Renovation Contractors
Renovation companies
Multifamily renovations

Does Your Multifamily Property Need An Upgrade? 4 Definite Signs It Does

Friday, 24 January 2024 at 3:00 PM

Multifamily renovations are among the best investments in your rental property. However, research is required to complete them intelligently and with the best ROI.

Renovation contractors can help you make intelligent decisions and complete the project to the standards of even the pickiest of residents.
But do you need multifamily renovations? Let’s look at what they entail and the four signs your property could use upgrades. .

What is A Multifamily Property Renovation?

According to data, an estimated 1.1 million apartment units have been renovated over the past two decades, and they have been renovated for various purposes.

Multifamily renovations are improvements made to your property to increase energy efficiency, reduce costs, and improve the aesthetics of the building to improve tenancy

These renovations can include:

New bathroom fixtures

Plumbing upgrades

Lighting updates

New appliance installations

Countertops/sinks/cabinetry

New Roofing

Rental property layout design updates

4 Signs You Need Multifamily Renovations

High Resident Turnover Rate

The national average for annual apartment turnover in 2022 is about 45.2%. If your turnover rate is higher than that, the problem could be your building.

Ask your renters why they have decided to leave the building as they turn in their keys. If the answer is something like, “We’re looking for more space” or “We want upgraded appliances,” it could be time to consider upgrading your building

Increased Energy Costs

Extreme weather conditions could lead to high energy bills depending on where your property is located. However, if you’ve noticed your energy bills climbing beyond what you typically experience, energy-saving upgrades might be worth the investment. Companies like 1 Above Updates can inspect your building and give you greater insights into what cost-saving solutions are possible for your facility

Outdated Tech

Do residents report feeling uneasy about living in your building? Outdated tech, such as fire safety equipment or surveillance cameras, could lead tenants to other rentals and plummet your tenancy rates.

Implementing tech solutions like smartphone access control systems, smart thermostats, and package pickup areas are great ways to keep your tenants satisfied.

The Market Indicates A Need for Improvement

Before you embark on multifamily unit renovations, look at what the market in your area is doing. Where your property is located plays a significant role in what upgrades you need. Avoid spending money on a dog park, for example, if most residents in your area don’t own a dog.

Every improvement you make should be sensible. To get the best results from your upgrades, explore what new properties are building into their units in your area and see if they make sense for your building.

Conclution

Multifamily renovations require the touch of an expert. If you’re searching for quality renovations at a fair price, we highly recommend giving us a call. The 1 Above Updates team is licensed, bonded, and insured and has over 15 years of experience renovating multi-unit properties.