5 Design Improvements to Increase the Value of Your Multifamily Rental Property
If you’re looking to make a safe, early-year investment, one of the best ways to do so is to increase the value of your multifamily rental. By doing so, you’ll enhance its value for your current renters and, ultimately, for the building overall. Plus, with a new year upon us, a fresh look might be just what your building needs.
Fortunately, there are a variety of design ideas that you could implement to improve your rentals. So, grab a pen and get ready to dig into the best design improvements for your building. Below are a few of our favorites.
Invest in Window Casings
In addition to the unit they’re interested in, people who are looking for an apartment to rent usually check out the building as a whole. To that end, one of the most influential design improvements you can make are high-quality window casings, which can truly help attract and retain tenants. Plus, not only can window casings really tie together a room or a common area, but they’ll also show an attention to detail on your part.
Windows are central to the architecture of a room and a building, and the way in which they are designed can really affect the mood of the people living there, so make sure the option you choose is coherent with the style of the building. Specifically, select natural materials and a look that won’t weigh down the windows (some casings can appear to be very heavy, which is the opposite of the effect you want to portray). If possible, discuss your options with the architect who designed the building to make sure your choice is coherent with the existing design. This person will also be able to put together a cost analysis and see what would work best.
Install Crown Molding
To add a bit of luxury to your buildings, consider crown molding. This design element elevates rooms and ceilings by carrying the eye from corner to corner, thereby creating flow in your design. Again, just make sure that the style you choose is appropriate for your rooms. For example, while an ornate option can add architectural flair to larger hallways and common rooms, it may feel out of place in an apartment that is modern and minimalist. It can even make a smaller space feel rather crowded. Luckily, there are a variety of options — some of which are elegant yet inexpensive — so look for the best fit for your situation and then decide on the cost-quality balance.
Upgrade Common Areas
A high-quality ambience in the common areas in your building adds to the overall value, and also helps better attract and retain renters. What’s more, these areas are often seen as added perks. So, if you invest the time and money into upgrading them with new amenities and also redecorate them, your tenants are sure to be even more satisfied. In particular, modernize areas such as the gym and the business center, and convert lounges and other leisure areas into cozy and homey spots.
Meanwhile, if there’s a particular room or area you’re considering redoing, go the extra mile and survey your tenants to find out what they’d like in a common area. In this situation, you’d be directly responding to their needs and desires, which is sure to be successful.
Update the Floors
A high-impact visual renovation is to update the floors. Unless your floors are made of aged wood (which definitely has its charm), your building’s value could really be increased by switching out the floors. And, depending on the style of the building, you could adapt and find a very good deal. For instance, if you’re going for more of an industrial theme, cement is making a big comeback as a design element.
Whichever material and design you choose, consider its durability and maintenance needs so as not to invest in a delicate material in heavy-traffic areas, for example.
Add Most-Wanted Amenities
Providing state-of-the-art amenities is crucial to increasing the value of your property. To begin, think about the profile of your renters and what their needs would be, which may differ by location, age group and so on.
Increasingly, renters are becoming more concerned about wellness, their carbon footprint and influence on the environment. So, a good bet is to invest in sustainability initiatives. This can be as easy as creating access to recycling options or making sure the appliances in the building are energy-efficient.
Green space is also on the rise as a hot amenity. With a little creativity, you can add as much green space indoors as possible to refresh the look of your building, as well as improve the quality of the indoor air.
Finally, before you get started, walk around your building with a fresh perspective, as if you were seeing it for the first time. Ask yourself whether the space is optimized, if the design is appropriate and which upgrade would benefit you most. As we begin a new year, this sort of project can really kick things into motion and help you increase the value of your multifamily building, while also providing quality services and value to your tenants. Now, you’re ready to tackle your next big project!