Hi! I am compiling a list of all the potential value-add opportunities for multifamily rehabs and renovations with the goal of increasing rents. Here is what I have so far:
- Add wash and dryer units
- Stainless steel appliances
- Update light fixtures
- New hardware for bathroom (cabinet, sink, shower)
- New hardware for kitchen (cabinets, sink)
- Build a fence around ground floor patio
- Build carports
- RUBs program
- Charge for garbage pick-up
- Amenities based on demographic (soccer field, BBQ pit, etc.)
- Adding an extra room
For other multifamily investors out there, what are some ways you've added value to an apartment to raise rents?
I use the Nest smoke / CO2 detectors. I have these devices on Wifi so I can monitor the status remotely. This allows me to offer "free wifi" to my tenants as well. For people that stream tv on their computer / device, this was a popular feature to the property.
- Assigned/Carport parking
- Pet fees
- Pet rent
- Pest control fee
- Dog park
- Storage units
- View/location premiums
- Automated package storage/Amazon lockers
Amazon lockers, on your property? Is this for large properties only or could a 4 family do this? What an innovative idea.
This would be for larger properties and class A/B. The cost would be prohibitive for smaller properties. I think it's like $20-40k depending on the size.
My man, nice seeing you at Joe's Best Ever Conference in Denver last week where I also got to meet Mindy Jensen at the BP party. Funny this came up...thanks Mindy, yes, just posted that article above you mentioned. I'm posting the expense side week from Friday so wait for that. That list will be even longer. Of course, these are ideas and not all inclusive by any means.