I just took over an 8-plex and a 4-plex right next to each other. I'm thinking of putting a fence around the two properties to make them more family friendly. I noticed that no other apartment buildings in town have fences, and when I think about it, I can probably count the number of apartment buildings with fences I've seen on one hand. Is there a reason so many 4- or 8-plexes don't have fencing?
Fencing adjoin rentals, generally
I like fences, good fences make good neighbors!
The reason you may not see them on rentals is that while it might make a yard nicer, safer and more private, the advantage is hard to value as to rents, fences can be expensive and you may not get any return on that investment with a smaller number of units on adjoin properties.
One LL here owns several homes and multis along one street, he put up a fence in the front (3' is allowed here) along all his properties leaving gaps at the driveways. I like it, keeps others from cutting through his "complex".
It also defines his property, adds that community of neighbor feel. It brands his properties as he uses the same x board fence at other properties. It is a painting maintenance issue, but not much.
On yours, if allowed, you might consider fencing the perimeter of both properties, use a double post at the lot lines if you have restrictions as to neighbor fencing connections, I'd leave driveways clear, gates are a real hassle, especially in bad weather and automatic gates are way too much $$$$$ on such rentals. Good luck with yours!
BTW, Welcome to BP! :)
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
Thank you Bill! That really helps with perspective. I agree that it's definitely hard to quantify the value. I think it will help me attract young couples with small children, as very little in town caters to them.
Fences lead to additional maintenance; the fence itself needs to be maintained, and cutting grass alongside a fence is way more work than if there were no fence.
In my mind a fence offers a couple benefits to a property:
- and the "intangible"
As mentioned in a previous comment the cost of a fence is a hard to place a value adjustment on for rents. But, at the same time so is having a clean common area, nice curb appeal and responsive management/maintenance team. To many times we are forced to think of the tangible elements such as size, layout and finish of the actual apartment but if you forget to consider these added elements such as a fence and what feeling it brings to the site you could be leaving money and a better tenant profile on the table.
In my experience fencing leads to better tenant selection opportunities and less turnover. Helps to lease more quickly when vacant. I think it is well worth the investment.
In my area having a fenced in yard is huge deal in getting tenants.
Thank you all very much. I think we will put in fencing.
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