The rental market can be very competitive. And, as a property manager or owner of an apartment or office, you know how important some essential upgrades can be. There are a number of potential remodel projects and current tenants are waiting and knowing what they are can really help you get a leg up on the competition. Here’s a quick rundown of what the most requested tenant improvements are and why potential tenants are looking for them in a place to rent.
Windows – First, when considering any large-scale improvements for tenants before renting your property, new and improved windows should be at the top of your list. Older properties, in particular, will benefit from updated windows. Newer insulated windows are one of the first features a potential renter looks for, especially if they will be responsible for paying heating and cooling bills. The new windows will regulate the interior temperature, thus increasing energy efficiency.
Storage – What are the cabinets like? In this day and age, ample storage is absolutely essential for any home or office. Prospective tenants want to make sure there is enough space to store clothes, toiletries, files, and more. While you cannot increase the size of your property, there are several ways to increase the size of your storage. You can create storage space where it didn’t exist before, as well as make the most of the storage areas you already have.
Clean walls, new paint – this is essential. Whether or not you have the time and budget for large-scale tenant improvements, you should never turn in a rental property without giving the entire place a fresh coat of paint. The freshly painted walls provide an overall cleaner look and show tenants that you put the time and effort into preparing it for future residents.
Kitchen and Bath Renovations – Small but impactful details like new faucets, light fixtures, backsplashes, and energy efficient appliances will update the look of the unit and make it more attractive to prospective tenants. If you can only focus on one or two areas during your next round of tenant improvements, make it the kitchen or bathroom.
Amenities – Add amenities that attract tenants to other areas of the building. Install a new gym, common area or laundry room to increase your building’s rental potential. With today’s emphasis on healthy living, having an on-site gym is an attractive feature of your building; whether you rent apartments, offices or otherwise.
And these are just a few of the renovation and remodel projects you should consider to attract new tenants. So, start gathering inspiration and ideas and call your local hiring experts to get your condo, office or apartment renovations started.
