Ways to Add Value to Apartment Buildings
As the owner of an apartment building or complex, you should seek to better the living experience of your residents. Paying attention to trends in apartment housing will keep you competitive, allowing you to retain tenants and attract more who want to move in. In addition, making improvements to your apartment building will increase its value, which will grow the revenue you make from it. Reflect on where your property may be lacking, and consider implementing these ways to add value to apartment buildings.
Put in Vending Machines
Putting vending machines throughout your apartment building in easy-to-access places such as hallways and common areas can increase your income without too much work on your part. Your residents will enjoy having snacks, beverages, and other amenities readily available, and you’ll be able to profit when residents buy from the machines. Make sure the vending machines are visible, and try to match them to their location. For example, you could place a vending machine that dispenses detergent, bleach, and fabric softeners near the laundry room.
Create Amenity Rooms
Speaking of a laundry room, if your building lacks amenities at present, you should add rooms or convert old ones into spaces that are desirable to potential tenants. If your apartment building is older, you may lack these kinds of spaces and consequently lose home-hunters. Laundry rooms complete with multiple washer and dryer units are no-brainers if you don’t currently have them, but you might want to invest in other rooms as well. People frequently work, study, and play on their computers, so having a lounge or café that provides them with a comfortable place to sit along with a reliable Internet connection may be worthwhile for you. Your apartment building’s value will simultaneously rise with these amenities.
Upgrade Residential Parking
Parking is an issue for many apartment residents, as spaces are often inadequate for everyone to park their vehicles comfortably. It may be possible to simply redraw the lines in your parking lot in a more efficient way so that you can increase the number of spots. In other situations, though, you may need to get more involved with you restructuring. When parking is a serious issue, think about building a parking garage to make use of vertical space or installing an automated parking system to maximize your land usage. Automated parking systems are a good way to add value to apartment buildings because they take in and bring out cars mechanically from shelves. This technology can impart a greater sense of luxury to your apartment building.