The Internet of Things connects our world, making it easier than ever before to access and use everyday items around the home or office. Every year, more everyday appliances are hitting the market with smart technology. Between refrigerators, TVs, vacuums, doorbells and more, your home works for you.
Topics: Ventless Dryer
Trusted Appliance Distributor vs. Large Retailers
Over the past decade, the retail industry has been shifting. Large retailers like Sears are closing the doors of brick and mortar locations, leaving retail ghost towns in their place.
Sears used to be the place for everything. Home appliances, tools, clothes, housewares and so much more, but year after year, fewer consumers make the journey into the store. Instead, they turn to more convenient solutions – we have access to more goods than we know what to do with from our phones, after all.
But it’s not just online sales that are disrupting the retail market. Consumers themselves are changing. The Baby Boomer generation fully supported large retailers because it was easy to find and purchase what you need in one place. They looked for generic, mass-produced goods sold at a low price.
Today, Millennials and Gen Z consumers make up the bulk of buyers, and neither generation behaves the way their parents or grandparents expect. These consumers prefer to shop local when they can, valuing brand authenticity and environmentally-friendly products – even if that comes at a higher price.
The bottom line is that retailers like Sears have failed to meet changing consumer needs, and the results have been drastic.
There’s a lot of research out there on Millennial consumer behavior. This interesting generation is unlike any other, and they don’t behave the way we expect. This is good news for multi-family property owners, because Millennial behavior indicates that they’re waiting longer to get married, start families and buy homes.
One of the primary factors for an entire generation’s delayed homebuying has to do with their preferences on where to live, according to a new study by the Urban Institute. Results show that homeownership rates are “eight percentage points lower” than both Gen X and Baby Boomers in the 25-34 age range, and that educated Millennials are choosing to live in more expensive urban centers. Housing prices in these areas are skyrocketing, making it more economical for younger adults to continue renting.
Renters may not be moving into homes, but they are certainly moving into different rental properties. Whether they’re relocating for a job or educational opportunity, need more space or want better amenities, Millennial renters are seeking out the best of the best when it comes to rental properties.
Property owners can give their units a competitive edge with smart apartment renovations.
Black stainless steel. It’s more than just the next big thing in kitchen design. It’s a new spin on timeless, classic stainless steel appliances, and it’s here to stay. By their very nature, kitchen design trends are always changing. It can be hard to keep up, and nothing turns potential renters off faster than a tired, dated kitchen.
In the multi-family housing industry, high-quality kitchen appliances are at the top of every renter’s wish list. Property owners often install stainless steel appliances to create a modern look with staying power – it won’t go out of style, and most renters will be pleased with an upgrade to stainless steel. Black stainless steel holds the same appeal, with a less industrial look. The 2017 U.S. Houzz Kitchen Trends Study placed black stainless steel appliances among the primary colors for kitchen renovations, and are gaining popularity across all age demographics. To learn more about stainless steel appliances, check out our helpful guide.
Topics: Stainless Steel Kitchens
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.