A multifamily property can be a valuable investment opportunity, but just how valuable it can depend largely on your ability to attract – and retain – quality tenants. While having vacancies at a multifamily property leads to financial losses, having reliable, long-term tenants generate a steady stream of revenue for property owners.
So, what might you do during your commercial remodeling project to not only help your building attract new tenants but also incentivize existing tenants to stay? Many of today’s most competitive multifamily properties are attracting and impressing tenants by making commercial renovations that not only add value but enhance the quality of life. When making apartment building renovations, consider taking the following steps.
1. Upgrade to LED lighting
Many renters, and particularly, younger renters, place a high value on sustainability. Swapping out incandescent and compact fluorescent lighting with LED alternatives shows that you are environmentally aware. These minor apartment building renovations also lead to lower utility bills, which is another selling point for renters.
2. Install secure mail, parcel and package storage
Porch piracy has become increasingly problematic in recent years, making access to secure mail and package storage a priority for many.
3. Install dog – and bike-friendly amenities
The Humane Society says that 70% of today’s renters are also pet owners, so adding dog-wash stations, dog runs or even dog parks during commercial renovations is a great way to attract this growing demographic. Adding cyclist-friendly amenities, such as bike storage or bike repair stations, may also help you stand out and appeal to a broader audience.
4. Install high-end countertops
For many renters, the kitchen makes or breaks a rental property. Adding quartz or granite countertops or other high-end tenant finishes helps give your property an air of prestige that sets it apart from the pack.
5. Install engineered flooring
Sturdy and ultra-durable, engineered flooring is a sustainable, easier-to-install and higher-value alternative to traditional wood flooring.
6. Install stainless steel appliances
Home trends come and go, but the stainless-steel appliance trend is here to stay. While white appliances were a top choice in the 1980s and early ‘90s, most renters much prefer stainless steel, which offers a more luxurious and modern look and feel.
7. Install smart unit door locks
Consider forgoing the standard keylock in favor of high-tech keyless or FOB entry options. Few things matter to families and renters more than security, so technological security enhancements are worthwhile commercial renovations that help you attract and retain quality tenants.
8. Install USB outlets and smart light switches and plugs
USB outlets can charge devices faster than traditional options, and smart light switches and plugs give renters the ability to manage their lights and fixtures even when they’re away from home. Not to mention, they also lead to significant energy savings for residents.
Wheelhouse Construction has performed apartment building remodels of nearly every scale; from simple “lipstick” projects to full-blown renovations. We can tackle units one-at-at-time, or remodel the entire building once it is vacated. Whatever your needs may be, we can help you formulate a plan that meets your budget expectations and financial goals. Please call or email us to discuss a strategy for your project.
