Increase Occupancy with Savvy Property Upgrades
The best way to ensure your multifamily property is creating long-term value for you is to bring in and retain occupants. After all, that’s the whole purpose of owning a property with many apartments or offices to lease. Good renters who treat the space with respect and pay their rent on time are essential to a successful commercial property.
So, how do you ensure your apartment complex or office building attracts great tenants?
Here’s a tip: Make sure the property is up-to-date and welcoming to prospective occupants. You can do that by investing smartly in appealing upgrades that make renters want to move in. These multifamily remodel ideas can create great return on your investment.
7 Multifamily Remodels that Add Value to Your Property
1. Create Curb Appeal
The exterior of your property is the first thing that potential renters see—which can go a long way toward influencing whether they sign a contract or not. The good news is, there are numerous ways an exterior contractor can add new life to help your property create a positive first impression:
- Siding — Have an exterior contractor install new siding, especially if the current siding is old, faded and worn.
- Painting — A fresh coat of paint can brighten your building’s exterior and make the space look well-tended.
- Landscaping — Toss down some grass seed or lay sod to fill out lawns, trim bushes neatly, and keep flower beds free of weeds.
2. Install New Walking Areas
Multifamily spaces and office buildings tend to see a lot of foot traffic, inside and outside. Floors and sidewalks can get worn down, making the entire property look drab and unappealing. To address that, consider:
- Walkways — Upgrade to lovely stone tiles, or consider stamped and tinted concrete to create beauty and durability.
- Flooring — Install new flooring materials that look lovely and resist wear and tear.
- Driveways and parking lots — Patch and seal potholes, or lay a fresh layer of asphalt or concrete.
3. Add New Appliances
Updated rental units are highly appealing to renters, so it can be worthwhile to add the latest technology to draw in savvy tenants. New appliances also tend to be more energy-efficient, and can attract occupants who may be more likely to care for them properly—an added bonus.
- Kitchen — The latest stoves, refrigerators, and dishwashing machines look attractive and add energy efficiency that tenants enjoy.
- Laundry room — Consider including water-saving washers and new dryers. Not all properties offer these, and having them can significantly increase the likelihood someone will rent your space.
4. Enhance Security
Safety and protection matter to your tenants. When you plan for your multifamily remodel, choose an exterior contractor who can add security features that attract and retain occupants.
- Doors — Today’s front doors and patio doors come with many features that can enhance safety, including strong locks, reinforced designs that prevent the door from being kicked in, and more.
- Windows — Modern replacement windows also offer high-tech locking mechanisms, making them more resistant to break-ins.
- Lighting — A multifamily remodeling contractor can add better outdoor and interior lighting fixtures to make the property safer to occupants.
5. Improve Roofing and Gutters
One of the smartest ways to keep a multifamily property in good shape and profitable is to protect it from excess moisture, leaking, and weather damage.
Ignoring this area of your building only makes it more likely that costly problems will occur down the road.
- Roof — Inspect the roof for damage yearly, as well as after major storms. Replace missing shingles, and replace roofing on a regular schedule.
- Gutters — Clear gutters of debris, and ensure water flows properly through them and away from the property’s foundation. Replace them if they’re not working right.
- Mold and mildew remediation — If you suspect the building has mold or mildew, have it addressed immediately. Unhealthy mold deters renters.
6. Enlarge Rooms
Sometimes, it’s well worth reconfiguring your rental spaces to provide more room. If your property is older, with smaller units, it may be time to expand the units.
- Walls — Have a multifamily renovation contractor knock down walls between the kitchen and living/dining room to create a more open floor plan.
- Units — Consider combining two smaller units into one luxurious rental space. Not all units have to be this large, but having a few “executive suites” can appeal to some tenants and increase occupancy.
7. Upgrade Fixtures
The little details of a rental property can matter a lot to prospective tenants. Simply replacing old, worn or outdated fixtures with attractive new ones can tell occupants the property is cared for and up-to-date.
- Door fixtures — Use stylish new doorknobs, knockers, doorbells, and hinges.
- Light fixtures — Replace old-fashioned light covers with modern ones. Or, install bright LED lighting that lasts much longer than old-style bulbs.
- Window fixtures — Add maintenance-free vinyl shutters for curb appeal. Install new window blinds that are attractive and easy to use.
How a Multifamily Remodel Can Create Greater Revenue
- Increased rent — Upgraded units can command a higher rental price, increasing your income from the property.
- Easier renewals — Updated multifamily properties meet the needs of occupants, making it more likely they’ll renew their lease, which helps keep the building occupied.
- Competitive edge — Prospective tenants tend to look at several properties before signing a lease. Work with your multifamily renovation contractor to ensure your property is beautiful, functional, and appealing so it competes well against other rentals.
Get Value-Adding Multifamily Renovations for Your Chicago Property
Remember, the right multifamily remodel can dramatically boost your occupancy rate and drive profits. We’re a multifamily renovation contractor that helps you get rid of deterioration and upgrade your property so you can be confident in its rental ability.