Today, renters look for rental apartments that offer best-in-class amenities, are structurally appealing, and use smart technologies. It has become crucial for multifamily property owners or investors to make necessary changes to their rental property in order to align it with the growing demands of their target customers. A professional and affordable multifamily housing contractors, with years of experience in renovation, is well placed to make alterations to the property, thereby improving its face value and ensuring increased occupancy. To get the most out of your renovation project, it is important to have an elementary knowledge of what is trending in the market. To help, this blog post lists five renovation ideas that can enhance the rentability of your multifamily property in today’s competitive market.
1. Unified Design
Every apartment in the multifamily building should have certain unique design element that appeal to tenants. Given that, the changes shouldn’t make the property look disorganized. For example, there should not be visible differences in fixtures, color, or ornamentation as it can negatively impact the overall appeal of the building. Discuss it with your multifamily housing contractor and create a theme based design with each unit depicting a certain amount of variation.
2. Artistic Landscaping
Landscaping is an integral part of a multifamily property. It is the first thing visitors notice about your property. You need to pay special attention to the landscape – in and around the property. Artistic landscaping choices can help create a good impression on prospective tenants. Among artistic landscaping choices, structural planting is in trend. It makes the property look organized and clean. You can also ask your multifamily housing service provider to create recreational zones for tenants, such as walking trails or reading benches under trees.
3. Multi-functional Zones
Having common areas in the complex is not enough, you need to provide tenants different reasons and ways to use them. Installing furniture in common rooms and around pool is one way to go about it. You can also create play zones for kids and open gyms, this will help you expand your tenant base. Focus on creating small multi-functional zones than having large common rooms. If you have a large space, you can work it out with your multifamily renovation contractor and install screens and drapes to modify areas for multiple purposes.
4. Pet-friendly Amenities
Multifamily properties are becoming pet-friendly, which is why you should not only provide pet-friendly apartments, but also introduce pet-friendly amenities to attract pet owners. Dog parks within the premises, for instance, can be a smart addition. It will allow tenants to socialize with other tenants during their pet walks.
5. Smart Storage Solutions
Majority of tenants prefer rental apartments that comprise necessary furniture and offer enough storage space. Incorporate smart storage spaces or provide storage furniture to attract more renters. The idea is to provide as much storage space as possible. You can install custom-built closets with racks and pull-outs to offer enough storage space to the occupants of your multifamily building.
The Bottom Line
Given the demand for affordable rental units in the U.S, market has witnessed a surge in multifamily rental properties across the country. This is turn has made imperative for multifamily owners and investors to renovate their properties time and again to align it with changing tenant requirements. If you are looking for a reputable multifamily housing contractor to renovate your property, look no further than United Renovations Speciality Group. We offer affordable multifamily housing services, including rehabilitation, pre-construction, value engineering, and due diligence across the US. To learn more about our services, simply fill our contact form or call at 480.219.6743.