Your apartment building can be improved upon to ensure greater value for tenants and a greater return for your investment. But what are the best options for those considering improvements to their properties this year? In this new post, we’ll take a closer look at the unique strategies for adding tenant value to your apartment property.
Add Stainless Steel Appliances
Studies show tenants prefer stainless steel appliances to traditional options such as black and white products. Adding stainless steel appliances to your properties can allow you to charge a rental premium for the updated space.
Offer Appliance Rentals
Another means of improving income is to offer appliance rentals to those within your building. You can rent out vacuums and carpet cleaners for the day at a small fee to add to your rental income.
Install New Hardware
Installing new hardware around your properties can help improve the aesthetics of the space and will allow you to increase your rents. For example, simply adding new handles to doors, new shower heads, and new toilets will appeal to the modern tenant and will give you the foundation to increase pricing over time.
Charge a Premium for the View
When you have a unit with a view, you should capitalize on the opportunity to charge a premium for the rental space. That is particularly important in cities that have limited rental availability and in which you offer a rare view over a natural space.
Add Pet Fees
In some buildings, property owners are now charging pet fees to those tenants with dogs and cats in their unit. This can help you recoup some of the cost of cleaning up after tenants with pets and will also give tenants the choice for themselves whether they wish to bring a pet into their property.
One of the more advanced ways to build your rental income is to build carports for your tenants, which can help increase the value of the property and will show tenants that you care about their possessions. Properties with carports can be rented at higher prices due to the convenience provided.
Install Storage Lockers
For the modern apartment owner, one of the most common challenges is finding an apartment with enough room for all their belongings. Storage lockers help to resolve this issue. When you install storage lockers within the building, you can give your tenants access to additional space for items such as workout products and out-of-season clothing.
For those who wish to appeal to the modern consumer with their building upgrades, a lobby shop is a great option. You can simply have a small cart that offers items such as snacks, tea, and coffee for your tenants and their guests. You might grow the shop to stock essential staples such as milk, sugar, and sandwiches over time.
If you want to learn more about multifamily investing, don’t hesitate to reach out to our experts here.