Whether you’re buying an existing apartment building filled with tenants, building a brand new apartment building from the ground up, or renovating an empty building in hopes of attracting new families, attracting tenants – and keeping them once they move in – is important for profitability. Below are some of the best tips and tricks for making your apartment building investment more attractive to tenants.
Offer Laundry in Each Unit
One of the major reasons why people tend to avoid apartment living is the need to use common laundry areas or facilities rather than having the ability to do laundry in their apartments. Carrying laundry up and down stairs (or an elevator) is a pain, especially for busy people or families, and many people simply do not have time to stand guard while their laundry washes or dries. Consider putting a laundry combo in each unit. If space is limited, offer a smaller stackable combo. In today’s apartment space, this is a huge perk and one that people will appreciate.
Create an Online Community
Today’s apartment renters are mainly millennials, so it’s important to think about the kinds of things that will appeal to this age group. An online community is a perk that everyone can appreciate, especially if it’s easy to find on a site like Facebook. Encourage tenants to join the page or group and share a little bit about themselves. It’s a great way for people to learn more about their neighbors, find people with common interests, or build the equivalent of a neighborhood watch in some areas.
Focus on Energy Efficiency
Energy costs are skyrocketing in many parts of the country, and people are more interested in energy-efficient appliances and fixtures now more than ever. Some of the top considerations that are sure to be attractive to renters include:
- Efficient kitchen appliances. Make sure the range, oven, refrigerator, and dishwasher (if present) are all energy efficient and that they cost as little to operate as possible.
- Low flow toilets and shower heads. Electricity and gas are not the only concerns people have; they also want to conserve water. Low flow toilets and shower heads are also attractive to many of today’s environmentally-aware renters.
- More insulation. Upgrading your insulation can go a long way toward reducing energy consumption and make your renters extremely happy.
- Programmable thermostats. Giving your renters the ability to program their thermostats based on their individual needs is always appreciated.
- Recycling pickup (where available). If you are in a city where recycling pickup is not automatically provided, contact local companies, and ask about discounted rates for apartment communities. Then, either include those rates in the rent or give each tenant the opportunity to add recycling to their lease. Be sure to pass along the discount wherever possible.
By making your multifamily units energy-efficient, creating and encouraging an online community, and offering laundry combos in each unit, you can make your apartment building far more attractive to the demographic most likely to rent from you. These things are often difficult to find, and when you can make your tenants happy, your multifamily apartment building investment is sure to pay off.