In Autumn, rent growth often slows, In September of 2018 the month-over-month rent index fell 0.1% while the year-over-year growth was just 0.9% nationally, compared with 2.9% at the same time in 2017 and 2.6% in 2016. Rent growth is behind the overall rate of inflation of 2.7%, as well as hourly earnings, which have increased 2.9% in the past twelve months, Apartment List’s figures show.
Experts say this is a good time for multifamily property owners to focus on capital improvements that improve their assets’ value and command higher rents. These improvements can be costly, a number of low-cost exterior improvements can dramatically improve a property’s curb appeal.
Today’s renters tend to lean towards more contemporary designs and this starts with the exterior of the building. The simplest change to the exterior would be to update with new siding. Modern siding isn’t like the traditional siding. Instead, this siding is usually large modular or geometric flat panels that are both easy to maintain and install.
On top of updating the siding, working on the landscaping of the front entrance of the complex and buildings can make a world of difference. Lots of greenery and well-kept yards will help bring in the interest level of your building. If the outside looks this great, what waits for your potential renters on the inside?
The look of natural woods and the like is very popular among new renters. Natural wood is also a common element in contemporary designs, which we know is a current pull for renters. The catch that comes with the usage of natural wood is the expense and the ability to maintain it. There are many lower-cost and easier to maintain materials that replicate the look of natural woods in larger formats and uncommon sizes. Mixing these replica wood panels with board-formed concrete panels is another way to create a modern look within a smaller budget.
Contemporary design leans heavily on metal trim. Architects have said that one of the top contemporary design trends is using metal trim to create playful patterns and geometric shapes with contrasting colors. If used strategically, the pieces of trim can drastically improve apartment building aesthetics, with sleek, modern, architectural lines. Recently, many property owners have been using different sizes of trim to create even more interest in their properties. Choosing a manufacturer with a variety of trim can help keep the cost of renovation down.
Alterra Multifamily Renovations can help you update your apartment complex’s exterior efficiently and expertly. Call us at 615-438-5734.