Keeping apartments filled is a top priority for
any property manager. By keeping current tenants happy you can help
avoid some turnover, but in multi-housing there will always be people
in and out. So, the other important task is attracting new tenants
when apartments come open. With stiff competition in the
multi-housing industry, it’s important to keep your units as
up-to-date as possible, but you also can’t overdo updates to the
point where you won’t get your money back in rent.
As an apartment turnover company in the Twin Cities, Building Maintenance Management
understands the need to keep apartments full. We can assist with
numerous rehab projects to keep your units updated, fresh and ready
for the next tenant. Here we’d like to cover a few upgrades that
will help maximize your property’s rental rate.
Curb Appeal
First impressions are important. Just as home
buyers notice curb appeal first when looking for a house, so do
renters. They want a place to live that looks neat and well-kept, not
dingy and rundown. Fortunately, this is one thing that’s easy to
update and maintain while your units are full. With landscaping and
basic upkeep of the building’s exterior, you will be one step
forward in attracting new renters.
Flooring
Flooring is a major consideration for rental
units, but it can also be tricky since there can be varying opinions
on the best type of floor to have. Basically it comes down to a hard
surface or carpet, and there are pros and cons for each.
Carpet often needs to be replaced after every
couple of renters due to stains, wear and dirt, so this can get
expensive. Some residents really like carpet, especially in their
bedrooms and during the winter. On the other hand, most renters
prefer a hardwood-type floor that seems cleaner and more modern.
You can go for a mix with carpet in the bedrooms
and other flooring throughout the rest of the unit, or use just a
hard surface flooring and let residents provide their own area rugs.
Flooring that definitely needs to be updated would include old vinyl
or linoleum flooring in bathrooms or kitchens. This can be a major
turn-off to renters.
Countertops
Upgraded countertops can really add value to your
kitchen, and it will appeal to renters. However, you’ll need to
decide if the cost of new countertops is worth the investment. If you
run a higher-end apartment, granite or quartz are great options. If
you don’t feel your rent prices warrant that type of expense, then
consider solid surface or even laminate. Nowadays, laminate
countertops can be made to look like high-end materials, and they are
much cheaper to replace if damaged. Conversely, granite or quartz
will be harder to damage and last much longer.
Appliances
Another major draw or turn-off for renters is the
type of appliances. Old, mismatched appliances will not get you top
dollar. They can also lead to more hassle down the road with required
maintenance. Investing in high quality, matching appliances with a
warranty will save you money in the long run, and more modern
appliances are usually more energy efficient as well.
Fixtures
A simple and inexpensive way to update a rental
property is with new fixtures. High quality light fixtures, ceiling
fans, door handles and faucets will be noticed by potential tenants.
Having higher quality fixtures will also provide better durability.
The benefits of rental property upgrades go beyond
aesthetics. Investing in better quality upgrades will help you
maximize occupancy and rental rates. It will also help you compete
with newer rental properties.
BMM wants to help your property succeed. We can
make these upgrades and more for your multi-housing facility. Whether
done between tenants or while a unit is occupied, our Twin Cities
apartment turnover company is here to help. If you would like more
information on our services, give us a call at 763-541-4886 or
Contact Us.
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