Whether renovating an entire complex or focusing on a large-scale refresh, we’re here to help you maximize the effectiveness of your capital expenditure (CapEx) projects.
PRO TIP:
Before beginning a CapEx project, consider your budget, the property’s age and condition and the industry trends. These factors help you choose projects that make the best use of your investment, boost resident retention rates, raise your property value and lower your operational costs.
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.
When It’s Time for Strategic Upgrades, Partner with RenovationsPlus
Resources:
1 National Multifamily Housing Council, “2017 NMHC / Kingsley Renter Preferences Report”. 2017.
2 Entrata, “Study: Apartment Renters Prefer Smart Home Amenities Over Pools”. 2018.