There are many ways to increase your multifamily housing’s return on investment without breaking the bank. Simple upgrades can improve the look and function of your property, making it more attractive to tenants.
Kitchen Renovations
Research has shown, multifamily housing kitchen updates have a very high return on investment.
New appliances, matching finishes, and a countertop upgrade gives the apartment a cohesive feel. Improving the functionality of the kitchen, which is very attractive to tenants.
Instead of changing out all the cabinetry, have the existing ones professionally sanded and painted. Add modern hardware for a contemporary look.
New countertops can easily change the entire feel of the apartment. Make sure you choose a material that not only looks good, but can withstand stains, scratches, and heat.
If you’re looking for inexpensive upgrades with a ton of appeal, think new backsplash and faucets. Glass tile backsplashes are easy to clean and feel very modern. Low maintenance is definitely a keyword when it comes to today’s renters.
Bathroom Renovations
An up-to-date bathroom is very important to tenants. Some of the easiest improvements make a huge impact, replacing older sinks, fixtures, and even toilets. Elevate the space by covering a bathtub into a modern walk-in shower. Picket doors to save space and instal shelves to add storage that doesn’t take a lot of room.
Add Curb Appeal
Since it is the first thing potential tenants notice, make sure it’s a good first impression. Painting, new siding, install planters, new bricks or pavers, and updated hardscapes.
Flooring Renovations
The number one flooring material tenants most liked, was hardwood. Why? Because it is easy to keep clean and has a modern look. Just make sure it is a durable material that can keep its appearance, even in high traffic areas.
Painting Renovations
Paint is by far the most cost effective renovation for rental properties. Make sure to choose neutral colors that match everything. Other cost effective renovations include, installing new light fixtures, new blinds, and cabinet handles.