{"id":25894,"date":"2018-12-05T21:57:52","date_gmt":"2018-12-05T21:57:52","guid":{"rendered":"https:\/\/www.parcelpending.com\/blog\/unique-renovations-to-boost-occupancy-and-rent\/"},"modified":"2023-04-04T17:59:10","modified_gmt":"2023-04-04T17:59:10","slug":"unique-renovations-to-boost-occupancy-and-rent","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-ca\/blog\/unique-renovations-to-boost-occupancy-and-rent\/","title":{"rendered":"Unique Renovations to Boost Occupancy and Rent"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In today\u2019s competitive market, Property Managers of older buildings are always looking for new ways <\/span><span style=\"font-weight: 400;\">to increase rent and resident occupancy<\/span><span style=\"font-weight: 400;\">. One easy way to do so is through renovations.<\/span><br \/>\n<span style=\"font-weight: 400;\">Renovations help to give outdated buildings a fresh, modern look and they also help to attract smart, savvy and budget-conscious renters who want modern conveniences and amenities without <\/span><span style=\"font-weight: 400;\">having to pay<\/span><span style=\"font-weight: 400;\"> a high price <\/span><b>tag.<\/b><br \/>\n<span style=\"font-weight: 400;\">Contrary to popular belief, renovations don\u2019t have to be expensive and time-consuming. In fact, there are several simple and cost-effective renovations that you can make to your older property today to help boost occupancy and <\/span><span style=\"font-weight: 400;\">monthly <\/span><span style=\"font-weight: 400;\">rent.<\/span><br \/>\n<span style=\"font-weight: 400;\">For starters, focus on enhancing your curb appeal! Simple things like repainting your building and trimming your landscape will help to make a beautiful and lasting first impression on prospective <\/span><span style=\"font-weight: 400;\">residents.<\/span><br \/>\n<span style=\"font-weight: 400;\">Secondly, upgrade <\/span><span style=\"font-weight: 400;\">the<\/span><span style=\"font-weight: 400;\"> flooring <\/span><span style=\"font-weight: 400;\">in each rental unit<\/span><span style=\"font-weight: 400;\">. There are many low-cost materials that mirror the look of natural wood.<\/span><span style=\"font-weight: 400;\"> These include <\/span><span style=\"font-weight: 400;\">aluminum siding, concrete panels, fiber-cement board, and porcelain tile. Along the same vein, invest in new appliances and simple upgrades like ceiling fans to satisfy <\/span><span style=\"font-weight: 400;\">residents.<\/span> <span style=\"font-weight: 400;\">These improvements<\/span><span style=\"font-weight: 400;\"> help to create a modern look without breaking the bank.<\/span><br \/>\n<span style=\"font-weight: 400;\">Additionally, one of the top design trends according to Multifamily Executive, is using metal trim to create playful patterns and geometric shapes with contrasting colors. Trim can dramatically improve an apartment building\u2019s aesthetics, with their sleek, modern, architectural lines.<\/span><br \/>\n<span style=\"font-weight: 400;\">Finally, consider investing in upgraded amenities like electronic parcel lockers. Online shopping is booming, and apartment communities nationwide are struggling to keep up with the surge in resident deliveries and packages. That\u2019s why many multifamily properties are turning to electronic package lockers like those offered by Parcel Pending to enrich their resident\u2019s experience. Residents like how quick, easy and convenient it is for them to pick up their packages during a time that works for their schedules \u2013 even after hours \u2013 and they value the fact that parcel lockers keep their packages safe and secure.<\/span><br \/>\n<span style=\"font-weight: 400;\">Rehabilitating a property can truly help strengthen its appeal when done properly. In fact, an older building can compete with newer construction. According to Property Management Insider,<\/span><span style=\"font-weight: 400;\"> an <\/span><span style=\"font-weight: 400;\">older unit <\/span><span style=\"font-weight: 400;\">typically costs<\/span><span style=\"font-weight: 400;\"> $5,000-$6,000 <\/span><span style=\"font-weight: 400;\">to complete<\/span> <span style=\"font-weight: 400;\">a<\/span><span style=\"font-weight: 400;\"> modest upgrade of appliances, flooring, lighting, paint and some hardware. However, this type of investment usually will yield $100-$125 more in monthly rent \u2013 a favorable return \u2013 and <\/span><span style=\"font-weight: 400;\">will help to <\/span><span style=\"font-weight: 400;\">elevate the property closer <\/span><span style=\"font-weight: 400;\">to<\/span><span style=\"font-weight: 400;\"> the price<\/span><span style=\"font-weight: 400;\"> of<\/span><span style=\"font-weight: 400;\"> a newer development in today\u2019s market.<\/span><br \/>\n<span style=\"font-weight: 400;\">What are some renovations you\u2019ve made to help boost occupancy and rent? Comment below.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In today\u2019s competitive market, Property Managers of older buildings are always looking for new ways to increase rent and resident occupancy. One easy way to do so is through renovations. Renovations help to give outdated buildings a fresh, modern look and they also help to attract smart, savvy and budget-conscious renters who want modern conveniences [&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":[326,323],"tags":[],"class_list":["post-25894","post","type-post","status-publish","format-standard","hentry","category-blog-multifamily-en-ca","category-blog-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>Unique Renovations to Boost Occupancy and Rent - Parcel Pending<\/title>\n<meta name=\"description\" content=\"Unique Renovations to Boost Occupancy and Rent. 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