What Does a Renovated Apartment Mean? Benefits of Rental Renovations

 Renovated apartments offer residents a discreet, creative union of the traditional and the modern through updated living spaces with the finishes, fixtures, and amenities that today’s renters value. Renovations also tend to generate better rents, reduced vacancies, higher property values, and better branding for property owners. But what exactly are renovated apartments and what can renters expect from these types of properties? In this article, we will explore why property owners and renters alike look to property renovations as an excellent way to strike a balance between features, location, and value. 

It is important to run the math of the potential increase in rent versus the budget of your renovations. shares an experience of spending over $100k in renovations, yet increasing rent by over $1,100k per month, enabling them to recoup their renovation costs in under 7 years. Keep in mind, this is an extreme example of particularly beat-up properties, and with some minor renovations, you could easily get a significant rent increase. That’s why it is crucial to run the numbers for each individual scenario. Another bonus is the potential higher rents, which could draw in a higher caliber of renters. Please visit this website Apartment Complex Remodeling Anaheim and you know more about Benefits of Rental Renovations.

Regardless of the size of the property, whether it is luxury or affordable, urban or rural, property owners are concerned about the same things, property value, and profitability. Maximizing rental income and keeping expenses low are the top priorities. When the Net Operating Income (NOI = Income minus Expenses) on a Multi-Family property increases, so does the overall property value. Metro Denver has one of the most competitive rental markets in the country. Demand is high and supply is low. Last year inventory added by new construction was absorbed without increasing vacancy rates, in fact, vacancy rates decreased by over 1%. At the same time, apartment rents grew by 2.9%, which is slightly faster than the overall inflation rate.

To keep up with the competition and capitalize on current market opportunities, property owners need to justify rent bumps while keeping expenses and vacancy rates low. Individual unit renovations and rehabilitation of the property are the main factors in generating and justifying rent increases. For most property owners, complete rehab of the entire property is cost prohibitive and not feasible. However, opting for unit-by-unit renovations as apartments become vacant softens the financial burden of a complete overhaul while keeping occupancy and rental income stable.

Successful unit-by-unit apartment renovations and value-add projects require planning, preparation, and careful oversight and management of the project. When tenant occupancy is high, exterior improvements like new siding, stamped concrete, designer patio finishes, parking lot re-paving, and landscaping can supplement a lower volume of interior renovations of kitchens, baths, plumbing and lighting, new paint, and flooring.  To create a strategic plan and partnership to renovate an Apartment Complex or Multi-Family Community, call us. 20 years of experience in the industry, a portfolio of successful outcomes, and our commitment to providing the absolute best customer service will ensure an outstanding experience from start to finish.

In desirable urban markets, residents frequently rate location high on their list of priorities. For an owner/developer, a major renovation is an excellent solution for dated properties in ideal locations. In this scenario, a successful renovation is a win-win for owners and tenants alike. A successful renovation often delivers a cleaner, more luxurious look and feel. The right finishes and fixtures make unwinding at the end of the day that much more relaxing. There are many reasons why renters prefer quality renovations. They might seek a more open, spacious feeling, as well as amenities generally unavailable in older housing, such as fitness centers, pools, high-speed internet, and upgraded common areas. An updated kitchen is of particular importance to those who love to spend time cooking and baking. Renovated living spaces are also popular with those who entertain family and friends from time to time, and onsite amenities enhance an active lifestyle.

Luxury Bath and Kitchens

Anaheim CA

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