Is your multifamily apartment complex in need of a serious facelift? Have you been considering renovations or updates? If so, there are simple additions you can make to increase your property’s appeal. All of these investment ideas will provide major returns and create additional value to each apartment unit. Keep on reading to discover what those are!
Multifamily Renovation Considerations
Before you begin renovating, it’s essential that you perform some detailed research on the area you are in. Look to see how your renovations can either supplement the area or provide something missing that prospective tenants would want. By providing features that are either new or complementary you can more readily sway those who tour or visit the complex.
Once you’ve done your research, begin by fixing the problems that are glaring. Although practical renovations may seem less appealing than dramatic and sweeping changes, repairing simple issues like broken windows or the lack of an A/C unit can make large differences.
Now that that’s covered, the following are additional property renovations and improvements you should consider:
- Washers and Dryers – Residents do not want to go to a laundromat to clean their clothes. It’s a time-consuming hassle. At the very least, you should provide your complex with shared washer and dryers. But even then, the units provided tend to be dated, indelicate, and in short supply.
If you want to add significant value to each unit, provide tenants with personal washers and dryers. Doing so will offer extra convenience, allowing occupants the freedom to clean their things when and how they want without ever having to fret over someone removing their items or the outmoded washer/dryer ruining their delicates.
- Extra Parking – Parking tends to be one of the largest concerns for renters, especially in crowded urban areas where parking is sparse. The last thing a person wants to do after a long day of work is to circle the surrounding area for thirty minutes looking for a space or to park a mile away from their unit. If you have space and the capital, a parking garage or additional carports could make a massive difference. In many units in Los Angeles, renters will begrudgingly pay hundreds of dollars more per month just to have a guaranteed parking spot.
- Smart Parcel Lockers – Your tenant’s likely shop online weekly if not daily. In a multifamily unit, that could mean dozens of packages arriving daily. Managing these incoming packages puts a huge strain on community managers and if not sorted and stored in a timely manner, could result in lost packages and theft. When items are stolen, your current tenants feel unsafe, which might be the tipping factor in their decision to move out when their lease ends. This
An easy way to eliminate both the hassle of storage and fear of thievery involves adding smart electronic lockers such as those created by, Parcel Pending. These smart lockers are a package management solution that guarantees a simple and protected delivery and retrieval of packages. For a relatively small price, you give your tenants the peace of mind that their delivered goods, groceries, and medicines will be safe and secure. Naturally, such additions add substantial value and convenience for residents.
- Communal Areas – Modern tenants don’t simply want a place to live in, they want a place with amenities that has a sense of community. By creating areas for congregation, you can help foster communal relationships, which improves the overall quality of life. Examples of this include:
- Small parks for dogs
- Barbeque areas
- Outdoor seating and working spaces
- Game rooms
- Upgrade Appliances – If your appliances are more than ten years old, it’s time to swap them out for new technology. Slapping on a fresh coat of paint and installing brand new kitchen appliances is an easy way to make a unit seem newer than it is. Younger people especially care that their living situation is eco-friendly. A recent poll found that “63% of tenants paying between $1,500 to $2,600 per month state that an environmentally friendly home is a number one factor when choosing where to rent.” So, look to add Energy Star appliances that’ll cut down on waste and energy.
- Add Hardwood Floors – Does the flooring need an upgrade? If it’s finally that time, stick to hardwood. Younger people prefer this design because it looks nice and is easier to clean, particularly for pet owners, which account for more than 68% of all people the U.S. When the current tenant does eventually move, it makes it easier on you to fill the space since you don’t have to deal with the construction of ripping out dirty or ruined carpets.
Get to Work
There are cost-effective multifamily building renovations you can make in order to get as much value out of your apartment complex as possible. The suggestions above are just a few of the things you can do to create a rental unit that people direly want to live in. By being mindful of your budget and your resident’s needs, your overhaul will be a great success!
McCarthy, N. Forbes. Online Shopping: How Many Parcels Does The Average American Receive Every Year? (2019.) https://www.forbes.com/sites/niallmccarthy/2019/06/17/online-shopping-how-many-parcels-does-the-average-american-receive-every-year-infographic/#71775a7a608f
Parcel Pending. Package Management Made Easy. https://www.parcelpending.com/
Quershi, A. Blue and Green Tomorrow. Sustainability is a Brilliant Way to Attract Tenants. (2018). https://blueandgreentomorrow.com/sustainability/sustainability-brilliant-way-attract-tenants/
Homeowners. Facts and Statistic: Pet Statistics. https://www.iii.org/fact-statistic/facts-statistics-pet-statistics