A competitive rental market means every investment you make in your property must pay off. It doesn’t make sense to add expensive amenities if they won’t lead to higher retention rates and an increased net operating income (NOI). Every year, in-unit laundry remains at the top of almost every renter’s wish list. Upgrading rental units to include in-unit laundry is an investment that pays off quickly – if you install high-efficiency washers and compact ventless dryers.
Your Net Operating Income (NOI) helps you keep an eye on how your multi-family property is performing. It takes into account revenue minus any operating expenses incurred from managing and upgrading your property.
Year after year, in-unit laundry is one of the most highly-sought after amenities in the multi-family housing industry. Residents want to do laundry on their own schedules, and they’re willing to pay higher rents for the convenience of having in-unit laundry.
If you’re interested in just how much renters will pay across the country, check out NAA’s research on Adding Value in the Age of Amenity Wars.
You’ve seen it on your balance sheets and cash flow statements, but how much does your net operating income (NOI) impact your day-to-day decision making? Investopedia defines NOI as “a calculation used to analyze real estate investments that generate income.” Your NOI takes into account all revenue your property generates, as well as any operating expenses incurred from managing and upgrading your property. It’s an important indicator of the financial health of your property, and it can help you to determine whether a planned upgrade will result in an investment or a money pit.
Amenities. Amenities. Amenities.
Today’s renters want (and sometimes expect) amenities that make their lives easier. Over the years, in-unit laundry has been a top-requested amenity by renters nationwide. Make this the year you make the investment.
In-unit laundry may be more attainable than you think. There are several high-quality appliances that offer a quick return on investment. And as ventless drying technology is adopted more widely in the United States, more properties can boast in-unit laundry at a low cost.
Part of owning, operating or managing multi-family housing properties is making sure your units remain attractive to current and prospective residents. One of the best ways to ensure your property keeps its competitive edge is through strategic, cost-effective renovations. Providing updated units with attractive amenities is key to adding value in a very competitive market. From updated fixtures to upgraded appliances, there’s a lot you can do to update your properties, but which has the best return on investment? What will add value while staying on budget? We’ve explored the top five renovations to help you decide what is best for your property.
Trending now in the multi-family industry
In-unit laundry is a sought-after amenity, and the advances in laundry technology have made adding in-unit laundry easier than ever. In-unit laundry can increase property value, reduce turnover and increase rent and resale values.
The Multi-Family Executive explained that renters from Millennials to Baby Boomers are savvy, well-informed advocates of sustainability, who will seek out rental opportunities that align with their values.
It’s timeless. It’s durable. It’s affordable. It’s stainless steel.
It is no secret that renovated apartments rent faster and can command higher rents. Upgrades to flooring, cabinetry, countertops or windows require construction, which can be difficult, expensive and timely. Upgrading appliances, however, is a quick but solid investment in your property.
Topics: Stainless Steel Kitchens
If you’re thinking about adding in-unit laundry to your property, you’ve probably done your research. You know that adding laundry to your units is a value-add project that will increase your property value, and that in-unit laundry is a highly desired amenity.