Need to upgrade your community? Every apartment community needs regular upgrades, from kitchen countertop replacements to a landscaping overhaul. An apartment community that looks modern and is in good working order tends to attract more potential renters. It’s all about offering more value to new renters at a price that benefits everyone.
As tempting as it may be to upgrade everything all at once, it’s more cost-effective to start with a few strategic upgrades to interiors. Tackle other renovations in phases. Raise rent by an increment that offsets renovation costs but that still offers renters a competitive price. By following this method, the return on your investment will truly be profitable.
After giving a vacant unit a fresh coat of paint, get it rented out faster by upgrading the kitchen. The kitchen is one of the first things apartment-hunters see when they step inside a unit. Sleek appliances that promise to save on energy costs will make a dramatic impression.
If your budget allows, replace countertops and paint the cabinets to create instant chic. Choose shades that compliment one another and brighten the kitchen area’s look. For instance, countertops with a dark granite finish are often paired with white cabinets.
After scoping out a unit’s kitchen, potential renters notice whether the flooring is durable and easy to clean and factor it into their renting decision. Given the importance of flooring, the consensus among property owners and residents is that hard surfaces such as wood, vinyl, or tile provide the most value. Carpeting, in addition to being hard to clean, continues to be the least favorite.
Replacing old appliances with energy efficient ones is ideal for renters, but can be expensive. Work within your budget to improve energy costs for residents by installing low-flow shower heads and faucet aerators.
Spend a few extra dollars on installing fashionable light fixtures. Pendant and track lighting are especially popular and can be fitted with energy efficient LED bulbs.
Interior details should definitely be your apartment makeover priority. However, with potential renters, certain details can enhance your community’s curb appeal. Start with a few basics like touching up chipped paint and improving the signage around the grounds.
Consider adding a few objects to the design of your landscape. Decorative rocks and pebbles are great because they vary the colors and textures among plants. Plus, if your groundskeeper places them well, they will need only minor adjustments throughout the year.
Tired of plain old shrubbery? Add unique and easy-to-manage perennials, such as Dusty Miller or Jack Frost Brunnera. These and other plants are striking from a distance and will give your apartment community a luxurious look at a lower cost.
Post pictures of the renovations as soon as they are camera-ready, even if you’ve completed only one interior or exterior area. Social media pages and paid ads that showcase your community’s best assets will help you convert potential renters.
When taking signees on a tour of the grounds and vacant units, be sure to highlight renovations and explain how they add value to residents’ experiences. Comments like, “This flooring has just been installed and resists scuffing” assures potential residents that your management office cares about quality.
Finally, don’t forget about your current residents. Even small gestures like scheduling routine maintenance, including LED bulbs in your resident appreciation gift baskets, installing new storm shutters, or soundproofing windows can inspire residents to renew their leases and provide good customer reviews.
What apartment makeover ideas have you tried in your community? Share ideas in the comments below.
To read about eco-friendly apartment makeovers, check out our posts on How to Start a Community Garden and The Rise of Eco-Friendly Apartments and How Your Entire Community Can Go Green!