4 Ways To Raise the Value of Your Multifamily Property
Owning a rentable estate is an excellent way to make money and provide families with comfortable housing. These days, condos, multi-family homes, and apartments are very popular; they offer high-end amenities and features that entice larger-income renters. If you’re a landlord or apartment or condo owner interested in having more success in your market, check out these four ways to raise the value of your multifamily property.
When looking for a place to live, many potential renters have lists of desired features that we in the business call “must-haves.” While it is impossible to meet the demands of every prospective tenant, surveys have shown these are the most common “must-haves” every high-value multifamily property should possess:
- In-unit washer and dryer
- Garbage disposal
- Air conditioning and central heating
- Adequate storage
If your multifamily property lacks any of these elements, implement them into your units. By providing these features for your tenants, you’ll effectively raise your market value and can charge more for rent.
Apartment buildings that offer more than a living space for its tenant are vastly more appealing to high-income renters. Providing an experience outside of their standard living space is one of the best ways to raise the value of your multifamily property.
Here in Texas, we’re blessed to have great weather year-round. As such, installing a pool or grilling area on your premise is the perfect way to attract young couples and families who have larger incomes. Activity rooms that feature large TVs, Ping-Pong, foosball, or pool tables, and comfortable seating are other features that can make your apartment feel like a large home.
Other than “must-have” features and engaging commonplaces, specific high-end amenities that increase the quality of life for your tenants allow you to raise the rent even further. These features aren’t always necessary, but they provide a sense of quality and make the living experience at your apartment all the more enjoyable.
A competent parking lot or structure is highly effective at raising market value. Primarily, this allows you to charge higher prices for parking spots. If you really want to embrace high-tech parking amenities, consider installing automated parking systems that streamline parking and takes your apartment to the next level.
Other hi-tech amenities to consider include key fobs for all doors on the property, automated mail lockers for more ease and security, built-in smart home assistants in every unit, and high-speed Wi-Fi supporting remote work for your tenants.
Many landlords are hesitant to allow animals in their properties for fear of damage, smells, or noise disturbances. Permitting pets draws in a larger pool of prospective tenants and, more importantly, allows you to charge pet fees. This is an easy way to make more passive income while also boosting overall morale across the estate. Bonus points if you provide a grass or turf space for the dogs to take care of their business.
Being a successful landlord means providing the best possible living experience while also making large profits each month. As younger, high-income families continue to gravitate towards upscale apartments/condos, stay ahead of the game and provide these prospective renters with the best possible living experience.