Undertaking a multifamily remodeling project may take millions of dollars and years to complete depending on the number of units in the building. It can get out of hand quickly. But with the right strategy, a multifamily building can be in the optimal position for growth.Here are a few strategies that increase growth potential.
Pay Attention to the Competition
Renters look at more than one apartment before signing a contract so you should consider what the competition is doing so you can stand out. Take a look at some complexes that are priced a bit above yours and mimic their designs and materials.
Tile is a great option to get that boost. A stone-look tile or even a wood-look tile can deliver durability and affordability that may not be possible with other materials. Pay attention to color choices in the design. The right colors are timeless and will serve to make the space feel fresh and new, which is what all renters are looking for.
Create Social Spaces
One thing residents are looking for is entertaining space. Common areas both inside and out allow for that occasional BBQ or holiday party. Those kinds of amenities really make a difference and make you stand out. Of course, you could put the money for social spaces back into the individual units, but bonus spaces generally add more value than spending the extra money in the unit.
Green spaces have the same effect. Some landscaping may take extra effort to maintain, but it increases the satisfaction of the residents. Large open spaces are ideal, but even small green spaces improve your property.
Add Details that Impress
The right updates catch attention and help you get the contract. Spring not just for new appliances, paint, and flooring, but styles and colors that are on-trend. Stainless steel or black for the appliances are the right choice. Grey tones for the walls and floors are a best bet.
Stretch the neutral color palette and consider colors like dusty blues and greens, which blend easily but add some interest. Though white and beige are the easiest and cheapest to use in a multifamily building, they also make the space feel institutional and impersonal. If the unit feels homey and more suited to the personalities of the residents, the more readily they will sign your contract over someone else’s.
Value-add is in the bonus spaces. Residents can spend more on rent if they don’t have to buy gym passes and otherwise supply themselves with amenities. Adding a pool, clubhouse, or exercise room will boost occupancy rates and let you plan to increase rent.
Get creative with amenities. A pet park or playground can also be huge draws for residents with families and furry friends. Think about your residential market and determine what they want most then deliver it as an amenity.
Focus Dollars Where It Counts
The two most important rooms of a unit are the bathroom and the kitchen. Many a resident has decided on an apartment based on one of these spaces alone. A new or updated kitchen can make up for the lack of other things in a unit. And bathrooms are starting to fall into the same category.
The emphasis on the spa-inspired bathroom in design lately is making the bathroom more than just a necessary space, but a haven. A spacious, well-appointed bathroom can be the selling point on your units.