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Getting the Most Value Out of Older Apartments

April 17, 2020

Older multifamily rental properties and the owners of these properties tend to face the never-ending challenges of competing with newer constructions. Older units are typically more difficult to lease due to the appeal, as the outdated appliances and overall look of the unit may be less appealing for potential tenants. This is really challenging in the current market. Most of the potential tenants are young professionals who are looking for modern features and high-end amenities. In the United States alone, there are more than half a million new units currently under construction. As a multifamily property owner, there’s nothing you can do to stop the influx of new construction, but there are several steps you can take to help your complex stand out and compete with the newer units.

Play With the Apartment’s Best Features

As a property manager, your top focus for potential tenants is the positive features of a rental unit, not the negative. What do your units offer? Does the building feature exposed brick? High ceilings? A fireplace? Nice views? These are all features that renters love and they’ll overlook an older building if it has many features that pique their interests. Finding a focal point of each unit and working with that as its advantage is a great way to increase potential renters’ interest. If you have exposed brick in a unit, sell it as an accent wall and help the tenant visualize their home with this specific feature.

Potential renters love newer apartment complexes because of the amenities that are provided within that complex community. Take advantage of unused space on your property to add an amenity such as a fitness center or community pool. Not enough open space to add an amenity that large? Small upgrades like bike racks, on-site laundry facilities, or a fire pit to gather around will boost value, as well.

Help Your Current and Potential Tenants Feel Appreciated

The top priority for most apartment complexes is filling vacancies. While this is the primary concern for any property manager, you can set your complex apart from the others on the market by remembering the importance of adding a personal touch. People want to be treated like individuals, not just another rent check for you. Take the time to get to know your potential renters and current tenants. A simple gesture of saying hello to your tenants when you see them in the leasing office or around the complex will really change how they view you and the complex. Letting your tenants know that their voice is heard when it comes to changes around the complex can increase their admiration for you and the community.

Invest in Upgrades

Investing in a complete remodel will boost an older apartment’s value, but it isn’t the only thing that can help boost the value. Even minor upgrades can bring new life into older properties and make them more attractive to renters. Replacing outdated fixtures and appliances, adding a fresh coat of paint, and new flooring adds significantly more value than you may realize. Changing out windows, doors, and even taking it a step further to replace the siding, redo the balcony, and maybe redo the exterior. If you would truly like to completely change how an apartment looks, go for a full remodel! A full renovation will only help boost the apartment unit’s value and who doesn’t want that?

Alterra Construction Group is here to help you achieve your dream property. Reach out through our website or call 615-438-5734 or 404-597-2060 for more information.