Upgrade Your Leasing Center to Drive Rental Rates at Your South Bay Multifamily

Last week, a longtime client of mine called out of the blue to pick my brain about renovating a new property she’d just acquired.

She knew one thing for sure: The place needed a lot of work (it had originally been built in the 60s), and she wasn’t sure where to start.

Her biggest question? “What renovations will make the biggest impact on rental rates?”

It’s a tough one for sure, and while there’s no easy answer to it, I will say that some of the most successful renovation projects we’ve done in the South Bay this year have been leasing centers, and for good reason.

First Impressions Matter: Why You Should Renovate Your Leasing Center

Though the idea of renovating your leasing center may not sound like a very exciting prospect, it’s often the first thing a prospective tenant will see, and if it’s outdated or uninviting, it could deter them from wanting to pursue a lease. In general, you want to design a leasing center that’s modern, organized, and versatile enough to draw in prospective tenants with a variety of tastes. While there’s a virtually unlimited number of features you could include in your renovations, they’re not all created equally. Here are a few you won’t want to leave out:

Office space where your leasing agents can work. This one might be a no-brainer, but I’ll risk stating the obvious because of how important it is to design these spaces in the most effective way. The way you integrate workspaces into your leasing center will be determined by the space you have at your disposal, but if you have the freedom to do so, consider an open floor plan that distinguishes between spaces subtly and leaves lots of room to roam. To do this, you can use a completely open space and let your interior design do the work, or, if you’re working with a smaller space, you can use a half-wall or two to separate the spaces.

Waiting areas designed with a contemporary but comfortable aesthetic. You’ll want these spaces to feel modern but livable. The key here, especially in regards to the prospective tenants you’ll have coming through the leasing center, is to allow people to picture themselves in these spaces. In that sense, it’s about hitting just the right design note, one that finds a middle ground somewhere between stylish and functional and clean. If you feel like that note is on the more minimalist end of the spectrum, think about using sparely-built furniture in neutral tones with minimal complementary design pieces. If you’d rather the space were a little bit brighter, pick a color and thread it throughout that design. Pillows are a good place to start, but you can also splash some color in with an area rug, a coffee table centerpiece, or a wall hanging.
Modern construction features. Interior design is important, but building design is as well, so you’ll want to be sure that the building renovations you make during your upgrade are of the same caliber as the ones you make to your design. One general rule of thumb is to utilize the same design features you’d want to see in an upscale, updated apartment unit: Think about vaulted ceilings, hardwood floors, and as close to floor-to-ceiling windows as you can get. Again, the goal is to design a space that prospective tenants want to envision themselves in. Obviously, they’ll be spending most of their time outside of your leasing center, but first impressions are everything, and state-of-the-art building features are a surefire way to “wow” prospective tenants right off the bat.

A technology hub. Technology isn’t just for techies anymore: the average American spends over 11 hours a day using some form of electronic device, so it makes sense to make sure the waiting areas in your leasing center are equipped appropriately. You can stock this space with laptops or tablets, but make sure not to forget less flashy—but still crucial—tech like upgraded outlets with USB ports for tenants who bring their own devices. Whatever way you outfit it, a technology hub is a distinctly modern amenity, one that can serve both current and prospective tenants.

Getting Started on Your Leasing Center Redesign

Updating your leasing center can be one of the most exciting renovations you will make to your property, and is a foolproof way to reduce vacancy rates and increase the number of amenities available to current tenants. If you’re considering this kind of remodel, REIG can help you design and build the leasing center of your (and your tenants’) dreams, and we’ll do so with honesty, integrity, at over 120 combined years of expertise in construction and renovations. Reach out to us today to find out more about the projects we work on and how we can put our knowledge to work for you.