4 Interior Design Trends to Increase Value and Occupancy of Multifamily Properties

Multifamily property investors, developers, and property managers have to take measures to maintain and at the same time increase its value in the neighbourhood. Renovating the multifamily building according to the latest interior and exterior design trends is one of the best steps to not only increase the value of the property but also increase its occupancy. The interior and exterior design trends change every year, which is why it is important that multifamily property owners are aware of the latest trends and discuss it with multifamily renovation contractors. Here are four interior design trends that can help augment the appeal of your multifamily building and increase rent-ability.

1. Micro Units

Micro units are hugely popular in mega-cities, such as Chicago, San Angelo, and Los Angeles and are quickly climbing the popularity charts in smaller cities such as Scottsdale and San Diego. These units are mostly 200 to 350 square feet in size and are an affordable housing solution for renters, especially bachelor’s, who can enjoy homely comfort without denting their monthly finance. Finding an affordable living option in the vicinity of their office is the priority of every professional.

Related read – 5 Modern Renovation Ideas to Improve the Rentability of Your Multifamily Property

2. Suburban Living

Surban is a term coined by Urban Land Institute (ULI). It comprises part urban and part suburban environment and lifestyle. Urban spaces offer a splendid lifestyle, but living there is quite expensive. Suburban settings, on the other hand, offer a more family-oriented environment. That is why many renters are looking for a place that offers urban-living with the right mix of walk-able amenities. Invest in a multifamily rehabilitation program promoting suburban living to attract potential renters.

3. Embracing Technology

We are surrounded by technology that is simplifying our lives, from chatbots such as Siri, Cortana, and Alexa to cloud computing. That’s not it, technology is also revolutionizing real estate and enhancing home comfort. Invest in cloud-based technology that allows renters to wirelessly control entryways, lighting, and air-conditioning. Provide Wi-Fi connectivity in the property premises and charging points in common areas.

Related read – 5 Focus Areas during Multifamily Housing Rehabilitation

4. Affordable Luxury

Everyone craves for luxurious living, however, it comes at a price. Interior designers, though, have found a way around with all-inclusive resort and uptown exclusivity. The space saved with micro units is exchanged for these luxuries. Renovate the apartments with upscale features such as outdoor kitchens floor-to-ceiling windows, rooftop fireplaces with seating areas, tiled flooring, and package lockers to give renters a feel of luxurious living at affordable price. It will work as a selling point for your multifamily property.

Wrap Up

The young generation is all for technology and elements that simplify their lives. They are adaptable and flexible with their demands, which is why keeping your property relevant and renovating your multifamily property these four interior design trends can boost its value and occupancy. Contact reputable local multifamily renovation contractors and learn about their multifamily rehabilitation program for affordable service.

The Need for Multifamily Pre-construction Planning Services

Multifamily property owners want their properties to offer best-in-class facilities so as to make their property stand away from the crowd and attract potential renters. Multifamily housing pre-construction planning service providers assist property investors and owners in constructing high-value properties. To achieve that, they offer various services, such as pre-construction planning, value engineering, and due diligence. Out of them pre-construction planning and scheduling help multifamily property owners with cost-effective multifamily construction and renovation strategy. If you are a multifamily property owner or investor, read this blog post to know what makes pre-construction planning services such a vital cog in the multifamily housing business.

Need for Multifamily pre-construction planning services –

Assess the Property

Before initiating repair, restoration, or any construction work, multifamily housing pre-construction service providers first evaluate the condition of the property. They document every detail, ranging from structural condition to the offered fixtures and facilities at the property premises. It is done to plan and govern the construction work.

Analyse the Project

The architectural experts analyse the project on the basis of the assessment report. They determine the major points for return on investment and define the scope of work accordingly.

Estimate the Construction Cost

The report on the scope of work helps the experts prepare a preliminary construction cost estimate. Use this estimate to prepare a construction or renovation budget, which in turn enable multifamily properties pre construction providers to divide the work according to its cost significance.

