Most of today’s renters don’t intend to purchase a home, especially any time soon. These “forever renters”, like the flexibility and freedom of apartment living. A tenant’s decision to stay is often based on the space, affordability, and amenities.
The profitability of Multifamily housing relies on keeping tenants for the long haul. An opportunity to improve renter retention shouldn’t not be missed. Value engineering based renovations make your apartment complex more desirable. The more appealing the space, the longer someone will stay and the more they will pay.
Renovations That Have The Most Value
Paint
A new coat of paint is the quickest way to give a unit a facelift. It also improves chances of retention, especially if you give tenants color options. Experts agree units should be painted at least every 5 years, more for high traffic areas.
Upgraded floors
Replacing or cleaning floors every couple of years gives a space a modern, clean feel. Hardwood floors add a layer of sophistication and easier to clean than other materials. They also reduce any lingering “lived-in” smells.
Bathroom fixtures
Bathrooms have become a sanctuary, somewhere you can go to relax. Modern updates enhance the space, new fixtures, vanity, tile, and garden style bathtub, can go a long way in improving a renters happiness.
Smart home upgrades
Smart homes are worth their weight in gold. Renters, 86% of Millennials, are willing to pay a higher rent for smart upgrades. This includes fast Wi-Fi to support computers, security cameras, surround sound, and gadgets.
Energy efficient appliances
Energy efficient appliances look great and saves tenants money by reducing their energy costs. This also appeals to those wanting to reduce their carbon footprint.
Southeastern United States, Florida and Georgia, have become powerful investment opportunities when it comes to housing. As a leader in multi-family construction and renovation, SWET Construction Group uses the latest technology, focuses on what consumers are looking for and the latest trends to deliver quality solutions to your projects.