When upgraded, a complex looks nicer and is generally in better condition. This can attract new residents willing to pay a higher price for a unit than those currently living there, which will increase property values. Ensuring your tenants are happy with your building’s amenities and services will encourage them to do their part to keep the complex in good shape.
Here are upgrades you can make to attract more tenants:
Security Systems and Services
Installing a security system will make your tenants feel safe and secure. Common measures include surveillance cameras and gates. You might also consider replacing old locks with new ones or changing them into digital locks. In addition, you can also install more lighting in common areas and parking lots. This will make it easier for tenants to see and help them feel safe walking around the complex at night.
You can also hire security guards to patrol the premises. This will give tenants peace of mind, knowing someone is looking out for their safety. By being present and visible, they can make potential criminals think twice about committing a crime. They can also provide assistance to tenants in the event of an emergency. They can help escort people to their cars or call for help if needed.
Landscaping and Gardening
Maintaining the landscaping around your apartment complex adds to the overall appearance of the building and can make it more attractive to potential tenants. It can also help improve air quality and increase property values. Moreover, you should ensure that all the plants and trees are healthy and free from pests or diseases. You should keep the grounds clean and free of debris. This includes clearing leaves or branches that have fallen, picking up any trash that has been dropped, and sweeping away any dirt or stones.
Meanwhile, consider installing a garden if you have the space on your grounds. Not only will this add to the overall appearance of the complex, but it can also provide tenants with an outdoor area to relax in. Gardens can be a great place to escape the hustle and bustle of city life, and they can help reduce stress levels. To make the garden more inviting, you can install benches, tables, and chairs, so tenants can gather and socialize with one another.
Adding a gym is a great way to attract more tenants to your complex. It’s a great way for them to stay in shape and also allows them to get some exercise without having to leave the building. This will save them time and money, and they can do it in a comfortable and familiar environment. You would have to make sure that it has everything your tenants need. This might include treadmills, elliptical machines, and free weights. However, you must also set rules for its use so your equipment won’t break, and you can avoid noise complaints if one of your tenants decides to use the equipment at night.
Building Exterior Maintenance
Maintaining the exterior of your building will help keep your complex’s curb appeal high. This includes keeping the walls, windows, and roof in good condition. You should also ensure that the grounds are well-maintained and clutter-free. You can also add some decorative touches to make your complex stand out from others in the area. This might include installing a sign, painting the walls, or adding plants and flowers. These features are easily visible to potential tenants. If they see that the building is well-maintained, they will likely want to live there.
Property Management Services
As an investor, it is always a good idea to diversify your portfolio. This means investing in more real estate properties. However, if you have multiple properties to manage, it might be difficult for you to take care of all of them on your own. You might make mistakes in documents or not be able to give each property the attention it needs. In this case, you can consider hiring a reputable property management company that can help you take care of your properties. They will handle your property’s finances, maintenance, and marketing. This will free up your time so that you can focus on other investments or simply enjoy your life without worrying about your properties.
Upgrading your apartment complex will lead to a higher quality of life for your tenants and more business for you in the long term. Not only will the building look nicer, but you will also be able to offer new and improved services to your tenants. By upgrading your complex, you are signaling to your tenants that you care about their well-being and are willing to invest in improving their quality of life. In turn, they are more likely to stay and pay their rent on time.