NEW TREND: RETROFITTING & REMODELING AMENITIES

NEW TREND: RETROFITTING & REMODELING AMENITIES

Sales of multifamily assets have been increasing substantially, especially over the past year.  New owners are looking for ways to make their community stand out, to offer attractive amenities that will lure prospective renters to their leasing office as opposed to the competitors’.

Below we outline some amenities that have either been retrofitted to the asset or remodeled to better suit the target renter.

COVERED PARKING

Covered parking is not a new amenity, but creating covered parking where it was once not available is a big attraction.  Perfect for hot climates as well as areas of the United States where inclimate weather such as hail is somewhat common, covered parking can bring with it a premium of around $25 – 40 per month, per spot.  

LEASING OFFICE LOCATIONS

When one of our clients purchases a smaller asset, he/she is looking to capture as much revenue as possible, regardless of the size of the property.  What asset owner isn’t?

A lot of times a leasing office is a converted unit.  Instead of losing the revenue from an entire unit being offline to suffice as the leasing office, why not split the unit into a leasing office and a studio apartment?  That way, at least some profit is coming through the door with the studio rent.

CONVERTING ANTIQUATED AMENITIES

How frequently do you see tenants using the tennis courts in your community?  One of our clients realized the two separate tennis court locations were being underutilized, so they pivoted.  One tennis court is now a great dog park!  Considering the community is pet-friendly, the dog park is a welcome addition for current and prospective renters.

Why not turn that dormant tennis court into a multi-sport court?  We simply resurfaced a restriped one community’s tennis court, allowing for basketball, soccer, and pickleball lovers to enjoy the once-ghosted amenity.  

POOLS CAN GET OLD…

Community pools, in some parts of the United States, are just a novelty.  Either the tenants don’t utilize them enough to justify financially keeping them operational, or the weather only allows for less than a handful of months of enjoyment.

We cracked and filled an old pool, replumbed the entire area, and created a fun, splash pad for the community children to enjoy.  Parents could lounge on the perimeter while their children enjoy the water play, while the asset owner doesn’t reap the over-expenditure that a traditional community pool would incur.

These are just a few examples of what we have experienced with our clients.  Are there any other ideas that you’ve executed at your assets?  We’d love to know!