As the multifamily property management industry becomes more competitive, apartment owners recognize the importance of ongoing renovations to help their buildings stand out. These changes not only attract new residents, but also retain existing ones who may otherwise be enticed by the renovated amenities of another property.
The right renovations can show your residents that you care about their needs. In many ways, these updates can speak to the customer service that your property offers and elevate its brand positioning.
Despite the many benefits apartment complex renovations can bring, they typically come with a fairly large price tag. Plus, renovations take time, potentially impacting the comfort of your residents. With the growing cost of construction labor, design, and materials to update multifamily apartments, it’s critical to discern whether certain apartment renovations are worth the investment.
When making your next renovation plans, consider the cost benefit analysis of up-and-coming renovation trends. Following the impact of the global pandemic, these trends are on the rise:
Sense of Wellbeing & Community
More and more, multifamily property dwellers are looking for a sense of community. They want to feel part of something larger, preferably with an added focus on wellbeing. Residents take special note of any efforts their property managers make aimed at clean, healthy living and outdoor activities, particularly after months of staying at home.
Apartment renovations should take this mentality into consideration. This includes developing community gardens, additions to workout amenities, and increased attention to outdoor common areas. Community gardens allow residents to work together, reconnect with the land, and practice healthy, environmentally-conscious habits. And residents have always welcomed improved workout amenities, as they provide added convenience. Busy residents will appreciate gym accessibility conveniently located within their complex, especially in the summer months. The addition of outdoor patios and picnic spaces allows residents to enjoy the outdoors with added comfort and style.
Renovated multifamily apartments can combine these elements to serve multiple purposes and help lower construction costs. For example, property management should consider creating outdoor common areas geared toward community building and wellbeing, such as the addition of volleyball or tennis courts. Or renovated apartment complexes can add community-building elements to existing amenities, such as investing in a volleyball net for an existing pool or oversized game sets for outdoor siting areas. Simple investments like these show your residents you care about their needs, wellbeing, and happiness.
Open Office Space
The ever-changing world of business – especially in the midst of a pandemic – provides many residents the freedom to work from home. Whether working from home, telecommuting, or freelance, residents will surely benefit from a state-of-the-art office space just steps from their apartment door. Apartment common area renovations that focus on creating or improving current communal office spaces can attract and retain residents. As a less common source of construction, your multifamily apartments will stand out among the rest and at fairly low cost, since these spaces can also provide a source of revenue.
In fact, residents don’t necessarily expect access to these office spaces for free. With the rise of co-working companies and their membership fees, residents are willing to pay a price for the privilege of a space like this, especially so close to their home. If needed, consider offering residents a monthly fee or subscription as well as options to pay a daily rate, eliminating long-term commitments. Private offices and meeting rooms can come at an additional fee, functioning as “premium” amenities.
When designing these office spaces for your complex, think carefully about what residents would need. For instance, be sure to include ample access to outlets. Consider ways to add privacy, such as dividers or pod-like chairs. These details can make a tremendous difference in the functionality of your office space, making it all the more coveted among residents.
Smart Technology
With new technology emerging daily, new apps and automation systems open the door to possibilities, literally. Home package delivery and alarm systems allow residents to open their doors for deliveries and guests with the push of a button, regardless of whether they are in or even near the building. Smart thermostats help residents save energy and remain comfortable throughout the changing seasons. The possibilities seem endless with smart technology.
These innovations, however, can only function as well as your wireless network. Adopting smart technology starts with network infrastructure. An increase in use of smart technology among residents increases the demand of your complex’s network. Plus, apartment office renovations also require the need for advanced network infrastructure.
To ensure your property is capable of supporting new smart technologies, consider improving property-wide Wi-Fi, Bluetooth, and sensors. These updates allow devices to work seamlessly together. As a bonus, these improvements can benefit your building’s efficiency. The implementation of smart technology on a sound network can allow the HVAC system to communicate with lights, thermostats, and windows to achieve noticeable reductions in energy usage. These improvements start with a strong network.
Incorporating these three trends into the plans for your renovated apartment spaces can help your property keep and attract residents, making them worthwhile for your bottom line. Thoughtful updates to your building speaks volumes to your residents. With attention to these renovation trends, your property will surely stand out among the rest.
Planning to renovate? Learn more about how pest control should be incorporated into your plans.