With the multifamily housing and apartment living in the Southeastern United States are soaring, many owners and managers are finding to keep up with the competition, renovations are necessary.
“Resident demand for apartments is set to soar over the next dozen years, according to a 2017 study commissioned by the National Multifamily Housing Council and the National Apartment Association. To meet the demand, 4.6 million new units will need to be built by 2030, the study says. The upgrading of existing communities will play an important role. More than half of the existing apartment stock was built before 1980, meaning 11.7 million units could need upgrading over the next 12 years, according to the study,” according to Multifamily Executive.
A key note to remember, not all renovations are the same. While upgrades are necessary, it is important to plan them carefully, some will allow you to increase rent, while others can be costly mistakes.
“The key to pinpointing the renovation “sweet spot” is to perform an exhaustive amount of due diligence, experts say. Owners should study the success of other recent renovations in the submarket and dig into the overall performance of their competitive set to see which amenities and unit features are pushing rents. Comb through data like median incomes to see if residents can pay the targeted rent growth. In short, owners should examine and factor in every conceivable bit of market intelligence and data they can find.”
It is important to do your homework, taking into account all the pros and cons. But it takes a lot of time and knowledge, who has the time? That’s why partnering with SWET Construction is a great choice. We do all the homework for you. Taking into account the Return on Investment.
Renovating common areas and upgrading amenities before tackling individual units will build interest and allow tenants to see the benefits. From the design phase of a quality multifamily apartment to construction, SWET Construction Group uses next generation process and products to produce housing at a reasonable cost.
We help your project, whether it is new construction or renovations, by ensuring it gets off the ground smoothly, remains on budget and is completed on schedule, and with superior quality.