Since the foreclosure crisis, families in the U.S. have preferred renting an apartment over buying one, and The Urban Institute predicts the trend to continue till 2030. If you are a multifamily property owner, we are sure the data must be music to your ears. That said, experts are not very optimistic about rent growth and expect it to be 3 percent in 2017, which is lower than 2015 (3.5 percent). When it comes to demanding a higher rent, your ability to offer something unique will help you score with your renters. To help, our expert multi family renovation contractors can design and execute a renovation project to include amenities that are an instant hit among modern renters. In this post, we have compiled a list of some in-demand amenities that are sure to enhance your property’s value and rentability. Take a look.
Amenities To Consider When Planning A Multi Family Renovation Project –
1. Spacious Rooftop Decks
As renters (especially millennials) spend more time at work, the demand for a dedicated space where they can unwind, relax and shrug-off the day’s monotony is gaining momentum. Cramped, cluttered and unkempt rooftop decks are slowly making way for spacious decks that include barbeque areas, outdoor heaters and overhangs. If you plan to extend your rooftop deck’s area, make sure it is well-divided and can be used by various groups. To add a touch of novelty, use unconventional furniture pieces such as hanging egg-shaped chairs.
2. Hard Surface Flooring
Slowly but steadily, carpets are making way for hard surface flooring. Unlike carpets, hard surface flooring such as vinyl, tile and hardwood do not stain easily, are easy to clean and are more durable. When choosing the type of hard surface flooring, consider your needs. Vinyl, for instance can be an ideal option, if enhancing the aesthetics is your prime objective. If you are looking for a heavy duty flooring, stick to scratch-proof laminate. Ceramic and stone combine the best of both worlds and are both scratch resistant and durable.
3. Modern Kitchen and Appliances
When upgrading your kitchen, opt for solid surface countertops or cabinets that apart from lending a contemporary appeal to the area also last longer than their traditional counterparts. When painting the existing cabinets, choose a color that complements the other elements in the area. To lend a fresh look to the area without breaking the bank, consider painting the island or clad it in beadboard. Opt for upgrades that will help enhance the property’s value proposition. Some common examples include installing Energy Star ACs and replacing old hot water-heaters and dishwashers with newer versions that can help bring down energy costs. Opt for energy-saving lighting options such as halogen incandescents, CFLs and LEDs that apart from helping save energy last longer than their traditional counterparts.
4. Modern Office Spaces
For modern employees burdened with work and workplace related issues, telecommuting is the word. A Gallup survey of 15,000 working Americans revealed 43 percent of them spent at least some time telecommuting. The number of Americans working four or five days a week from home has risen significantly during the past few years and the trend is expected to continue. To attract telecommuters, opt for community office spaces, commonly known as business centers complete with dedicated board rooms, meeting spaces and equipment such as fax machines and video conference equipment. Opt for a high-speed internet connection.
Interested read – 5 ‘Rookie’ Multifamily Renovation Mistakes to Avoid
5. Dedicated pet Areas
According to a survey, almost 70 percent of apartment renters in the U.S. have pets. That said, still many apartments and communities have a strict no pets policy. To attract this section of renters, opt for pet amenities such as pet spas, pet recreation areas and pet washing stations. Install big tubs and dryers in these areas. The outdoor spaces must include a designated spot for clean up.
Including these amenities in your multifamily property is your ticket to a higher rent. Plan dedicated exercise areas including community gyms and dual-purpose exercise rooms for yoga, Pilates and Zumba. To execute your renovation project smoothly, you need an expert multi family renovation contractor who is well aware of the market developments and can help you get the most out of the project. United Renovations Speciality Group is one of the most reputable names in multi family renovations in Scottsdale. We are also specialists in providing affordable housing real estate and have designed a number of affordable housing interior units for our clients. To learn more about us, fill out our contact form or call at 480.219.6743.