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.

Multifamily Construction Services: 4 Siding Materials You Can Use

In recent years, multifamily properties has evolved manifolds, to become one of the most sustainable investment opportunities that promise long term returns. Given the number of variables that go into multifamily construction, as potential investor, it is your responsibility to ensure that your renovation contractor is on the same page, when it comes to choosing appropriate construction materials, including sidings. Continuing the discussion, here are four materials that you can choose for remodelling and designing your multifamily building’s sidings. Let’s take a look.

1. Vinyl

Remodeling and design companies in areas such as Scottsdale also favor using vinyl as one of the materials when building multifamily property sidings. Now vinyl is not only durable material that resists external deterioration agents, it is also one of the most low maintenance requiring construction material. In addition, one is really spoilt for choices when it comes to choosing a particular color and design of vinyl siding, really such is the versatility of this construction material.

2. Wood

Wood has been a popular choice for siding, in areas such as Scottsdale, for many decades. Not only does wood have a versatile disposition, but it is also one of the most easily available siding material. You can ask your multifamily construction services provider to choose from clapboard, teak wood, and cedar shingles, among other wood types to create an effective siding profile.

3. Metal

Next up, we have metal, which can be used as an effective material for siding construction. Unlike wood, having metal siding can help you achieve fire resistance, along with improved sheen and longer lifespan. Most renovation contractors incorporate corrugated aluminium to create sidings, however, steel has also moved up places to feature as a popular choice in recent years.

4. Clapboard

Although clapboard is typically not a different class of material, it is probably one of the most widely used siding material in Scottsdale and surrounding areas. Clapboard siding is also known as bevel or lap siding, and incorporates wood planks as the core construction material. These plans of wood are installed overlapping with each other, in a horizontal fashion. This siding material is one of the best, when one has to incorporate highest quality of heat insulation the the multifamily building.

Wrapping Up

Multifamily construction properties in areas such as Scottsdale have recently emerged as one of the key investment propositions that promise sustainable returns. It goes without saying that whether you are going for remodelling or designing, the lifespan of a building hugely depends on the type of material that goes into its construction. As a multifamily investor, it is your responsibility to ensure that your contractor uses quality construction materials, especially for the sidings, as they are most vulnerable to daily wear and tear.

Cool Metal Roofs 101: From Reducing Urban Heat Islands Effect to Roof Durability

During summers, urban cities experience the phenomenon called “urban heat islands”, wherein the city heats up disproportionately than surrounding areas. One of primary reasons for this type of phenomenon is predominant dark-colored roofing and dark asphalt pavements across the city. The dark-colored roofs and asphalt panels absorb and reradiate the heat back into the environment, consequently increasing the temperature. Thankfully, cool roofs are one of the proven solutions to fight “urban heat islands” effect.

In this blog post we discuss the benefits of implementation of cool metal roofs in Scottsdale and elsewhere.

Measuring the Urban Heat Effect

How to detect what materials minimizes the urban heat islands effect? Firstly, every material absorbs and reflects varying amounts of solar heat, depending upon its color and reflectance. This variation is measured, based on ASTM test standards C1549 and E903. These tests help determine the solar reflectance (SR) of materials. It is expressed as the fraction of solar energy reflected, on a scale of 0 to 1. As standard, black paint has an SR of 0, while bright white titanium paint is tipped at 1.

How cool metal roofs help?

Scientists have developed the Solar Reflectance Index (SRI), to measure the ability of roofs to stay cool in summers. It measures both an initial SR value and thermal emittance value of materials and products. Higher SRI means higher amount of solar radiation reflection and lesser thermal radiation, leading to a comparatively cool surface. Metal roofs help achieve high SRI values, while minimizing the heat buildup. Many multifamily renovation contractors in Scottsdale choose metal roofing materials based on their SRI rating.

Benefits of Cool Metal Roofs

Increased Energy Savings

Commercial and residential property owners take personal interest in lowering the energy footprint of the property. Cool metal roofs have a high SRI rating, meaning that they help lower the temperature of both the roof and surrounding atmosphere. This helps lowering the air conditioning requirement, and hence, cut down the cost of energy bills in long term.

Long-Term Durability

Building materials may degrade prematurely due to daily exposure to high solar radiations. Traditional roofing materials usually dry out, turn brittle, or decompose in the course of time, if not maintained properly. Using high-SRI index metal roofing enhances the longevity of the roofing system. It also helps shield roof sheathing and other substrate materials that are in direct contact with the roof surface. A cool metal roof helps alleviate the negative impacts of solar heat on the attic spaces below, along with mechanical and electrical equipments in the property.

Wrapping Up

Multifamily renovation contractors in Scottsdale and other places understand the implications of urban heat islands and, therefore, endeavor construction and renovation materials that minimize its impact. In addition to realizing the benefits of energy efficiency, by installing high-SRI cool metal roofs during construction and renovation of multi family properties, property owners can ensure more financial benefits in terms of tax rebates. Cool metal roofs may have a high installation costs, but offers value for money as it is durable and highly environmentally friendly.

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.

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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.