A PRACTICAL GUIDE TO PRE-PLANNING MULTIFAMILY RENOVATIONS
As the owner of a multifamily property, you may have a hard time deciding how much to charge tenants. On one hand, you need to set rental rates that are high enough for you to turn a profit. On the other hand, you need to make sure your rental rate is competitive with others in your area so that your units remain occupied.
You may find setting a rental amount especially difficult if you are the owner of an older apartment building that requires considerable maintenance and upkeep – and lacks some of the upgrades and amenities that today’s tenants desire. However, the following are some quick and easy apartment updates that enhance your property’s functionality and appeal – and enable you to charge more in rent, too.
1. Add Fresh Paint
Don’t underestimate the power of paint! Adding a fresh coat of paint to your residential units offers one of the highest returns on your investment of any upgrade you can make to a rental property.
2. Update Flooring
Updating the flooring in older apartments is a great way to make them more profitable. Many of today’s tenants prefer wood floors over carpeted ones, but there are plenty of alternatives if wood flooring is outside your budget. Luxury Vinyl Plank (LVP) flooring is one durable, attractive and economical example.
3. Install LED Light Fixtures
Lighting creates ambiance, and for many prospective tenants, a well-lit space is a top priority. Many older apartments have outdated bulbs or light fixtures, but swapping out old fixtures and bulbs for new LED bulbs saves you money on maintenance and supplies – making the rent you collect go that much further.
4. Change Cabinet Hardware
Swapping out old, unsightly cabinet hardware is another easy way to make a major difference in an older apartment. Most cabinet handles and knobs are relatively inexpensive, and this includes more ornate varieties and statement pieces. They’re also easy to install, making for a particularly quick and easy upgrade.
5. Add a Kitchen Backsplash
Refreshing an outdated kitchen also helps you collect more in rent, and adding a new backsplash is an easy, economical upgrade that offers a worthwhile return on your investment. Backsplashes are both in-demand and relatively hard to come by in rental properties, so adding a backsplash to older apartments immediately boosts their value.
6. Update Plumbing Fixtures
Some plumbing fixtures are easier to replace than others, and shower heads and faucets are among them. Just as old, outdated fixtures can turn off renters, upgraded, eye-catching ones help you attract them. Water-conserving fixtures can also serve as selling points for eco-conscious renters.
7. Install An Inspiring Kitchen Faucet
A bold kitchen faucet is an easy, relatively inexpensive way to add value to a rental property. If you have an older building with standard or outdated faucets, swapping them out for an inspiring design can help modernize the entire bathroom.
While renovating an old, outdated property is essential if you want it to be competitive and attractive to long-term tenants, raising rental rates is also necessary if you want it to remain profitable. These seven easy upgrades can make your units more attractive, reduce their respective maintenance costs, and, ultimately, boost your overall revenue as a property owner.
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