What renovations will give you the biggest return on investment and make a positive impact on rental rates? It’s what multifamily and apartment owners/managers across Florida, Georgia, North and South Carolina are asking.
While there may be several answers, the renovation projects we’ve recently done that have shown to have big ROI is to leasing centers. Here is why:
First Impressions Matter
It may not have been on the top of your list of renovations, but it’s the first thing prospective tenants see when they open the door to your leasing office. If it seems uninviting or outdated, it can send them running. A modern, updated leasing center sets the tone for what is to come.
Office Space
A state of the art design space is welcoming and very effective. Leaving plenty of space for work areas, comfortable seating for tenants to hang out, TVs, a kitchen area and roam around.
Waiting Areas
Comfortable, but contemporary aesthetics. An area that feels livable and modern. Picture the area from a prospective tenants perspective. It needs to be stylish, but functional. A minimal complementary design with neutral tones. Thread a color throughout, wall hanging, pillows, a centerpiece, coffee table, or a rug.
Construction Features
Don’t forget the outside of the leasing center. Make sure the interior design is upgraded to the same caliber. Think about how an upscale apartment building feel. The outside is memorable, with fresh paint, updated features, and a statement piece. While the inside typically has floor to ceiling windows, hardwood floors, and vaulted ceilings.
Technology Hub
A technology hub is essential, it doesn’t have to be too flashy, but very functional. Several USB ports, upgraded outlets, comfortable furniture, fun games, and a modern feel.
You want both the prospective and existing tenants to have that “wow” factor.
An updated leasing center is a great way to reduce vacancy rate and retain current tenants. A great place to start is by contacting SWET Construction Group.