Unstable economic conditions and inflated rents of single family homes have forced renters to choose affordable housing options, such as multi-family properties. In the last couple of decades, the market has witnessed an increase in demand of multifamily housing units making the business a lucrative opportunity for rental property investors. Where new multifamily property investors are not leaving a single stone unturned to attract target customers, old buildings owners are left with no choice but upgrade their existing property to maintain a competitive edge.
Investors need to ensure that their buildings are at par with contemporary upcoming multifamily housing buildings and offer something extra that separates their building from the similar others. While affordability remains a major factor to attract renters, there are other essential elements, which renters desire to have in the housing unit they choose, to which investors must pay heed and inculcate in their renovation project. There are numerous commercial renovation nationwide companies that can help you upgrade your building in line with the current market trend. Here are some simple ways that can add value to your renovation project and help you gain a competitive edge.
Curb Appeal- An ‘X’ Factor
Curb appeal is the ‘X’ factor fo your multifamily housing building, which plays a significant role in the decision making of renters. Talking about curb appeal, a stable outlook of the building makes it look attractive and well organized. A well-organized building is something renters would like to consider when making a choice. If your masonry is showing the signs of age, make sure your renovation project includes it repair. Same is with paint, don’t let the aging paint make your property look dull. A newly painted building is always an attractive feature of rental properties. A fresh touch up of paint to the walls after tenants vacate the unit is a good way to maintain its appeal.
Urban Lifestyle
Multifamily housing units are attracting all adult cohorts, but the vast proportion of their target customers are millennials and empty nesters. Most of this customer base desire for low-maintenance urban experience, which affordable buildings can offer them. Renovating your property to align with contemporary renter’s needs not only help investors attract more renters but also give them a competitive edge as against new upcoming multifamily housing projects. Updating your outdated kitchen and bathrooms is one way to boost your property sale and providing modern amenities another. Kitchen islands in kitchens equipped with modern appliances and advanced bathroom hardware are some attractive features that investors must consider adding to their property to make it desirable.
Accessibility
As baby boomers are aging, their share in multifamily housing units is increasing in a profound manner. Increased in longevity rate of old generation has increased the number of multifamily units occupied by senior citizens. Investors should harness the potential of this overlooked customer base and make provision to grant easy accessibility to old age people. In fact, adding differently abled people in your list will expand your customer base. Having ramps and railing in your property will help these people walk around comfortably.
Pet-Friendly Amenities
As we all know, pets are dear to many people, and according to several independent studies about 75% of renters have pets. Allowing pets in your rental unit can separate you from rest of the property owners that don’t allow them. Also, you can include pet-friendly amenities such as a yard, dog washing services, or simply dog walking services to attract potential renters.
Tenant’s Friendly Services
Convenience is what renters look for besides affordability when renting a home. Consider offering services like online transfer of rent, online lease signings and payments through credit cards. All these services not only make your tenants live much easier, but also help you transact business in a hassle-free manner.
Landscaping
Not only the building but its surrounding also matters to tenants, as no one wants to live in a shady landscape. A well-groomed lawn and beautiful plants can beautify the surrounding and enhance the curb appeal of your building’s exterior. Plant trees that will flourish in your specific climate and create landscape plans based on your yard’s configuration.
Epilogue
No doubt, affordability is one of the primary concerns of renters when hunting homes, they look for amenities and urban lifestyle when narrowing down their search for an appropriate home. Considering the urban lifestyle demands of the majority of renters, multifamily housing investors need to keep up with the current market trend and subsequently, upgrade their buildings design to make them tenant-friendly. Make sure you choose a credible commercial renovation nationwide service provider, who can add value to your renovation project.
Multifamily Building Renovations 