Sometimes overlooked is the fact that apartments may have all that’s needed with a little work. So, optimizing amenities in your multi-family dwelling will improve on what it is already existing. Most prospective tenants have an idea of what they’re looking for when checking out places to call home too so catering to these desires is what rents. So below are some thoughts about what people are looking for:
- Walk-in closet
People want a place to store their stuff and hang up clothes. So, if you have several small closets in your rental property, consider enlarging them into walk-ins. You may have to take some space from a hall or bedroom, but the result will be worth it.
- Soundproofing the walls
If you’re already remodeling your building, consider using soundproofing material. Privacy is important to people, and they don’t want everything they say or do to be overheard by the next-door neighbor.
- A balcony or patio
Everyone enjoys a breath of fresh air and some extra room for entertaining. If you already have patio’s or balconies on your property then, you can do a little upgrading here. Consider adding shrubbery and trees for a natural screen between areas. Or add some seating for entertaining. If you don’t have patio’s or balconies, perhaps you can put in a shared space. This space could have benches and a water feature for your tenants’ enjoyment.
Parking is essential because no one likes to come home from a long day at work and fight for a parking space. If you have a parking area, designate that it’s for your tenants. Place the apartment numbers above the parking spaces and post notices about being towed if cars parked aren’t from your building.
- Laundry facilities
No one likes to drag their clothes to the car, load them in and then drive to a laundromat. Having on site laundry facilities is convenient for tenants, and you can collect the money from their use for maintenance.
So, by using what amenities that you have and maximizing their use, you can attract the right sort of tenant.
When you have multi-family condo’s, you want to attract the best type of tenant. You want a tenant who will respect your rental property and take care of it. The best kind of renter has high standards for maintenance and keeps a condo clean. So, what kind of amenities will attract this type of tenant?
Attracting a high-end tenant
There are several things will which make potential tenants want to call your property home. Below are listed some helpful tips to attract them:
- Ready to move in: People want to move in as soon as possible, so making them wait while you finish painting or laying new carpet may cause you to lose out. The best idea is to post the rental property when it’s finished and ready for renting.
- Common spaces: More people who are renting are looking for places which have shared areas. These areas can be used for entertaining or socializing with other tenants. A common area gives a building more of a community atmosphere, and interaction with other people is better achieved.
- Fitness center: Another selling point is a fitness center in your building. Tenants may want to come home and instead of leaving again to go to the gym, just go down a few floors to exercise. The fitness center can be used for cardio, strength training, aerobics and even yoga.
- Pet-friendly: Who doesn’t want to come home to a wagging tail after a long day at work? By allowing pets in your rentals and, if you have the room, having a dog area for walking; this will have people lining up to sign on the dotted line. You could even have a pet grooming service on site for easy convenience.
These are just a few suggestions to draw the right tenant into your building.
When you own rental property, you have different options for flooring. However, you need to consider what you choose to be cost effective. Also, you also want something that’s durable, looks good and holds up. Below are some suggestions on what you can use to accomplish this:
- Carpet: If you chose to put down carpet in your apartment building, it would reduce noise below the apartment. It will reduce energy bills too. But, it does trap allergens and odors, and it needs to be cleaned periodically. Carpet can’t be patched either, and it will stain. If it’s ripped, the entire carpet will need to be replaced.
- Tile: Tile is durable and easy to clean, plus it comes in a variety of price ranges. It’s water resistant but needs to be sealed or polished. Tiles can crack if something heavy is dropped on them too. Also, the grout in between the tiles will need to be cleaned when it becomes dirty. It’s used most often in kitchens, basements, bathrooms and common areas. Also, it’s employed in humid climates often instead of carpet.
- Hardwood floors: Hardwood floors are made to last a lifetime. They can be refinished if they become scratched. A hardwood floor also doesn’t react to moisture changes. It is expensive to install and can scratch easily, however. Sunlight will cause the wood to lighten in color. It can be used in living rooms, dining rooms, bedrooms, and offices.
- Vinyl: This floor covering in relatively inexpensive, cleans easily, is water resistant and is easy to install. But it isn’t very durable because it will tear if something is moved on it improperly. Moisture gets under the vinyl too, plus mold and mildew can form. It’s used mostly in kitchens and bathrooms.
- Linoleum: This product is also easy to install and clean. It’s prone to denting and tearing though. It’s used in dining rooms and kitchens.
When laying down flooring, there are many options.
Just because a multi-family apartment building has more than one family in it doesn’t mean that they all want the same thing when it comes to housing. The question is, how to make your rental property more appealing? There are different ways to make your building more comfortable and attractive for its residents.
What you want to encourage is a sense of community. Your multi-family dwelling should be designed to promote interaction with neighbors to build this sense of community. It will attract the kind of tenants that this appeals to. The community once set is not only based on surroundings and what building design you used to attract these tenants but how neighbors interact with neighbors. So below are some suggestions to help you make your property a hot commodity:
- Larger community areas: When you make the community area larger, the residents will bond and interact with each other because they feel better about where they live. Living areas which are a decent size, plus amenities will give your tenants a sense of belonging instead of just living in a complex. Efficient laundry rooms, nice sized patios and a common area all work towards this goal.
