Multifamily housing is a competitive industry, to stay ahead and continue to generate rental income, you will need to keep up with the trends. Tenants are able to be picky, since new properties are regularly entering the market.
Ask yourself if your property is worth the rent when compared to other properties?
To attract today’s renters and retain existing ones, you have to make your property stand out. Making your property more appealing is often a necessity to keep up with the competitions., but don’t worry, it doesn’t have to require a big budget.
Renovations vs rejuvenation
Renovations
While this will offer the highest rental rates, it is also the more costly option. Investing in updated lighting, painting, flooring, fixtures, and appliances have high returns.
Potential renters pay especially close attention to kitchens and bathrooms. This can easily be the deciding factor when a renter is comparing similar apartments.
Rejuvenation
If you don’t have the funds or time to for a complete renovation, rejuvenation can have a huge impact. Similar to a facelift, improving the aesthetic appeal with a fresh coat of paint, new fixtures and countertops.
These small changes won’t cost as much, but can will still make it attractive to tenants.
Boosting the value of your multifamily housing
Increasing the value of your property is easy with either renovating and rejuvenating. Whether it is a new apartment building that just needs some freshening or an older property that needs upgrades to keep up with the competition, it is worth the investment. It will attract potential tenants and you can generate higher rent.
Ensuring your multifamily housing stays ahead of the game, means you need the right construction and design team. SWET Construction Group is built on a foundation of high standards and experience. Our technical knowledge in construction, quality design, planning and operations, is unmatched.
The goal at SWET Construction Group is to maximize the value of multifamily housing investments. Focusing on enhancing the value of your real estate investment. Our leadership team is powered by our proven track record and key industry relationships.