With rents rising to record highs, Millennials choosing Multifamily housing over single family homes, and Baby Boomers downsizing by moving into apartments, making new multifamily housing a great investment, as well as renovation of existing ones.
If you have an older multifamily housing, the last thing you want is to lose tenants to a newer and fresher modern apartment. While you can’t change how old your building is, you can definitely reduct the gap in the competition.
New paint and flooring are very important aspects, but to increase your return on investment even more, updating the kitchen has proven to make a huge positive impact.
Kitchen Renovations
Kitchens are the heart of the apartment, they are typically right off the entrance and one of the first room seen. An updated kitchen entices millennial’s with an ‘Instagrammable’ kitchen and encourage baby boomers to give up their single family home lifestyle. A renovated kitchen will also make the apartment stand out from the competition
Experts agree, kitchen renovations generate an increase in rent from 10% to 30%. But what type of kitchen renovations and upgrades will produce the biggest return on investment?
Updated cabinets
The most effective and easiest way to improve the kitchen unit
A functional and modern option can easily change the entire look of the unit.
Upgraded countertops
Granite, quartz, and cement are very popular
Always. Invest in a style that will last, durability, and functionality.
Attractive backsplash
A very affordable way to change the entire feel of the kitchen
The right backs plash color and material can make the entire apartment feel more open and bigger.
Increased storage space
Always very popular and a hot commodity for renters
Adding storage space is easy when updating cabinets.
Modern finishes
Create a modern feel by switching out drawer pulls and outdated faucets.
Today’s prospective residents want to be impressed
Partnering with the right construction group will build to impress, not only keep your construction costs low while achieving a beautiful architectural design, they will ensure your project is a great success by displaying quality traits such as preparedness, flexibility and awareness.
SWET Construction Group knows all the latest custom details and trends your future residents will be looking for and provide cost-effective, high quality service to save you time and money.