One of the biggest reasons that residents choose not to renew is multifamily maintenance issues. There is nothing more disruptive and frustrating for tenants than a problem that the landlord should fix but doesn’t.
Today’s luxury apartment amenities turn complexes from simple living spaces into cities in their own rights. With the right upgrades, landlords can increase revenue, please tenants, and ensure resident retention remains high.
By reducing or eliminating rental increases, landlords can almost entirely remove the risk that residents will seek out new accommodations. And value-add amenities can help to build a sense of community and even provide additional revenue streams.
Tenants today still expect to see some return on investment as their rent goes up every year. That’s why the smartest tenant retention strategies don’t just make them happy; they boost the value of your property over the years.
Often, landlords who want to improve their apartment curb appeal should get an outside perspective so they can look at their space through fresh eyes. Overgrown landscaping or peeling paint may have been something they never even noticed otherwise.
Offering plug-in car stations, energy-efficient appliances, and natural lighting are just a few ways landlords can adopt multifamily energy-efficient best practices.
Completing renovations with tenants on the premises is often necessary and—with a strict timeline and smart planning—doesn’t have to be disruptive.
The top result for “apartment contractors near me” isn’t always the best option. Landlords should consider different factors to establish the best partnership.
The best ways to increase revenue in apartments are to add amenities that can replace tenant needs, such as wellness facilities, business centers, and pet amenities.
All multifamily value-add ideas should positively impact tenants, elevate amenities, and revitalize the community. In turn, these updates can bring a higher return to property owners.