"Some people have more choices than others when planning where to live. But everyone operates under constraints – and there are both push and pull factors that play into the reasons why a person lives in a certain place." Explained by Elli Thomas, Ilona Serwicka, Paul Swinney, and one key factor that contributes to prospective tenants' desire to live in your Orlando or Central Florida multifamily property is its upgrades and amenities.
When evaluating your multifamily amenities, it's vital to consider your target demographic and the properties asset class. If the returns on the upgrades do not increase the rental rates for the property, surrounding area, or make your property more desirable then the property down the street. You are better off passing on the upgrade and allocating that money to other areas of the property.
As an Orlando and Central Florida Multifamily Property Management Company we get investors all the time asking us what upgrades they should consider for their apartment or multifamily property to attract quality tenants. So, today we wanted to cover those amenities and improvements to implement into your apartment or multifamily building.
Before we get to that, the first thing you'll want to do is determine your properties' asset class. Multifamily and apartment buildings, like single-family properties, will fall into the following classes. Apartments and Multifamily real estate investments break down into four distinct asset classes: Class A, Class B, Class C, and Class D. The following photos are just a few examples visually. However, a lot more key market research and data fall into this as well. Doing your due diligence on a property is always crucial.
Orlando Multifamily Exterior Property Amenities
Curb appeal and exterior first impressions are a hook. It doesn't make sense to slap six SS gas grilling stations in a 32 unit D Class property. The returns and expenses won't benefit the rental rate increases. Just like in the quote above, the push and pull factor applies, and a cost-benefit analysis should be performed on the amenity and upgrades you decide to implement. Below are great exterior amenities that build a sense of community involvement within your facility and catch the eyes of your future tenants.
- Gas Grills
- Pet Waste Bins - and Dog Baths
- Fenced in Pet Area
- Pool, Cabanas - Pavilion with Outdoor TV, or as simple as a few bean bag yard games
- Outdoor Fire Pit
- Signage & Apartment Branding
Central Florida Multifamily Interior Common Areas
Live, work, play communities are now the norm and highly desired by renters. Orlando's older apartment and multifamily properties need to be up to date to compete with newer construction and development. All new construction, A & B class properties will have at least a few if not all of the below amenity features. As a collaborative and up to date Orlando property management company we've seen older multifamily buildings fall short in added amenities/amenity necessities. This can lead to high vacancy rates and an ever so lulled sense of community, which in turn causes high tenant turnover. Below are some interior suggestions to boost your apartment building's culture and environment.
- Expanded fitness center (treadmills, stair climber, wall mirror, free weights, rubber flooring, TVs)
- Café common area (updated furnishings, coffee maker, bar, chic fixtures, tables, lighting, backsplash etc.)
- Leisure/entertainment room (billiard table, ping pong, simple retro games)
- Storage locker/space (additional revenue generator per month)
- Work/office area (remote work demand will continue to increase)
Apartment Concierge/Hospitality Amenities
The concierge and hospitality amenities have to be considered for class A apartment and multifamily properties. We live in a look at me culture, and if your property doesn't have these types of features, you're missing out on young millennia and the upcoming ever conscious gen Z prospects. Think about it as an Instagram feed. The more traffic you can drive to your property, the more interest you'll get from prospective tenants.
In 2020 you can't go wrong with the social influence, think neon sign, industrial/modern concept, community environment with earth-friendly vibes, and initiatives. You'll be sitting well for the next decade. As a property management company in Orlando Florida, we know there are a lot of properties out there that need to develop a sense of culture to attract and retain quality tenants. Keeping up with new development popping up daily can be tough, but with the right professional multifamily property management company in Orlando and Central Florida, it becomes smooth and easy. We have years of experience and know precisely what new tenants want in their Central Florida apartment community. Implement some of the listed items of multifamily concierge/hospitality amenities below in your building and see your tenant retention increase & environment transform into the Live, Work, Play culture your residents want.
- Trash Valet (Additional revenue generator)
- Grass entrance backsplashes, featuring a neon sign = Insta worthy. Hashtag (insert community name here!)
- Volunteer Fitness Instructors (yoga, personal trainers, etc.)
- Happy hour/social gatherings (experience amenities & apartment environment)
- Food Trucks Vendors
- Cafe Community FeetUp
- HVAC Filter program (Reach out to learn about this one!)
When evaluating what upgrades to make on your multifamily property or apartment building, it is essential to run an in-depth analysis. Here at the Listing Real Estate Management, multifamily property management in Orlando & Central Florida is our specialty. We provide a comprehensive review and market research that supports prospective property upgrades/improvements. Our goal is to increase your real estate asset's performance. If you have any questions or would like to connect, feel free to reach out to The Listing Real Estate Management, Orlando's property management company, servicing single-family, multifamily & commercial property management in Orlando & Central Florida.