Investors suggest that a successful renovation should allow you to raise your rent from 10-30 percent. Kitchens are one of the best known renovations to produce ROI and keep profits up at multifamily properties. Here’s how to know if your property’s kitchens are ready for an overhaul.
Your light fixtures involve a fluorescent tube. If changing a lightbulb in your current kitchens involves removing a large rectangular fixture cover, it’s time for a change. Upgrading kitchen lighting to track lighting or pendant lighting will modernize the space.
Your units don’t have pantries. In some complexes ready for renovation, laundry hook-ups are found in the kitchen. You can offer your tenants some much-needed storage space for dry goods, pots, and small appliances if you relocate the washer and dryer to another closet in the unit instead.
Your vinyl floors make a small space look smaller. Old vinyl tiles can have a green/yellow hue that darkens a kitchen space rather than brightens it up. Other times, the cabinetry is simply too similar a shade of brown as the flooring. Consider creating contrast instead. A faux wood luxury vinyl floor in the kitchen, for example, will contrast nicely with white cabinets. If your cabinets will be stained or replaced with something darker, you can create the illusion of extra space when it’s offset by a lighter flooring option.
Your units don’t have dishwashers. While some landlords would disagree and argue that dishwashers only last about six years and need regular maintenance, recent surveys suggest tenants consider the appliance a high priority. A 2017 survey by the National Multifamily Housing Council (NMHC) reports that both air conditioning and dishwashers are considered “must-haves” by modern renters.
Keep in mind that the most profitable renovation decisions are based on your tenants’ lifestyle. You want to make sure that the upgrades you’re making in each unit are upgrades that attract and are useful to your target demographic.
Professional Multifamily Renovations in the Southeast. Alterra Multifamily Renovations is your top choice for renovating multifamily properties such as apartments and condominiums. We know the value of a good kitchen renovation and can help you meet the goals you have for your multifamily property. Contact us today.