Management Series: Tips on Updating Your Apartment Building

Whether you’ve just purchased a new apartment building or it’s time to update the one you currently own, you should make sure your renovations are modern and will provide a good return on investment (ROI). Not only will this attract new tenants, but it will increase the value of your property. Here are some tips on which features would be worthwhile to update and how to do it efficiently.

Floors

Flooring is an easy way to tell the age of the apartment. Materials such as carpet and certain linoleum can show wear and discoloration and, if they’re not timeless, they can transport the home to a past decade and deter potential tenants from choosing that unit. Investing slightly in luxury vinyl plank can drastically update the home and make it easier for you and the tenant to clean and take care of them.

Paint 

Arguably one of the easiest and most cost-efficient ways to keep an apartment home looking new and clean is a fresh coat of paint. Investing in a quality paint will last longer and reduce the amount of time you need to go in for touch-ups. But it’s important to choose the right colors. White can show scuffs, dirt and dust and can make the space look cold and uninviting. A neutral, warmer shade, like a grey or beige with yellow or pink undertones, makes the walls feel welcoming while still allowing the tenant freedom to decorate the rest of the space however they’d like. Also consider different styles of paint with sheen (eggshell, satin), for washability. Many times, the alternative to a new coat of paint is a quick wash of the walls – especially in areas like bathrooms or kitchens.

Light Fixtures

Similar to flooring, light fixtures can quickly date an apartment. Since these fixtures are a focal point of the home, it’s vital that they can last through the years to increase the value of the unit. Consider adding additional fixtures to dimmer spots in the apartment to add some extra brightness, making the space more cheerful. Or, by adding rheostats to those light fixtures, you give your tenant additional dimming or brightening options. It allows for the space to be elevated in a cost-effective way.

Plumbing

Your plumbing fixtures should be updated every 10 or so years, regardless of the cosmetic benefit, so you can use that timeframe as an opportunity to give those fixtures a new look. A chrome finish is the standard but upgrading to bronze or brushed nickel can boost the appeal and add a luxurious feel to bathrooms and kitchens.

Windows

Quality windows are needed to help regulate temperature but also make sure the space has an adequate amount of lighting. Upgrading the windows will allow for a better living experience for the tenant and become a highlight of the space with crisp, clean views to the community.

Storage

Depending on the size of your apartment home, storage can make or break a potential tenant's selection. Especially in a small space, storage is important – adding additional storage in places like closets and cabinets and small touches like hooks for keys and towels can show them that their needs are cared for and they won’t have to look elsewhere for a larger unit. It’s important to think outside of the box in this category. Take an adventurous tenant, for example: if there’s no space for them to store their kayak or scuba gear, they won’t even consider signing a lease to your building. 

With these tips, your homes will become more attractive to current and potential tenants and increase your ROI. If you’re thinking of offsetting the cost of these upgrades with increased rents, consider using a 3-year term to calculate your ROI. If done right, you will actually reduce the amount of money you need to put into each home for updating and repairs. If you need guidance on how best to update your property, our management team is here to help! Reach out to us!