Multifamily upgrades are becoming increasingly important for property owners who want to attract and retain tenants, increase rent premiums, and stay competitive in the market. Here are 10 trends in multifamily upgrades:
- Smart Home Technology: Smart home technology, such as automated lighting, thermostats, and security systems, is becoming more prevalent in multifamily properties. These upgrades can improve energy efficiency, reduce maintenance costs, and increase tenant satisfaction.
- Eco-Friendly Features: Multifamily properties are increasingly incorporating eco-friendly features, such as energy-efficient appliances, low-flow toilets and showerheads, and sustainable building materials. These upgrades can reduce utility costs and attract environmentally conscious tenants. Some upgrades may even help lower the borrower’s interest rate!
- Fitness Centers: Fitness centers have been a popular amenity in multifamily properties, with tenants looking for convenient and accessible options to stay healthy and active. These upgrades can increase tenant satisfaction and retention.
- Outdoor Spaces: Outdoor spaces, such as rooftop decks, courtyards, and grilling areas, are becoming more popular in multifamily properties. These upgrades can improve tenant satisfaction and create a sense of community.
- Pet-Friendly Amenities: With almost 70% of Americans owning pets, Pet-friendly amenities, such as dog parks, grooming stations, and pet-washing stations, are becoming more common in multifamily properties. These upgrades can attract pet owners and increase tenant satisfaction.
- Package Delivery Systems: With the rise of e-commerce, package delivery systems are becoming more important for multifamily properties. These upgrades can improve tenant satisfaction and reduce the workload of property management.
- Enhanced Security: Multifamily properties are increasingly incorporating enhanced security features, such as video surveillance, access control systems, and smart locks. These upgrades can improve tenant safety and reduce property damage.
- High-Speed Internet: With the rise of remote work and online entertainment, high-speed internet is becoming a crucial amenity for multifamily properties. These upgrades can attract tech-savvy tenants and increase tenant satisfaction. Many of these systems are also revenue-generating, which increases NOI and property values.
- Upgraded Common Areas: Common areas, such as lobbies, lounges, and co-working spaces, are becoming more luxurious and inviting in multifamily properties. These upgrades can improve tenant satisfaction and create a sense of community.
- Contactless Amenities: In the wake of the COVID-19 pandemic, contactless amenities, such as keyless entry, voice-activated controls, and virtual tours, are becoming more popular in multifamily properties. These upgrades can improve tenant safety and reduce the potential spread of germs.
Author: Nick Brown