime! That means barbecues, hammock naps and…rental property maintenance? That's right. Your renters enjoy those sunny backyard activities just as much as you do, so new outdoor amenities can be a great incentive for them to re-sign their lease before they get the itch for a summer move.

Believe it or not, summer can be a good time to watch for new rental investment opportunities, too. Going into the summer season, here are a few things to consider that can make your rental properties and portfolio shine.

Improve outdoor spaces

From long-term leases to vacation homes, summer is prime time for rental activity. Rentals with summer-ready outdoor amenities can entice new and current tenants to sign on the line for your properties.

To maximize the return on your home improvement investment, consider lower-cost projects, like a patio. People love the look and utility of a patio for their outdoor furniture and warm-weather meals and parties. It's a relatively inexpensive improvement and will add to your tenants' quality of life — and you can even DIY it if you're handy.

Other low-cost backyard improvements include:

• Stone paver walkways
• Fencing
• Pergolas or sun sails
• Brick edging around planting areas

Buying a rental in the summer

Many landlords know better than to compete with consumers during the summer home-buying season. But that doesn't mean you should stop watching the market altogether. Foreclosures or properties that need significant rehab may not have the same level of competition as turnkey homes. 

Summer is a busy time for real estate, but that isn't all bad for investors. Sure, there are a lot of buyers out there to compete with, but the year-over-year inventory deficit has started shrinking, and whenever there are more choices in the market, it's a better time to find an overlooked deal.

Evaluating your investment options

An investment in your rental business is an investment, whether it's finding a steal on an under-the-radar fixer-upper or $500 for materials and a few sunny afternoons building a patio. Either way, summer can provide opportunities for landlords to add value to their properties and portfolios.

Make sure to save a little time to enjoy the season yourself, too. Landlording is a year-round job, but improving your properties is a great excuse to treat yourself to one of those afternoon naps in your own hammock.