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Which Multifamily Unit Renovations Offer the Best ROI

By September 24, 2019June 6th, 2022Contracting Tips
renovations to your multifamily unit

Renovations to increase ROI in your multifamily unit
If you are a property owner, you’re probably thinking what renovations you can do that will cause a return on investment (ROI) for your multifamily unit. There are several renovations that can help you increase your rent significantly. We have made a list of them for you, so you don’t have to think about which ones to choose.

Read on to learn more about what you can do to increase the ROI on your multifamily property.

exterior renovations

Image from regencygc.com

Exterior Renovations to Improve Curb Appeal

Curb appeal is everything when it comes to getting new tenants into your building. Small improvements like painting the exterior and new landscaping will give your property great curb appeal. Having great curb appeal will help make a good first impression with potential clients, which can help spark interest and desire for tenants to move in. It is a major influence on a potential tenant’s decision to rent because it’s the first thing they see when they arrive.

 

New Flooring Will Create a “Wow” Factor.

Changing the flooring to newer materials is an easy way to create a “wow” factor because it is the first thing a tenant will notice when walking into a unit. By providing a more modern and cleaner look, it is easy to impress the potential tenant and make them feel like the unit is new and easy to maintain. A good choice is using laminate vinyl planks or some variation of that because it looks like wood, but it is easier to maintain and cheaper to install.

New Appliances

Tenants like new things. By adding new appliances to your kitchens, like a new fridge or stove, you will be able to charge $50-100 more in rent and become the best choice for new potential tenants. This, in turn, will help cover the expenses of buying the new appliances and create a greater return on investment.

washer dryer combo in kitchen

Image from walmart.com

Amenities

Offering amenities doesn’t have to mean offering big things like a gym or a pool. By simply adding washers and dryers (or hookups for these) to your units, you can increase both the value and convenience of your unit because you are eliminating a resident’s need to leave the unit to take care of laundry. Even adding more electrical outlets to an apartment unit counts as an amenity and believe it or not, tenants will move out of places where they don’t have enough outlets, especially in the bathroom and kitchen.

Kitchens & Bathrooms

As any realtor will tell you, kitchens and bathrooms sell homes, and this is also true for the rental market. Renovated kitchen and bathroom spaces are a great way to increase your rent, because tenants spend a lot of time in these spaces. Having these places look modern and updated, including finishes and amenities will go a long way, making it possible for you to charge more in rent price. You could even bump it up by an extra 10-30%, depending on the quality of the work and the finishes.  Updates to be done here could include: upgrading the flooring, energy-efficient appliances as discussed above, LED lighting and added prep space.

In the long run, these renovations will only be for the better. They may help you to:

  • Decrease Turnover: High tenant turnover is expensive and the turnover rate for multifamily units is around 50%. It’s important to retain tenants, which renovations can help you do.
  • Increase Revenue: Like discussed during this article, making renovations will help you increase revenue. They can add value to your property and increase your monthly income from rent.
  • Keep Your Property in Working Order: Adding renovations not only to the inside of units, but to the exterior of your property, only adds value to your property because you are extending its working life. Regular maintenance like adding new roofs and upgrading plumbing and HVAC systems can help avoid unexpected repairs when the property deteriorates, which are usually more expensive.
  • Ensure Resident Convenience: Modern tenants expect modern convenience and are willing to pay for it. So, convenience matters when it comes to multifamily units. Investing in renovations that will make your tenants’ lives easier will only help increase your revenue.

These are just a few tips in helping you decide which renovation projects you can do to increase the interest and the rent in your multifamily space. Renovation projects can help create a better living space for your tenants, without the added time or cost involved in new construction. But, you don’t have to do them all. The trick is to pick and choose. With some research, you can select the renovation projects your tenants want most. Click here for a free quote!

Sources
https://bmfcap.com/renovations-offer-best-roi-multi-unit-properties/
https://www.biggerpockets.com/blog/multifamily-renovations-bang-buck
https://www.renovationspluspro.com/multifamily-renovations/


Drywall + Carpentry


Whether the interior walls of your commercial facility have been damaged, the front door of your business needs an upgrade or your floors are in need of attention, re:fab has the right team and process to meet your specific needs.
With a team of skilled carpenters and specialty craftsmen, re:fab helps clients tackle quick improvements to full-scale renovation needs.


Renovation Services


Professional Renovation Services Tailored to your Industry.

re:fab is the trusted partner for commercial renovations and specialty applications for properties and facilities across all industries. Whether a commercial office building or a multi-family property, our experienced team has the knowledge and resources to get your job done right.

  • Flooring & Epoxy Coatings
  • Windows and Doors
  • Interior and Exterior Painting
  • Rebranding Services and Special Finishes Installments
  • Carpentry & Drywall Repairs
  • Heating and AC and/or HVAC
  • Plumbing & Electrical
  • Trenching
  • Appliance Replacement
  • Gutters
  • Structural Repairs & Safety Hazards


Specialty Flooring


Floor Coatings Keep Your Foundations Safe

re:fab’s floor coating services provide a dramatic enhancement to the look and feel of commercial and industrial properties. In addition, specialty floor coatings maintain the health and durability of your floors and overall properties, creating a more healthy and safer space for your employees, customers and the environment

Our Experts Provide A Variety Of Floor Coating Services, Including:

  • Epoxy Floor Coatings
  • Cementitious Urethane Resurfacers
  • Decorative Flake and Quartz Floor Coating Systems
  • Joint Fillers-Repair Mortars
  • Electrostatic Dissipative (ESD) Coating Systems
  • High-Performance Urethane Topcoat
  • Resurfacers
  • Same-Day Coating Systems
  • Moisture Vapor Reducer
  • Sealers
  • Urethane Topcoats

*Please note: re:fab provides flooring services as part of a larger renovation or painting program or project, not a standalone service.


EIFS + Stucco


Commercial buildings and industrial facilities featuring exterior walls with an Exterior Insulation and Finish System (EIFS) have the attractiveness of a stucco finish but with greater insulation, toughness and longevity. In fact, unlike stucco, EIFS is actually a multi-layered system that includes insulation board, base coat and finish coat. It’s a combination that provides a classic look with modern advantages.

In addition to much-improved insulation, EIFS can improve indoor air quality and reduce the environmental impact of a structure throughout its lifetime, and it is available in a virtually unlimited range of colors and textures.

EIFS has transformed commercial buildings across all industries and our team of specialists can help you understand the benefits of this important application.


Power Washing


Regular power washing keeps commercial facilities running efficiently and safely, helps businesses stay compliant with environmental regulations, rids surfaces of mold and delivers an attractive first impression to clients and guests. Our team can quickly and easily return your properties to excellent condition.

Exterior Power Washing Services Include:

  • Exterior wall pressure washing
  • Construction clean-up
  • Graffiti removal
  • Heavy equipment, truck and fleet cleaning
  • Driveway and parking lot cleaning
  • Patio washing
  • Gutter and drain cleaning
  • Outdoor structures such as play equipment
  • Swimming pools
  • Outbuilding

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Painting


re:fab’s 30 years+ experience with commercial interior and exterior painting, sealing and wall & ceiling applications assures each client that we have the expertise to deliver for any business painting requirement. Tackling projects both large and small, across New England, our teams are capable of serving all of your standard and specialty painting and application needs.

  • Interior & exterior applications
  • Multi-color systems
  • Wallpaper removal & installation
  • Power washing
  • EIFS & stucco
  • Wall coverings
  • Korugard
  • Acoustical ceiling painting
  • Lead paint removal
  • Low odor and non-VOC painting
  • Line striping
  • Electrostatic painting