In today’s 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Renovations help to give outdated buildings a fresh, modern look and they also help to attract smart, savvy and budget-conscious renters who want modern conveniences and amenities without having to pay a high price tag.
Contrary to popular belief, renovations don’t 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 monthly rent.
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 residents.
Secondly, upgrade the flooring in each rental unit. There are many low-cost materials that mirror the look of natural wood. These include 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 residents. These improvements help to create a modern look without breaking the bank.
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’s aesthetics, with their sleek, modern, architectural lines.
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’s why many multifamily properties are turning to electronic package lockers like those offered by Parcel Pending to enrich their resident’s 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 – even after hours – and they value the fact that parcel lockers keep their packages safe and secure.
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, an older unit typically costs $5,000-$6,000 to complete a modest upgrade of appliances, flooring, lighting, paint and some hardware. However, this type of investment usually will yield $100-$125 more in monthly rent – a favorable return – and will help to elevate the property closer to the price of a newer development in today’s market.
What are some renovations you’ve made to help boost occupancy and rent? Comment below.