Good things come in small packages, and the same is true for small upgrades inside your units. Whether it’s increasing your property’s appeal to potential residents, raising rents for current residents or just making everyday living less hectic and more convenient for families, small upgrades provide various benefits for you and those living on your property.
The chill of winter will soon be gone, but is your property ready for the thaw? You need to have a property that turns the heads of current and potential residents when the weather warms. Focus on updated landscaping, sustainable and stylish kitchen and bath improvements and on-trend interior and exterior paint to attract and retain renters this spring.
“No more basic bath and kitchen amenities. We want modern functionality and updated designs!” That is the rallying cry of renters today. Cost-cutting faucets, sinks and other amenities may have helped your bottom line in the past, but today’s renters are looking for updated amenities that conserve energy, take up less space and add a unique look to their living space.
If you haven't made any New Year's resolutions for your property, consider adding modern service amenities in place of social amenities. The traditional multifamily model was always split into community-wide social amenities and unit-specific features. However, renters in 2020 are looking for a third option: service amenities that offer convenience, control, choice and a sense of community.
Happy New Year! After the confetti and fun, be sure you’re current with the new local, state and federal legislation affecting your property in 2020. From California to Texas to New York, every area of the U.S. should expect new multifamily legislation that will impact them in one way or another. If your property is not in an area being affected by new legislation, you can be sure that it will be in the next few years.
One of the most underprovided amenities in today’s apartment communities is the secure package center. In fact, a 2019 survey found that only 40% of properties said the capacity of their package lockers is sufficient for resident demand year-round.2 Between more and more residents shopping online and the growing number of people traveling for the holidays, there are many reasons why a secure package center is essential for your property.
Vacancy rates have generally been on the rise nationwide in the last few years. In fact, vacancies for class-A apartments have increased from 4% to more than 5% since 2013.2 With the holidays fast approaching, you can expect the percentage of vacancies to rise even more. There are many reasons why the holidays are slow for multifamily properties.
There is a new trend happening in the multifamily industry – a rise in suburban development. In fact, 71% of new apartment developments are cropping up in suburban areas.3 This trend started within the last few years, and it is attributable to retiring baby boomers downsizing from single-family homes, immigrants looking for new homes, those who are relocating and, most surprisingly, millennials.
Have you heard the term “CapEx,” but you’re unsure about what it entails? “CapEx” is short for “capital expenditures,” or investment funds you may use to upgrade and/or maintain your property, units and amenities. These expenditures are vital to your goal of setting your property apart from all others in a highly competitive multifamily market.