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.
Commercial buildings have a lot of foot traffic, and the floors can take a beating. If your flooring can’t hold up to the capacity in how it’s used though, it will need to be frequently replaced. Plus, it will be uncomfortable to walk on, and your tenants will notice. So, what is the best flooring for a building which is used commercially?
- Concrete flooring
Concrete cleans easily and is very durable. When sealed adequately, it will resist water, and this type of flooring works well with radiant heating. Not only does it last long but it can be finished in a variety of different aggregates, colors, and stains.
- Luxury Vinyl Tile flooring
This flooring is also known as floating wood. It’s fused together with multi-layered flooring and a lamination process. It’s scratch, water, and noise resistant. It can replicate the appearance of wood, natural stone, and ceramic tile.
- Natural stone
This option is the most durable, but it is also the most expensive. The most resilient stones are sandstone, limestone, and granite which can withstand a significant amount of traffic and last for decades.
- Porcelain Tile flooring
This type of flooring has been used since ancient times in high traffic areas. It comes in various designs, styles, and décor. It has the versatility to fulfill any flooring job though.
- Epoxy floor coating
This is usually applied to floors which are concrete, and it makes for a smooth finish that withstands high traffic and lasts several years. It’s also non-porous, so mold, dirt, and other material can’t penetrate the flat surface. Although not as common, hardwood and tiles can be coated too.
- Polished concrete floors
Concrete floors can be used in commercial and industrial settings. Maintaining the concrete floor is easy. Dust mop on a day to day basis, and then wet mop it frequently. Dyes, stains, and textures can be added for a unique look.
You can give your commercial flooring different looks depending on what you use.
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.
At a point in time, the windows in your commercial building are going to need to be replaced. When you do, there are some things that you need to think about before going out and buying them. Below are some things to consider before you make that big purchase:
- Increases efficiency: When you install new windows in your commercial building, it improves the energy efficiency of your rental property. By selecting the right windows for your building, you can prevent energy loss and heat transfer. By replacing those old one pane windows or old technology two pane windows with more energy efficient ones, it can save you money over time.
- New technology: There has been new technology since your windows were installed in your rentals. Window panes are better insulated now, plus there’s low-emissivity metallic coatings, new types of framing materials and tinting. All these improvements are geared towards durability and energy efficiency. You can also have security and safety features installed.
- Increase value: By replacing windows, this enhances the value of your building. If you are planning on selling it, the new windows help with their streamlined functionality and efficiency. They will improve the appearance of the property too.
- Areas prone to storms: If your property is in an area which is prone to high activity storms, you may require windows which are hurricane resistant. So, you may have to have ones which regulate the amount of pressure that they’re rated to withstand. Plus, they may have to be able to withstand wind speeds of a particular level.
- Areas of high heat or extreme cold: If your property is in a high temperature zone, the windows may need to have a better solar heat gain coefficient. It will regulate how much sun is let in the in. If you live in a freezing climate, you may have to have double or triple paned models.
- If you’re on a fault line: For the building in this area, you need to have the windows be safety glazed heat tempered, so they don’t shatter.
There are many reasons to replace windows in your commercial building.
Tenants in a commercial building are concerned about parking. People don’t like to park their cars somewhere where they need to walk three blocks to get to a rental property. By having a covered parking garage for your tenants, you will not only make the businesses who rent your building happy, but this is a great selling point for the next business building renter.
Why is it a good idea?
There are lots of benefits for covered parking beside tenant comfort. It will protect cars from severe weather conditions. The cars won’t become dented, have windows broken or paint scratched from broken branches or other weather hazards. Parking under cover will keep the cars out of the sun and prevent UV radiation damage too. UV radiation damage can deteriorate the inside and outside of a car
Another key point is that covered parking can protect your tenants from rain, snow, sleet and heavy wind. No more fighting the elements when all the people are trying to do is get to their cars. Also, vandalism and theft are less likely because the cars aren’t exposed outside. Plus, some garages have attendants to make sure that the cars are left undisturbed.
Also for you tenants, some insurance policies will lower their premiums if a car they insure is in a protected environment. It’s a great point to mention to prospective tenants when showing property for office rental. Plus, since the exterior of the cars will be protected, this will help car owners with the resale value when reselling their cars. With fewer dings and scratches, the car stays looking good.
Other advantages of parking under cover is that you can reserve spots for tenants only to use. That way each tenant has his or her own reserved spot for parking. The tenants won’t have to battle it out doing street parking for a spot every day. They can just pull in, park and go about their day.
Having a covered parking area for your commercial building really is an excellent idea.
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.
When you have a multi-family dwelling or rental properties, keeping the cost of utilities down is important. Installing high-efficiency toilets can help with this. If the tenant pays the water bill, it’s a good selling point too, or if you pay for the water, it helps you save money. If you have the water-intensive toilets in your building, they can use up to 7 gallons of water each time they’re flushed. A high-efficiency toilet uses about 55 percent less. So, what are your water efficient toilet options?
Water efficient toilet options
There are three different types of water efficient toilets. The single-flush will flush at 1.6 gallons each time, the dual-flush with 1.6 gallons for solids and 0.8 gallons for liquids. The third option is the pressure assist flush which is one gallon per flush.
