Investing in capital expenditure (CapEx) projects can lead to many benefits, including better quality of life for current residents, better curb appeal for potential renters and, most importantly, a better bottom line. All three are vital to setting your property apart in a highly competitive multifamily market. We’re here to help with some CapEx project ideas for your property.
Rethink Kitchens & Baths
Residents spend the most time in the kitchen and bathroom, so renovations can fetch the biggest rent increases. Update your community with modern cabinets, durable flooring, eye-catching lighting and plumbing fixtures and stylish hardware.
Upgrade Appliances
Did you know that 89 percent of residents want an in-unit washer and dryer, and 77 percent of those polled won’t rent without them? 1 Add appliances with upscale finishes like stainless steel to appeal to current and prospective residents.
Repair or Replace HVAC Systems
If your HVAC units are more than 10 years old, replace them with systems that meet energy-efficiency standards and lower monthly utility costs. For added energy savings, upgrade to smart thermostats that provide quicker and easier temperature control.
Smart Home Technology
According to Entrata, over half of all residents would pay at least $20 more in monthly rent for smart amenities and features. 2 Give residents more control over their homes with smart home technology features like smart door locks, thermostats, LED lighting and security video cameras.
Go Touch-Free
Touch-free products not only improve a property's image, they also help reduce exposure to harmful germs and viruses. Shop our newly updated flyer for this timely CapEx project.
Protect Your Property
The impact of COVID-19 has presented businesses with unprecedented challenges: enhanced safety and wellness, regulatory modifications and overall increased uncertainty. Watch this video to view best practices we developed for our workplaces and inspire solutions to your own business challenges.
Stay Competitive—Renovate!
Resources:
1 National Multifamily Housing Council, “2020 NMHC / Kingsley Renter Preferences Report”. 2020.