Apartment buildings are some of the most successful commercial real estate property; this is why the big leagues in residential and commercial real estate focus more on apartment rentals than single family houses. There may be several reasons why they do this, but the major ones are income and control. If you own big multi-family property, you will have more control as compared to agents who own small family units. There are things you can do to increase the value of the apartment units and earn more income; check them out below.
Add some value to the property with sub-meter utilities
Property managers and landlords come across several things from different tenants. If the tenant is not in charge of making payment on the utilities, they will use them as they please. You will find a tenant using the heat as they please in the winter, while the windows are wide open which actually defeats the purpose of the heat. If the tenant is not in charge of the water bill they will not bother with the leaks in the kitchen and the bathroom. Sub meters may cost you a lot to install, but will save you more money in the long run.
Add some washers and dryers to the apartment
Dryers and washers will not only make it convenient for the tenants, but will increase some money on the monthly income. Instead of the tenants driving to do some laundry, they could do it in their building at the same price. This could also guarantee 100% occupancy in the future.
Add some parking
Adding additional parking will be beneficial for you and the tenants. You can charge them more in the rents to have additional parking space in the garage. Building a garage won’t cost you as much and you will get the returns from the payment in no time. some tenants will pay extra for parking reservations in the right spots. While building the garage, consider the Best turning and storage points and label them as reserved. Parking spaces will also guarantee you customers in the future.
Do some renovations
It is obvious that renovations on any kind of real estate property increase its value. Renovating the electrical systems, the water systems, ventilations and walls will automatically lead to the appreciation of the value of the home. Ensure you put a new coat of paint regularly, fix the cracks and maintain the curb appeal to increase the value of the home.
Add some storage units
Not all apartments are specious and most of them will not fit all the tenant’s items. If you have lived in an apartment before then you know that they will not fit all the items comfortably. For his reason, most people are willing to pay some extra cash for extra space for their items. You can construct some storage units outside the apartments and charge extra for storage.
Do not charge too much money on your rental apartments otherwise you will have a few empty units and incur some losses. Some people take advantage of the market fluctuations and end up losing their clients.