Upgrading a rental property can be a great way to improve the quality and attractiveness of your property while also potentially increasing the rent you can charge. However, it’s essential to take the time to plan and execute any upgrades properly to get the most value for your investment.
One of the easiest ways to upgrade a rental property is to give it a fresh coat of paint. Painting can be a relatively inexpensive way to improve the overall look of the property, and you can do it relatively quickly. Choose a neutral color that will appeal to a wide range of tenants. If you’re looking to make a more significant upgrade to your rental property, consider replacing the flooring. This can be a relatively expensive upgrade, but it can be well worth it in the long run. Choose a durable and attractive flooring material that will withstand wear and tear.
Put a focus on tenant safety.
Making your apartment building more appealing to potential tenants is key to filling up vacancies and keeping your units occupied. One of the best ways to do this is by making upgrades that will make your building feel safer and more secure. This is especially important in today’s climate, where tenants are looking for a sense of security when choosing where to live.
Some of the key upgrades you can make to achieve this include installing security cameras, alarms, and locks. In addition, high-quality security platforms like Swiftlane make it easier to monitor traffic, empower your residents, and maintain building safety. It’s easier to secure a multifamily building with access control protocols, mobile app credentials, facial recognition tools, and other high-security options like a video intercom system.
You can also beef up your security staff or create a tenant safety program to make your tenants feel more at ease. By making these upgrades, you will make your building more appealing to potential tenants, but you will also help keep your current tenants safe and secure. These can add value to multifamily communities and benefit residents and property owners alike.
Invest in curb appeal.
You can make several upgrades to an apartment building to attract tenants. One of the most important is curb appeal. Making sure that the building is well-maintained and looks attractive from the street will help to draw in potential tenants. Upgrading the landscaping, painting the exterior, and adding awnings or other decorative touches can make a big difference.
Another critical factor in attracting tenants is the interior of the building. Upgrading the lighting, flooring, and appliances can make a significant impact. Adding features like a pool, gym, or playground can also be a draw for families or young professionals.
Making these upgrades can be expensive, but they can be well worth the investment. Tenants are more likely to choose a building that looks well-maintained and has modern features, so it’s essential to create a positive first impression.
Make critical renovations.
You can make several upgrades to your apartment building to help draw in tenants. Upgrading the shower is a great way to make your building appealing to potential tenants. A new, high-quality battery can make your building feel more luxurious and inviting. Additionally, installing a new dishwasher or refrigerator can make your building more desirable to tenants.
Upgrading your lighting fixtures can also help make your building more appealing. Replacing old, outdated lighting fixtures with new, stylish fixtures can help create a more modern and inviting atmosphere. Use location-specific searches to find helpful services like “Baton Rouge shower replacement” or “shower replacement near me” to find contractors and workers that can help with your commercial real estate needs.
There are plenty of ways you can attract new tenants to your apartment building, from security technology, touchless entry, mobile solutions, and home upgrades. Explore new solutions and automation tools with seamless integration potential to grow your passive income potential and empower your residents.