Finding the sweet spot

[Brendan Reilly]

How do you go about insuring that your units stand out in their given area, attracting higher rents and more quality tenants, without overdoing it and wasting valuable money? Do most of you find only one or two differences to stand out, or do you consider each improvement on a risk/reward basis or some other method?

[Michele Fischer]

We look at each unit and improvement on a case by case basis, but in general we try to go a little above low end and not so high end that it will cause extra maintenance, such as extra components that can break.  I've learned that what I value or don't appreciate doesn't ring true for my applicants.  I try to add a welcome mat and shower curtain, a few nice touches.  Splurge on flooring, unless it is carpet with pets allowed.  A colored accent wall can go a long way, as can those rain showerheads.  After they have been there for awhile, at annual maintenance inspections, offer them the choice of a few upgrades you are considering so they get what they most want.