It can be difficult to compete with newer multifamily housing properties. They can have features, amenities, and often time a budget, they you may not have.
The multifamily housing market is very competitive, to attract quality tenants your community needs to be attractive and have up to date amenities.
Upgrades and improvements can be expensive, you definitely don’t want to over improve and don’t get a return on your investment. Here are few things to consider to maximizing the returns on your improvements
Understanding Your Market
It is important to do a little homework before you start. The people living and working in the area, the nearby amenities and location of the property, will help determine which upgrades and improvements are best for your property. You don’t want to waste money on features that won’t add value.
Determine your target demographic Ask current tenants what upgrades they would like to see.
Upgrading individual units with a stylish modern feel can quickly improve the appearance. Even low-cost upgrades make a big impact. Replacing or resurfacing cabinets and new countertops can freshen and update the look of a kitchen. Outdated styles can make a negative impression.
Renters and guests avoid living spaces with dirty or dingy flooring. Significantly improve the space by adding hardwood flooring, tile or new carpet. This can easily give an up-scale modern feel to the space.
You can’t make a second first impression! Inviting exterior projects such as, new exterior paint or siding, walkways, outdoor living areas, playgrounds, pool area, and landscaping are great investments.
Meet the need of current residents, attract new renters, and reduce turnovers.
A ‘Wow’ factor can make your property stand out. Creating something that prospective tenants want, but not able to get anywhere else. Something that makes your community memorable in the mind of future prospects.
At SWET Construction Group, our highly experienced and qualified teams guide our designers and clients through the pre-construction, construction, and renovation phase. Our advance planning approach gives us the edge in developing effective and efficient site logistics and accurate schedules. This is just one reason we have become a leading multifamily housing community developer
Contact SWET Construction Group for your next project.