What are some creative ways to increase NOI on small-midsized (3-20 units) multi family properties by including items/services as well as ideas to have your property stand out from the competition?
First, @Mayer M. , know your competition and the market. Do most units have a dishwashers? Could you charge more rent if your units did? What about central A/C (mini-splits)? Positioning yourself on the cusp of the next asset class is a good way to differentiate yourself.
As far as improving NOI you can increase income by considering, on-site coin laundry, charge for storage space, addition of solar for increased income. To lower expenses consider, more efficient appliances and fixtures, bidding out paid services (landscaping / snow removal), efficiencies of scale through buying in bulk and sharing services, combining services and systems.
The units would have in unit laundry and dishwashers. There would also be complimentary tenant storage in the basement.
I was looking for ideas such as including cable,
Streaming services, concierge etc. basically ways to create an excellent product as well as the ability to charge more than the competition.
@Mayer M. , I don't see how including cable pencils out unless you're able to get a "bulk rate" from the provider and then up the rent an amount less than a tenant would pay. You get the difference. This probably isn't going to be more than $5-10/month/unit. I've heard of larger landlords in NYC striking deals with cable companies for building exclusivity. Not sure if a 20-unit property would be big enough to make that kind of deal.
Why offer complimentary storage? I'd charge for it at a price 50-75% of what local self-storage charges. See what kind of take up you get.
Dry cleaning services pick up and delivery, signage rental (if you can get it legally and permitted), e charging stations, etc are other ideas. Charging more than your competition is not going to typically be a good idea. Renters look at total costs but if you can charge the same or up charge for things like covered parking or storage, then you can add more income increasing NOI. Lower expenses is key to increasing NOI as well - obviously.
@Jaysen Medhurst all are good points for revenue increase, but I think the most important thing here still the scale.In order to justify all the suggestions is how many units do you have. As far as I know, if the number of units less than 100, a lot of the services can not make sense financially, happy to open discuss for this.