Source Quality Construction Materials

Multifamily Pre construction planning provider prepare the project analysis and construction estimate keeping in mind the quality of construction materials. They generally have a wide network of suppliers and fulfilment partners to source high-grade construction material that too within a defined timeline.

Related read- 4 Must-Know Stages of Multifamily Pre-Construction Planning

Prepare a Schedule

Pre-construction planning address the biggest concern with construction or renovation work, timely completion of the project. A majority of multifamily renovation and restoration service providers break the project into several phases, prepare a schedule for each phase, and ensure the deadlines are met.

Assess and Adhere to Construction Permits

Multifamily pre-construction providers need to obtain construction permits, such as worker and and environmental safety, building regulations, and liabilities and insurance regimes from respective authorities before initiating any construction work.

Final Few Words

Availing pre-construction planning services enables multifamily housing owners and stakeholders address the complex dynamics of the multifamily construction business. From building structure to its facilities, pre-construction planning will take everything into consideration, to prepare an estimate cost and a rough completion time of the project. A trusted multifamily property pre-construction planning provider can eliminate the burden of planning and costing, and give you the end result within the promised timeline.

A Brief Guide to Multifamily Pre-Construction Planning and More

Whether your multifamily property requires remodelling or extensive repairs, owners and contractors need to be razor sharp with their work practices to ensure efficiency and timely productivity. It is very important for property owners to hire contractors who employ a definite work plan to deliver desired results. That means the contractor should have a team of professional who understands the project, and helps in budgeting and installing amenities in multifamily properties.

This blogpost discusses several components that form a multifamily construction lifecycle.

Pre-construction Planning

Pre-construction planning consultancy for your multifamily property involves a set of meetings to discuss work estimate and project management. Project management team is given enough time to prepare meetings and present their case. Purpose of these meetings is to have a solid strategy before starting the renovation or construction work and ensure everyone involved is on the same page.

Short-term Targeting

Once the pre-construction planning is complete, you have the wire-frame of the work to be done. Now, it is time to execute the plan. Short-term planning helps in breaking the entire project into small, realistic targets, enabling the team to work on one thing at a time. The field manager assigns appropriate labor or trade partner resources to ensure targets are met. Employing a uniform planning tool across all verticals eliminates uncertainty.

Daily Update

A quick meeting before starting the day’s work and at the end of the day, establishes the goal of the day and verifies the performance, respectively. It is the duty of the field manager to set the goal of the day, ranging from installing pipes and painting rooms to laying flooring tiles and roofing insulation. Additionally, daily updates ensure necessary materials and equipment are in place to avoid work stalemate.

Exit Strategy

Exit strategy is as important as a pre-construction planning. It is a brainstorming session done with about 10-20 percent of remaining project work. The idea is to ensure projects complete as per the decided deadline and not linger on. Be it installing amenities, painting walls, or refurbishing, multifamily construction contractors require a structured approach for a strong finish. Besides planning a strong finish, the sessions help contractor ensure that the customer is satisfied with the project and closeout documents.

Post-work Review

Post-work review matters a lot, for it involves analysis of all the work undertaken during the project, whether they met the expected results or were a failure because of internal or external expectations. The review meetings are designed to gather construction nuances and intricacies, along with customer intelligence to come up with a final score of the project and rating accordingly.

The Bottom Line
The underlined best practices ensure that contractors deliver what they promised. Having said that, the construction and repair processes can be modified or enhanced according to changing needs and budget. So as a property owner in search for budgeted installation of amenities and any other repair work, hire a reputable contractor who aims at achieving operational excellence.

Lastly, it is advisable to go for multifamily pre-construction planning consultancy before undertaking the project.

Reasons to Renovate Your Multifamily Property

Multifamily Property Renovation

Renovating a property may prove to be quite rewarding as it adds value to both property and the lifestyle of occupants. However, you need to look at various aspects before initiating a renovation project and plan accordingly keeping in mind the property’s long-term potential return on investment. Apart from setting a budget and getting underway with the renovation process, it is important to understand the primary reasons behind undertaking such a project.

