BEST OPPORTUNITIES TO IMPROVE YOUR ASSET DURING THE COVID OUTBREAK

COVID-19’s prolonged onset and current uncertainty as to its finality has presented the multifamily asset owner a myriad of challenges both financially and operationally.

Stay-at-home orders slowly being lifted still bring about the uncertainty of safety and usability of the community’s amenities such as the fitness center, common areas, swimming pools, and outdoor kitchens to name a few.

As local and federal government begins to open the country in phases, this allots the asset owner an opportunity to do necessary or planned upgrades to the exterior and interior common areas.

Renovation of Existing Indoor and Outdoor Amenities

Since the common areas are closed to public usage, an asset owner can capitalize on this time to complete any work needed without disruption.

If you’re wondering where to begin, we recommend starting at the entryway! Freshen up signage and landscaping along the drive from the entrance to the community through to the leasing office and community center.

Flooring and any furniture in the interior common areas get worn easily. Consider updating one or both. They are relatively quick to complete and freshen up the spaces.

Since more and more people are working from home, consider creating a collaborative work area in the community center or clubhouse, if available.

Now’s the time to space out the fitness center equipment and install hand sanitizing stations appropriately.

Even small improvements can go a long way!

Repainting and/or Repairs to Buildings

No time like the present to apply a fresh coat of paint to the buildings’ exteriors. Considering it is one of the first things a potential renter sees when driving in to and through the community, it will emanate a great first impression! Don’t forget to repair or replace any wood fascia and trim to complete the new look.

Other options during this time are updating exterior lighting and taking care of any roofing repairs.

The asset owner could choose to implement these types of capitalized improvements and shift their focus to interior unit and common area upgrades based on a successful reopening and absorption.

This continues to remain a period of uncertainty for everyone. A physical improvement and sensitivity to changing lifestyles offer reassurance to current residents and can effectively attract new renters.

Periods of cyclical downturns in the real estate multifamily sector have previously rewarded the holder with greater returns per investment dollar.

BEST OPPORTUNITIES TO IMPROVE YOUR ASSET DURING THE COVID OUTBREAK