Common Improvements You Can Make to Your Multi-Family Property
Are you looking to attract more tenants to your recently constructed multi-family property? Making the following improvements can help achieve the breakthrough you’re looking for and put your real estate business on the path towards growth:
Install Green Roofs
Consumers, including potential real estate tenants, have become very conscious of the environment and sustainability. Thus, showing them how you’re playing a role in preserving the earth for the next generations can give you a strong competitive edge over the competition. One way of bringing about environmental improvements is to install a rooftop garden in your multi-family property. However, keep in mind that the installation process can be time-consuming and difficult.
Add Features That Renters Value
As part of your property management obligation, think about what features you can add to your multi-family property that potential renters will find appealing. This can be as simple as adding a stackable dryer and washer. This can save your tenants the inconvenience and frustrations that stem from doing their laundry elsewhere. For existing renters, this may also help justify rent increases.
Add More Space to Your Units
While this improvement sounds straightforward, it may not always be possible. But if you can create more living space such as by enclosing a porch, you’ll likely be able to attract more renters. Not only will the addition of some square footage offer great value to tenants, but it may also help increase your rental rates.
Multi-Family Apartment Buildings In New York City
While there are numerous improvements you can make to your residential real estate units other than ensuring robust property maintenance, we’ve tried to cover a few that are most relevant to the current real estate landscape.
We truly hope that the aforementioned recommendations help you achieve skyrocketing growth for your real estate business. To add more real estate assets to your portfolio, connect with Milbrook Properties today.