Now, you’re on the second part of our post about the ways you can add more value to your apartment building or community. Here, we will discuss more complex improvements that can help you gain higher revenue for your property. Let’s start!
Bike Racks
If your apartment building is located in an area where bikes are in demand, consider having a bike rack rental on your property. You can have them rented out for a monthly fee. Make sure you check your resident demographics first, though. Otherwise, you might invest in bike racks for nothing.
Clubhouse
This is applicable to large communities that have a clubhouse. You can offer to rent it to residents for special events.
Property Management Software
Your property management software plays a crucial role in the overall operations of your business. Check to see if your software is still delivering efficiency to you; otherwise, consider upgrading it. The latest technologies can help you come up with more accurate rents based on your market. That way, you’re sure you’re charging the right rental rates.
Short-Term Leases
Again, this will depend on the market. If you can, offer short-term leases or offer furnished units. You can list them on services or collaborate with a corporate housing provider.
Amenities Based on Demographics
Consider constructing specific amenities based on the demands of the demographics. For example, Millennials prefer a resort-style living experience, and they value flexibility and convenience. With that, they look for apartment communities with high-tech amenities and services.
On the other hand, Gen X-ers prefer high-tech home furnishings, concierge services, and family-friendly features, such as playgrounds, playrooms, and areas where families can get together. Finally, Baby Boomers want larger living spaces, fitness centers, and common areas that offer fitness classes and social gatherings.
Balconies and Patios
If you can, build patios for ground-level units. While you can build balconies for non-ground level units and charge rental premiums.
Extra Rooms
If there’s more space, you can add extra rooms in the unit that can be turned into a dining room, bathroom, bedroom, sunroom, etc. This will definitely increase the revenue of your property.
Fenced-In Yards
Residents appreciate privacy, and if you have a chance to increase their privacy, do so! A good way to do this is to construct fences around the yards or patios and charge a rental premium.
Storage Lockers
You can also have storage lockers added to your property and have them rented monthly or yearly.
Vending Machines
You can buy or rent vending machines and have them in common areas. Vending machines are perfect for buildings that receive plenty of guests.
Coffee Shop or Convenience Mart
Consider having a small shop or cart that offers snacks or coffee similar to those you find in hotel lobbies. Although this is more expensive, the revenue may be higher as long as you’re in the right location.
Conclusion
That sums up our two-part post on how you can increase the value of your apartment building or community. Whether simple additions or more advanced integrations, these items, installations, and features will definitely help you boost your property’s aesthetics, functionality, and overall appeal.
Here at Buying Apartment Buildings, we buy apartment buildings and offer the quickest and most efficient way to sell your apartment building without fees or repairs. Get an offer today!