To help you get some key insights, we have listed the following four reasons in this blog post.

Take a look.

1. Avoiding the relocation cost

Many people prefer selling their property and moving to a new place because they are not happy with the existing location. Although moving to a new place can be a good idea, renovation is surely a cheaper option. This may save you from paying a significant amount of money as legal fees, agent’s commission, stamp duty, and other expenses that could otherwise have been used to renovate the property instead.

2. Increasing the returns on investment

If you plan to let out your property for rent, renovation can enhance your return on investment in the long run. Consider the factors that are more appealing to the tenants so they do not find an issue in paying higher rent. Make changes that increases your property’s rental returns.

3. Making your property more eco-friendly

Resorting to green renovation can reduce your property’s eco-footprints. You can opt for the most suitable green modifications such as installing low-flow showerheads, faucet, and energy-efficient appliances that aim at a healthy lifestyle. Adopting eco-friendly methods for green rehabilitation of multifamily rental property may help you save the environment and also a great deal of money.

4. A higher sale value

Renovation can also result in higher appreciation of your property and fetch you better price regardless of the state of the housing market. Try to consider renovations that add value to your property, boost its overall market appeal, and attract prospective buyers. Make use of modern technology and equipment that enhance the curb appeal and efficiency of your multifamily property.

The Bottom Line

If you wish to renovate your property, you can consult professional multifamily rehabilitation consultants. These experts can guide you the best and help you achieve the desired return on your investments. Apart from the reasons to renovate your property, a consultant also provides tips on scaled renovations and remodeling to increase equity of your multifamily building. Along the way, keep the pointers mentioned in this post in mind to implement a meticulous housing rehabilitation program.

This might interest you: Renovation Ideas for Multifamily Housing Units

Features that Separate your Multifamily Property From the Clutter

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.

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The 3 ‘P’s’ for Nationwide Rental Property Investors to Gain Maximum Returns

It is well known that ‘location’ has been the prime focus of investors who seek to harness the booming real estate rental market. Investors, however, need to think beyond the conventional and shift their focus from location-based decisions to the much talked about the three ‘P’s’ of real estate that drive profitability today — Preparation, Promotion, and Presentation.

1) Preparation – Getting started

All properties should be prepped before showing it to prospective renters. All building units should be cleaned and well organized. Multifamily housing units, for example, can emit a mildew odor or one from food stored in the refrigerator for extended periods when tenants are away. Failure to take care of this issue can be a huge let down for prospects who come to see the rental unit. If a property is in a good neighborhood and is equipped with all required amenities, it is usually an automatic lease. If the property is well-groomed, but the location is questionable, prospects may still find ways to rationalize the location. How your rental business fares on the market, therefore, depends on how well you get it organized.

Multifamily Development Company Renovations

2) Promotion – Highlight features

Though preparation is the necessity, you need promotion to bring your property to the targeted market. It is important to highlight your property in order to separate it from the other options in the market today. Highlighting unique features in various marketing campaigns should be the first step in this direction. Pictures, videos, and descriptions should be added in a manner that instantly ignites prospects’ imagination, making them eager to see it. Location of the property may be deterrent to some, but the way you present it in your advertisement can make them curious to at least visit it.

3) Presentation – Build Relations

Once you have preparation and promotion plans in place, the next thing you need to do is to ensure appropriate presentation. When presenting the property, the agent should be ready to answer all questions concerning the property, such as amenities, footage, policies, prices, and more. No matter how well the property looks, if your agent cannot sell the idea of buying your property, you may end up losing the deal.

The Bottom Line

The traditional approach to real estate business is no longer workable in the current environment, and failure to take heed will only lead to losses and missed opportunities. Our renovation experts are here to help you with your renovations to ensure your property’s success.