3 Unique Ways to Add Value to Your Multifamily Building

In today's competitive multifamily market, apartment communities are looking for more advantages than ever to attract new tenants to their complexes. Landlords are looking to add value to their properties by adding new features and amenities that not only attract new tenants, but that also help increase rents.

In addition, more and more rental complexes are offering incentives to new tenants such as free rent and free cable or other utilities. Landlords have to step up their game in order to keep their apartment communities attractive to people looking to rent an apartment home in 2017. Here are a few ways to add value:

Create value to the building by renovating it

The most obvious improvement a landlord can make to their property is to renovate the apartments. By simply renovating the kitchen and the bathrooms in an apartment, it will be more desirable to any tenant who looks at it. Keeping kitchens and bathrooms updated in rental properties will make it much easier to rent them in the long term, and also keep down the maintenance costs from repairing old equipment. Installing new appliances will also attract new tenants.

Energy efficiency is also popular. One way a property can be more energy efficient is to install energy-efficient toilets and sinks that use less water. Another energy smart move is to install halogen lighting that uses a lot less electricity and keeps utility bills down for the tenants as well.

Install vending for added convenience and bigger revenue

Many landlords are looking for creative ways to increase the revenue on their multifamily properties. One option is vending machines that can bring additional income from your tenants every month. The most obvious improvement that a landlord can make is to install coin operated washer and dryer that allows the tenants to wash their clothes on the property. This not only increases the property's value, but also makes it more desirable to current and future tenants. Another vending option is to add machines that dispense snacks and drinks. Many of the larger complexes use these types of machines in the common areas where people congregate.

Landlords are offering paid utilities and other free services

Another way to attract new tenants and add value is to offer basic utilities services such as free cable or free internet services as part of the monthly rental package. Many landlords are using free basic cable and free telephone service to attract new tenants, especially in new complexes close to the downtown core in many cities. These high-tech oriented residents love the new bonuses landlords are offering, and use them to stay connected. Some buildings are even installing cell phone antennas to make sure their tenants are able to stay connected 24 hours a day —despite cell signal.

Getting started

In a competitive rental marketplace, landlords have to work harder than ever to attract new high quality tenants to their apartment communities. The easiest way to do this is to keep your building updated. Keep the kitchens and baths as nice as possible, and to offer free utilities such as basic cable and internet. This will be sure to get more people looking at your available apartments, and help you rent them more quickly for more money.