- Recreational areas: A fitness center, pool, a playground or other types of recreational areas can make apartment complex living more enjoyable. Because of this, residents will interminable which will make them feel as if they are one big family instead of just groups of blank faces. Also, if you have a recreational area for children; families with kids will have areas which are safe to play in and have fun together which is of particular importance. They can mingle with other tenants who have families and bond.
- Not every building being the same: The trend now is to individualize each building in a complex. The buildings are being designed to encourage more space which is shared among the residents. All the doors could be facing out into a community area with picnic tables or benches along walks shaded by trees. When residents feel as if they belong, there are less empty apartments.
Tenants enjoy a place which feels like home.
It’s important when considering having your roof redone on a rental property the different types of roofing shingles. You need to consult with a roofing contractor also to figure out which type of shingle will work best on your property along with the costs of installing the right type of shingle on your roof. Below is a list of commonly used shingles:
- Asphalt shingles: These shingles are pretty inexpensive compared to other shingles. In addition, if you buy asphalt shingles which are coated, the Energy Star standard may be met, and you could get a rebate. The three-tab shingles are a little less expensive and are thinner than an architectural asphalt shingle. The life span of these shingles is about 20 to 30 years. The very expensive asphalt ones last longer than this. Additionally, there is an expense to disposing of asphalt shingles later when reroofing because they are oil based.
- Tile shingles: These shingles are the most expensive shingles to buy and install. However, they are durable and long lasting; lasting up to 50 years. But some homes may not be able to support the support the weight of these shingles structurally according to the National Roofing Contractors Association.
- Wood shingles: These are more expensive than the asphalt shingles, but usually are more aesthetically appealing. The natural hardwood shingles such as redwood or cedar should last up to 30 years and even up to 50 years in some instances. The runoff water from roofs shingled this way is the most environmentally friendly.
- Slate shingles: These shingles have a life span of up to 50 years being extremely durable. The Northeastern portion of the United States favors these because the slate is quarried there. If your budget can’t afford real slate shingles though there are synthetic slate shingles with shorter life spans which are less expensive.
- Ceramic roofing tile: This type of tile shingle can give your home character and is durable. The advances in the way the tiles are processed make the tiles fade resistant. These tiles are fireproof and last about 50-70 years. However, these tiles aren’t suitable for climates that have fluctuating weather. The cost to install this kind of roof is expensive.
Talk it over with your roofing contractor to see which shingles will work best with your building.
Fences have a lot of uses for a rental property. It can provide the tenants of a multi-dwelling apartment with security, help keep children and pets safe and boost curb appeal. But choosing the right fence isn’t always easy without doing some research first. To help you choose the right fence, below are some different types of fencing and their uses:
- Wooden fences: One of the reasons wooden fences are used is because they are inexpensive and attractive. Fences made from wooden slats are great for privacy also. Picket fences give protection without blocking out everything visually. Most wood fences are between 4-6 feet tall. They can be made bigger, but you need to make sure that they don’t contravene regulations on height if taller. Always checking on regulations is a safe bet.
- Chain link fences: This type of fencing is durable and cost effective which offers great benefits for property owners. Because it’s flexible it can withstand different types of stress. The downside is that chain-link doesn’t provide much in the way of privacy. But if combined with landscaping or privacy slats, it is a viable option.
- Wrought Iron fences: Wrought iron fencing is not only strong, but beautiful too because it comes in an assortment of designs. Additionally, this fencing can be customized for a one of a kind detailed beauty with an elegant and classic look. This is the perfect fence for property owners who are concerned about safety issues.
- Aluminum fences: Aluminum fences have the look of iron, but not the price or the weight. It’s strong enough to close in an area without ruining the view too. Another benefit is that is can be installed on just about any type of property, even on steeper land grades.
- Vinyl fences: Vinyl fencing has a sleek modern look which is durable. It comes in a range of textures, colors; heights and styles and is the most diverse of all the fencings.
- Brick and stone fencing: These fences are strong and long lasting, but not as popular as they once were. The fencing comes in a range of stones and colors and is one of the most expensive options on the marker.
A landlord needs to consider all the factors when considering the installation of a fence on rental properties.
Sound stair railings in multi-family dwellings are a necessity. Because if a tenant falls or is otherwise injured going up or down a set of stairs in your building, not only will your tenant be hurt, but you could be sued. However, if your stairs are up to code, then there can be room for debate on who’s fault the accident was which also gives you a clear conscience. To help with this, the International Building Code provides a code of construction and design for all buildings and different structures which fall under this code. It addresses both the design and the installation of commercial railings which emphasizes the required performances of the products used. This is the code you would follow when installing the needed railings for your rental properties.
For example, each exterior and interior flight of stairs which has more than four risers needs handrails. The handrails should be on one side of the stair and on every open portion of a stair. This would include landings, balconies, decks, ramps or any other surfaces where people walk that are more than 30 inches above the floor. For more safety, a handrail can be installed on both sides for extra grip.
