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.
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.