Rent roll forms the backbone of real estate investment for all types of properties, including multi-family real estate. It’s a document that illustrates a landlords’ properties with the rents due from them. Whether you’re a property manager or owner, your aim should be to boost your rent roll. This guide will suggest some essential property upgrades to achieve that critical goal.
1. Enhance the Curb Appeal
In many cases, the outside view of a property will already have made its impact before a potential tenant enters the unit to explore it. The curb appeal is therefore a great place to start to make that strong first impression. For example, painting or replacing the doors should provide a noticeable upgraded look to the property. Installing bricks or pavers or pouring new concrete is a great way to achieve a refined look. For a greater impact, paint the entire exterior and add clean landscaping.
2. Renovate the Bathroom
The condition of the bathroom strongly influences a tenant’s decision these days, which means that you can no longer ignore this portion of your rental property. By renovating, we don’t necessarily mean implementing an entire makeover. It can be as simple as updating the cabinet hardware and faucet, adding a new shower head, or replacing the toilet seat.
Extra functional bathroom spaces such as storage are hard to find. Even if you’re working with a small bathroom, don’t overlook storage. Shelves don’t consume too much room, making it a great idea to add it.
If you have ample space, a lot more can be done. Stores like Costco and IKEA offer creative, yet inexpensive upgrade options. You can add additional counter space or a new vanity to elevate the overall bathroom design. If the bathroom comprises of an old dresser, you may convert it into a unique, stylish statement piece by simply adding a sink to it.
3. Upgrade the Kitchen
According to experts, kitchen upgrades of any level offer incredible return on investment (ROI). Give your kitchen a cohesive look by simply matching the finishes of appliances such as the microwave, refrigerator, oven, etc.
Another great strategy is to invest in new granite countertops. It will give the space a modern look. If not granite, select a material that can withstand scratches, stains, and heat.
For a more affordable upgrade, paint the existing cabinetry by topping them off with new hardware. New cabinetry can be expensive so this is an excellent alternative.
4. Install New Flooring
Finally, replace old floors with hardwood, the most popular flooring material on the market. Hardwood flooring not only gives a sophisticated look to your unit, but they’re also easy to clean. If you plan to upgrade the flooring, however, consider replacing it in the end. Since other projects will produce a lot of dust, you don’t want your new flooring to take the impact.
Property Upgrades In New York, New Jersey, and Florida
While there are numerous upgrades to consider before marketing your rental property, the above-discussed changes should prove most effective in boosting your rent roll.
Moving ahead, making upgrades to apartment buildings is easy but ensuring regular maintenance can be hectic. Hire property management services from Milbrook Properties Ltd. for highly responsive and effective maintenance and repairs for your apartments for rent.