Commercial railing is used specifically for commercial properties. These properties would include multi-family dwellings, apartment buildings, motels and condos. Anywhere there would be a balcony that requires a safety barrier also. So, if your building has a balcony, commercial safety railing must be used so that the person in the apartment or condo is safe when venturing out onto a balcony.
Safety railings don’t just protect the people using them too, but they also protect the property owner as well from legal action. So, if you’re buildings are up to code, then you can know that you’ve done everything that you need to do to be within the law which makes you a good landlord.
Keeping your buildings up to code is one way to avoid accidents.
One of a tenant’s biggest gripes is a lack of parking. So in areas where parking is at a premium as an example, coming home from work late and not having a parking space can cause volatile problems. As a multi-dwelling property owner, it’s up to you to have the parking situation sorted out then before it ever becomes an issue. So below are some suggestions on how to do just this:
- Posting signs: Have signs posted everywhere and in the correct places. Since every municipal area is different, find out where you need to put the signs up then, and what they need to say. This is in case cars need to be towed which don’t belong there. You can cover yourself in this way with the correct sign postings.
- Clear markings: Be sure that the parking spaces are properly designated for your rental properties. Have the lines repainted regularly so that the parking stalls are clearly marked. Hiring a construction company to do this will mean less of a headache for you too.
- Make sure that you know the law: There are laws dealing with people who park in parking spots unlawfully for and against. You must make an honest attempt to find the owner of the car before you can have it towed for instance. This means that you can’t watch people pull in and park when you know that they don’t belong there either and then have the car immediately towed when they walk away. This is illegal.
- You must be consistent: This means if your policy is to have cars towed which are parking illegally, you have to do it. Whether someone is parking there because of a party or someone is there because they’re visiting, they still get towed if they don’t follow rules for this type of activity. This also applies to handicapped parking spaces too being used illegally.
- Have numbered spaces: Another idea is to have as assigned parking space per tenant. This way every tenant has a parking space. If you have room, you can offer spaces for tenants with more than one car or visitor parking additionally.
Keeping parking from being an issue is only common sense.
Before and when winter arrives, there are some things that you need to do to keep your rental properties safe for your tenants. Also, not only could you have significant repairs eventually if you don’t, but if a tenant or tenants in one of your multi-family dwellings falls or is injured, the results could cost you because of lawsuits. So below are some suggestions to keep your tenants safe through the winter and prevent an oversight from turning into major repairs from unintentional neglect:
- Turn off any exterior faucets on your property: The water in undrained pipes can freeze and burst. This not only would cause damage in your building, but could cause damage the outside as well. So drain all the garden hoses and outside lines after you shut-off the values inside your building.
- Check the furnace filter: Getting a phone call at 2am in the morning because your tenants are freezing is bad enough. However, knowing that it could’ve been prevented by something as simple as changing the filter is even worse. By changing the furnace filter too, this cuts down on higher fuel costs, overheating and the shutdown of a furnace. Also, scheduling maintenance is wise. This is one way to catch small problems before they turn onto big ones.
- Inspect the roof: It’s much easier to repair the roof if there’s an issue when the weather is halfway decent than to have a roofing problem in the middle of a blizzard.
- Arrange for snow removal services: By setting up the service earlier, you won’t be the last one on someone’s list. It’s better to have everything ready than to try and negotiate when the snowflakes are falling and no one is taking calls.
- Inspect all the doors and windows: Check where heat is most likely to escape and then either caulk it or use weather stripping where the problem is. It’s easier to do it now than when the snow is flying and your fingers are freezing.
Keeping your property winter safe is the smart thing to do.
When you own multi-family dwellings, there comes a time when repairs need to be attended to because some tenants can be hard on your property and leave a mess when they move out. In other instances, it’s just time to replace or improve somethings in a rental unit. So below are some suggestions which may be helpful to you:
- The floor: Of everything in your rental property, the floors are what really take a beating. This is because the floors take the most wear and tear from tenants moving in and out. If you have carpet in your unit and its worn out, consider having it replaced with something that is more durable and easy to clean. This could be linoleum, commercial grade tile or hardwood. This type of flooring does cost more upfront, but it also can last up to 20-30 years, unlike carpet.
- Remodeling: When you’re remodeling or having the rental unit remodeled by a professional construction company, only remodel one unit at a time. You want to do things slowly and not go into debt over renovations if this can be helped. Also, if you remodel in smaller stages, then you can rent the remainder of your units while you’re remodeling the one that needs it the most first.
- Invest in energy efficient appliances: When redoing bathrooms in your property, have low flush toilets installed. These toilets save on the monthly water bill by using less water. In addition, replace shower heads with water efficient ones as well which also lowers energy costs for heated water. Energy efficient appliances too are a good investment. These not only save on energy, but increases rental appeal.
- Remodel areas that will get you more for your money: Because you own property, the return on your investment is always a prime concern. Now some of the improvements that will do this are updated hardware and lighting fixtures. These can change the look of a unit additionally with very little monetary investment. Also, giving the walls a fresh coat of paint every five years can do a lot to improve a dwelling place’s appearance.
Making well thought out improvements on your property can be a smart way to make money.