The pressure assist toilets are used most often in commercial buildings, restrooms, and hotels. They can also be installed in private homes too. There’s a plastic pressure tank which is inside the reservoir of this commode. It compresses air inside the pressure tank from the pressure of the water line. It traps the air and compresses it as the main tank fills with water. The water is forced into the bowl by the compressed air when the commode is flushed. This action will push everything out with the flush with less water than other tanks use.
Another way to save on the water bill is to install low flow urinals in a men’s room. If you have a high traffic volume in the men’s room, a low flow urinal can save your money.
Figure it this way, you own a commercial building, and each employee uses the bathroom four times a day. So, you take the number of employees multiplied the number of flushes, and you’ll see that this is a lot of water. If you have toilets and urinals which conserve water though, you’ll find that the toilets are cost effective.
If you have a commercial property with older commodes, then you may want to consider updating your bathrooms with efficient ones.
You have several rental properties with wood burning fireplaces. You have some concerns though because of tenants having a live wood fire. The thought of an unattended fireplace and your apartment building going up in smoke worries you. Is there a better way?
You do always have the choice of just covering the fireplace over or blocking it. But it is a useful renting point when looking for new tenants. So, another option would be to have installed a gas fireplace insert. You would still have the appearance without the danger of someone accidentally burning down your building.
Also, there are other advantages to gas fireplaces. A fireplace which takes wood can take some work to get the fire going correctly which can be a danger with an unskilled tenant doing this. With a gas fireplace insert though, a flick of the switch and the fire is lit.
Also, with a wood burning fireplace, you have burned-out logs and ashes which need to be cleaned out; and if thrown away without being cooling, this is a fire danger. This wood burning creates soot which leaves creosote in the chimney too which needs to be removed by a chimney cleaner. If you don’t have it removed, it can cause a chimney fire. With a gas insert, there aren’t all of these problems. But it wouldn’t hurt to have a professional check it out once a year or so.
Cost of an insert
The cost of an insert cost about $3000 to $4000, depending on the size, which includes the installation of the insert and the liner for the chimney. It will heat an area of between 1,000 to 3,000 square feet which depends on the size of the insert. You will need to talk to a gas fireplace insert dealer to decide what size you need and the heating capacity of the insert you want for the apartment.
Wood burning fireplaces have the snap, crackle and pop of a fire. However, gas fireplace inserts are more convenient and safer.
There are different types of finishes which can be used on the outside of commercial buildings, multi-family dwellings and apartments. These finishes can be used for decorative purposes or weatherproofing or a combination of both. Below are some different types of exterior finishes:
- Stucco: This is a weatherproof and decorative finish which can be put directly onto bricks, blocks or metal laths. It comes in three different types of finishes. The first one is smooth stucco which has a slight texture on a smooth finish. Patterned stucco has patterns tooled onto a smooth stucco finish. The third is Pebbledash; this look can be achieved by putting on a coat of smooth stucco which is damp and throwing pebbles at it.
- Pebbles finish: This finish is applied by using cement mortar to paste small pebbles to the walls. This type of finish can be applied on an exterior facade. It can also be used in exterior landscaping for waterfalls for a beautiful look.
- Flakes finish: This material is used on exterior facades. It’s additionally used to add to the elevation treatment of a dwelling or commercial building. The flakes are put on walls with a trowel over a coat of adhesive. It is not used indoors because of even a small amount of flakes falling off inside over time is unsightly.
- Siding: Siding is used on the outside of a building over a wood cavity wall. It can be used as a decorative side effect but also as weather proofing. There are options such as wooden boards, but siding comes in vinyl, alumni and fiber cement board too. These options need less upkeep than wood siding does. Plus, some of the options can be painted for a more personalized look.
- Tile cladding: tile comes in granite, glazed, marble or vitrified tiles. It comes in different shapes and colors. Where it is used depends on what types of tiles can be applied to the building.
There are lots of choices for exterior finishes to make a commercial building better looking and more rent-able.
Since construction is done in certain ways over time, contractors making changes in how it’s done can be a drawn-out process. Contractors may be leery of anything new or untried. So most contractors when building, say an apartment building, often would rather select materials that they are comfortable with, know are reliable where they are sure that the pricing will stay affordable. However, there are new products made from mixed materials which may do the job even better. Below are some of these new products:
- Bricks made using wool: These bricks are non-toxic and more sustainable. When making the bricks, a natural polymer which is removed from seaweed. Wool is added in too. The brick dries hard and is resistant to cold, wet climates.
- Sustainable concrete: Recycled materials such as wood chips or crushed glass are added to the concrete which reduces the CO2 emissions associated with concrete production. This helps to reduce the carbon footprint.
- Insulation from the paper: Paper based insulation is made from recycled cardboard and paper. It’s fire-retardant and resistant to insects because of the boric acid, borax and calcium carbonate mixed with it. It can be blown into anywhere insulation is needed.
- Triple-glazed windows: These windows help prevent heat from escaping a building because of the triple layer of glass. Krypton is injected between each layer, plus low-emissivity coatings are added for further heat escape prevention. If the window frames as also insulated, this will add to the insulation factor.
- Solar tiles: Most roofing tiles are made from concrete or clay and are used for protecting roofs from the elements. But, many companies are now taking advantage of the sun’s energy by using solar tiles. These tiles not only protect the building from the weather but can help generate power.
As you can see, new mixed materials can be used in construction to help with saving energy.