How to Modernize Your Apartment Building to Attract Potential Tenants
Long-term vacancies at your rental property can become extremely costly. Of course, you can’t expect anyone to want to move in if your apartment is stuck in the past and/or falling apart. Just as business owners must make regular investments in their business, you must do the same for your rental property to keep the flow of tenants coming. Simply throwing money at your property won’t magically solve your problems, however. Instead, you must be strategic in your investments, improving aspects of your property that will make the biggest impact on tenant attraction and retention. Knowing what potential renters are looking for in an apartment is key to making the right calls in this regard. Let’s go over some meaningful ways to modernize your apartment building to attract more potential tenants.
Improve Curb Appeal
There are notable differences between apartment-seekers and those looking to buy a home. That said, both types of people are drawn to similar aspects of a property. The exterior appearance of a property, for instance, is always the first thing a potential renter or buyer will see when looking for a place to live, and this initial impression carries a lot of weight. A property’s curb appeal usually suggests what a potential tenant will find on the inside. If your apartment building is dull, deteriorating, and/or old-fashioned from the outside, many will assume that the interior will appear much the same, even if their assessment turns out to be false. As the property owner, you don’t want to give anyone the chance to assume the worst of your apartments, so the more you can do to enhance your curb appeal, the more tenants you’ll attract. Some key ways to revamp your property’s exterior appearance include refinishing your front entry door, maintaining a lush landscape, re-painting your siding and trim, updating light fixtures, and more.
Pay Attention to Color Trends
As visual creatures, we humans are naturally drawn to certain color schemes. And as social creatures, we’re influenced by trends, no matter what they may be. If you wish to draw in more potential renters, then it pays to have a finger on the pulse of current color trends for residential properties -- this goes for interior & exterior painting alike. Read our recent blog, “2021 Nashville, TN, Paint Trends,” to learn about which colors are popping regionally this year.
Of course, trends are always in flux. You might adopt a residential exterior paint color design this year that falls out of favor a few years down the line. Knowing this, it’s also a safe bet to rely on the tried and true. Neutral color schemes might not be as exciting as some of the modern trends, but they never seem to go out of style. Sticking with a more classic color scheme while modernizing other aspects of your apartment building is a good way to reach the broadest audience no matter what’s popular.
Understand Which Rooms Matter Most
When it comes to residential properties, not all rooms are created equal. While you should do your best to update every room inside one of your apartments, understanding that potential tenants tend to care more about specific rooms more than others. Kitchens and bathrooms are almost always top priority in this regard. In order to seal the deal with more tenants, then it’s important to focus on these areas first and foremost. Both rooms should be outfitted with proper plumbing and functioning water systems, modern appliances, fresh hardware, and the like. Color schemes matter in these rooms as well. Indeed, selecting paint colors for your bathroom and kitchen is a weighty decision and may make or break a potential renter’s signing. It’s also a good idea to paint or stain your kitchen cabinets, as doing so can greatly elevate the appearance of your kitchen.
Tear Down That Wallpaper
When you think of a modern space, it’s doubtful that wallpaper is anywhere in the picture. So, if there’s wallpaper anywhere in your apartment building, you’re probably not doing yourself any favors. While certain types and styles of wallpaper may be coming back in style, most people are still happy to have left this trend back in the 70s.
Unfortunately, wallpaper removal can be a messy, lengthy process and even do damage to your walls. Without the proper tools and knowledge, you may end up setting back your hunt for new tenants even further. When it’s time to take your wallpaper down, then it’s best to hire professionals who know the ins and outs of the process and how to repair drywall after removing wallpaper if necessary. Once this is taken care of, it’s time to think about which interior paint colors you might introduce in your space.
Refresh Your Floors
Floors often get shoved under the rug (so to speak) during renovation discussions. However, the floors you select for your apartment building can make a big difference in attracting or turning away potential tenants. Carpeting, for instance, while one of the more affordable flooring options, can be difficult to maintain. Hardwood floors, on the other hand, are a major selling point but also on the expensive side. If budgets are tight, you might compromise by installing laminate flooring or something with comparable durability, cost, and aesthetic value. Regardless of the floors currently installed in your rental property or whether you plan on replacing them, taking great care of them is essential for landing more tenants and keeping your property value high.
Welcome New Windows
Windows are often also make-or-break features in a residential space. Not only are old windows visually dated, they are also less energy-efficient than modern upgrades. And if tenants are in charge of covering utility costs, you’ll have a hard time selling them on windows with such poor insulation. Conversely, these energy costs may primarily fall on your shoulders, in which case you don’t want to deal with old windows either. In every sense, replacing your apartment building’s windows is a solid investment, saving you and your renters significant amounts of money over the long term. Best of all, potential tenants who see that your space is outfitted with fresh windows are much more likely to consider moving in.
Appeal to More Potential Tenants by Modernizing Your Rental Property
Few markets are more competitive or chaotic than the housing market. Keeping your rental property filled with happy tenants is key to remaining competitive. At Nash Painting, we know which elements make the biggest difference in drawing in and retaining renters, and we’re equipped to handle everything from interior/exterior painting, door refinishing, power washing, wallpaper removal, cabinet painting, and so much more. We’ve served countless property owners across Nashville, Brentwood, and Franklin, TN. To learn more about us, our services, and our values, call us at 615-829-6858 today!