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.