Attracting the best tenants is the goal of every multi-family complex owner. You want the kind of tenants that respect the property and make it their home for a long period of time. Most property owners spend a lot of money on renovations to make their properties stand out from other apartment buildings. Although renovations can be costly, if you approach them properly, they can be a great investment.
A property with an attractive gathering space has an advantage over multi-family complexes without a community room. If you are considering doing improvements at your complex, consider the advantages of adding a clubhouse or a community room. A clubhouse is an investment that your tenants will enjoy if it is constructed properly. If you encourage people to hold events at the clubhouse, it will help build a sense of community which helps you keep your best tenants. Some properties have annual or semi-annual tenant events so that new and existing tenants can get together and meet one another.
If you already have a community room or clubhouse, is it time for renovations? Evaluate the room carefully. Is it modern? Does it have it have comfortable and ample seating for a gathering like a baby shower, graduation party or a book club? Is the seating in good condition? Even if you have ample seating and tables, you should check the condition of the furniture. Shabby furnishings will make the room appear neglected.
If you are considering a remodel like adding or upgrading your clubhouse, think about your tenants’ needs while designing it. An experienced multi-family construction project manager can help you plan a clubhouse that will be attractive and functional. You may consider adding a small kitchenette or a wet bar for events. Some clubhouses have multiple rooms so that more than one event can take place at the same time. Another option is one large room that can be divided into smaller rooms with a removable wall. The more multi-functional the room is, the more useful it will be.
If you have a great clubhouse on your multi-family property, it can be an advantage in more than one way. Good tenants will appreciate a high-end clubhouse or community room. They can hold events like baby showers, graduation parties, community gatherings, barbeques and many other gatherings. This will help you retain your best tenants. It’s also an advantage in terms of attracting new tenants. This type of feature helps your property stand out from other rental communities in a positive way. Many landowners invest in renovation projects that upgrade their clubhouses from average to exceptional.
If you are considering a remodeling project involving your property’s clubhouse or community room, you know that the costs may be significant. Before you decide the renovation is too expensive, consider the opportunities a high-end clubhouse or community room can provide. It’s not just a perk for your tenants. You can actually create a revenue stream using your clubhouse. How? You can rent the clubhouse out to people besides your tenants. People are always looking for convenient venues for parties and gatherings. You can advertise your clubhouse as a possibility if it is nice enough to attract renters. Some property owners also charge tenants if they hold gatherings in the clubhouse.
Renovation becomes much less daunting if you know the clubhouse will pay for itself over time. To make the property attractive, it will have to stand out from other potential venues. You should consider a variety of amenities when you are planning a renovation. The more amenities you can offer, the more likely it is that you’ll attract business.
The best amenities are those that make it convenient for renters to hold a fun and tasteful event. An updated kitchen with an oven, microwave, sinks and a full-sized refrigerator make it easy for party givers to prepare and serve refreshments. It’s also a good idea to provide counter space for food preparation. The clubhouse should also have adequate and clean restrooms. Seating is also important for gatherings. Tables and comfortable chairs should be available for guests. You should include all these things when you plan a remodel.