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.
Would you believe it if we told you that the average American household completes 8 loads of laundry each week? That’s upwards of 30 loads each month, and over 400 loads of laundry every year. Multiply that by the number of families in your multi-family housing complexes, and the numbers grow quickly. Between water, electricity and time… laundry can be expensive.
Topics: In-Unit Laundry
When it comes to property management, you know your stuff.
You know, for example, that in-unit laundry is one of the most desirable amenities in any rental property, be it a condo, an apartment or a multi-family housing unit.
Topics: Laundry Solutions
In-unit laundry allows you to increase rents by $50-100 per month per unit. Plus, it decreases turnover. Ventless dryers make in-unit laundry possible for almost any building – without expensive retrofits.
People often come to us with questions about ventless dryers.
- Can you use a ventless dryer with a gas connection?
- Will an all-in-one washer dryer combo work in a closet with the door closed?
- How does a ventless dryer work, anyway?
Topics: Ventless Dryer
In-unit laundry is a smart investment. And now, with advances in laundry technology, you can reap the many financial and operational payoffs of in-unit laundry without the tradeoffs. For example, you can add in-unit laundry to an older building without expensive retrofitting.
Topics: In-Unit Laundry