During the holiday season, package deliveries are at an all-time high.1 This holds especially true for multifamily housing properties. Typically, multifamily housing properties receive on average 150 packages per week; however, during the holidays that number grows by 81%.2
Appliances are a staple for multifamily housing, but appliances become an amenity when taken up a notch. Even the standard refrigerator and stove are more desirable when they include energy-efficient and smart technology features. Incorporate other non-essential but desired appliances, like in-unit washers, dryers and dishwashers.1 When upgrading appliances, modernize your units with modern, upscale finishes and styles from top brands. Focus on the little things, like upgraded appliances, to add value and appeal for residents without the costs of a major renovation for your property.
Whether rehabbing an entire complex or focusing on a small-scale renovation, such as retiling a bathroom, a strategic renovation plan can help you maximize the effectiveness of your capital expenditures.
Capital expenditures differ from maintenance and repair expenses in the sense that they’re not routine or tied to turnover procedures. These expenditures involve capital projects that add value to or upgrade a property, and they can be one-time expenses, such as new roofing or a swimming pool, or property-wide upgrades, such as new windows or appliances.1
Most residents prefer not to move during the holiday season, making it difficult to attract new residents and fill vacancies.1 Understanding why residents move can help you curb vacancy rates with a property that is the perfect gift this holiday season. The top five things on every resident’s wish list are lower rent, better apartment management, apartment features, community amenities and innovative apartment layout.2 Focusing on strategies and renovations that address these specific areas can turn your property into a winter wonderland, helping you reduce turnover during the holidays and throughout the year.
Efficient plumbing fixtures allow for less consumption of water, thereby using less resources while performing the same function. Here are just some of the reasons why being water-efficient makes sense for your property.
The multifamily market is predicted to have continued high demand heading into 2019.1 Now is the perfect time to keep your property relevant and desirable with a smart renovation plan. Attract and retain the residents of tomorrow by incorporating on-trend amenities that focus on efficiency, engagement, wellness and technology.
A hot trend in multifamily housing is incorporating hotel-level amenities.1 People spend significant time in the bathroom, which makes bathroom improvements desirable for residents. With a high return on investment, multifamily housing bathroom renovations are a goldmine for property owners. Upgrade your bathrooms with hotel-inspired designs to appeal to modern residents.
Hurricane season is well underway, which means multifamily properties near coastal areas need hurricane and flood resilience and a plan for recovery after the storm. Thankfully, the Tropical Meteorology Team recently downgraded the 2018 hurricane season predictions.1 However, smart property owners know that weather can be unpredictable. Develop a preparedness and mitigation plan to protect your property, residents and employees during and after a storm.
Lighting can dramatically change the look, feel and function of a space. In fact, multifamily properties that effectively use lighting can modernize, save energy, reduce costs and drive resident attraction. Lighting is a relatively inexpensive upgrade that can positively influence revenue by 9%.1 Residents now expect properties to incorporate smart and current lighting to create inviting and environmentally conscious homes.
In recent years, the demand for multifamily properties has shifted from luxury units to middle-income housing. As more millennials enter the rental market and baby boomers downsize, the need for rental properties in the middle price range has increased while luxury property vacancy rates have risen.1