{"id":25786,"date":"2019-09-05T18:06:40","date_gmt":"2019-09-05T18:06:40","guid":{"rendered":"https:\/\/www.parcelpending.com\/blog\/important-things-to-consider-in-your-multi-family-renovation\/"},"modified":"2023-04-04T17:07:22","modified_gmt":"2023-04-04T17:07:22","slug":"important-things-to-consider-in-your-multi-family-renovation","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-ca\/blog\/important-things-to-consider-in-your-multi-family-renovation\/","title":{"rendered":"Important Things to Consider in Your Multi Family Renovation"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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\u2019s 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!\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Multifamily Renovation Considerations<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Before you begin renovating, it\u2019s 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve 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.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now that that\u2019s covered, the following are additional property renovations and improvements you should consider:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Washers and Dryers<\/b><span style=\"font-weight: 400;\"> \u2013 Residents do not want to go to a laundromat to clean their clothes. It\u2019s 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.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><b>Extra Parking<\/b><span style=\"font-weight: 400;\"> \u2013 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.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><b>Smart Parcel Lockers<\/b><span style=\"font-weight: 400;\"> \u2013 Your tenant&#8217;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 <\/span><i><span style=\"font-weight: 400;\">are<\/span><\/i><span style=\"font-weight: 400;\"> stolen, your current tenants feel unsafe, which might be the tipping factor in their decision to move out when their lease ends. This\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">An easy way to eliminate both the hassle of storage and fear of thievery involves adding smart electronic lockers such as those created by, <\/span><a href=\"\/en-ca\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Parcel Pending<\/span><\/a><span style=\"font-weight: 400;\">. These <\/span><a href=\"https:\/\/www.parcelpending.com\/en-ca\/markets\/multifamily-parcel-lockers\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">smart lockers<\/span><\/a><span style=\"font-weight: 400;\"> 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.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><b>Communal Areas<\/b><span style=\"font-weight: 400;\"> \u2013 <a href=\"https:\/\/www.parcelpending.com\/en-ca\/blog\/multifamily-housing-trends-to-be-aware-of\/\" target=\"_blank\" rel=\"noopener noreferrer\">Modern tenants<\/a> don\u2019t 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:<\/span><\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Small parks for dogs<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Barbeque areas\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Firepits<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Outdoor seating and working spaces<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Game rooms<\/span><\/li>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><span style=\"font-weight: 400;\">Pools<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><b>Upgrade Appliances<\/b><span style=\"font-weight: 400;\"> \u2013 If your appliances are more than ten years old, it\u2019s 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 <\/span><a href=\"https:\/\/blueandgreentomorrow.com\/sustainability\/sustainability-brilliant-way-attract-tenants\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">recent poll found<\/span><\/a><span style=\"font-weight: 400;\"> that \u201c63% 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.\u201d So, look to add Energy Star appliances that\u2019ll cut down on waste and energy.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><b>Add Hardwood Floors<\/b><span style=\"font-weight: 400;\"> \u2013 Does the flooring need an upgrade? If it\u2019s 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 <\/span><a href=\"https:\/\/www.iii.org\/fact-statistic\/facts-statistics-pet-statistics\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">68% of all people the U.S.<\/span><\/a><span style=\"font-weight: 400;\"> When the current tenant does eventually move, it makes it easier on you to fill the space since you don\u2019t have to deal with the construction of ripping out dirty or ruined carpets.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Get to Work<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">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\u2019s needs, your overhaul will be a great success!\u00a0<\/span><\/p>\n<p><b>Sources:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">McCarthy, N. Forbes. <\/span><i><span style=\"font-weight: 400;\">Online Shopping: How Many Parcels Does The Average American Receive Every Year?<\/span><\/i><span style=\"font-weight: 400;\"> (2019.) <\/span><a href=\"https:\/\/www.forbes.com\/sites\/niallmccarthy\/2019\/06\/17\/online-shopping-how-many-parcels-does-the-average-american-receive-every-year-infographic\/#71775a7a608f\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.forbes.com\/sites\/niallmccarthy\/2019\/06\/17\/online-shopping-how-many-parcels-does-the-average-american-receive-every-year-infographic\/#71775a7a608f<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Parcel Pending. Package Management Made Easy. <\/span><a href=\"\/en-ca\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.parcelpending.com\/<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Quershi, A. Blue and Green Tomorrow. <\/span><i><span style=\"font-weight: 400;\">Sustainability is a Brilliant Way to Attract Tenants. <\/span><\/i><span style=\"font-weight: 400;\">(2018). <\/span><a href=\"https:\/\/blueandgreentomorrow.com\/sustainability\/sustainability-brilliant-way-attract-tenants\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/blueandgreentomorrow.com\/sustainability\/sustainability-brilliant-way-attract-tenants\/<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Homeowners. Facts and Statistic: Pet Statistics. <\/span><a href=\"https:\/\/www.iii.org\/fact-statistic\/facts-statistics-pet-statistics\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.iii.org\/fact-statistic\/facts-statistics-pet-statistics<\/span><\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s appeal. All of these investment ideas will provide major returns and create additional value to each apartment unit. Keep on reading to discover what [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[326],"tags":[],"class_list":["post-25786","post","type-post","status-publish","format-standard","hentry","category-blog-multifamily-en-ca"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Multifamily Renovation Considerations | Parcel Pending<\/title>\n<meta name=\"description\" content=\"Incorporate these key upgrades into your multifamily renovation to get the most bang for your buck and ensure your tenants continued happiness.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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