When you own or manage any building there is a lot that contributes to whether you’re a success or failure in business. With luxury buildings, these factors become more difficult. As you fill your luxury apartments, it’s important to make sure your tenants are the right fit and – with any luck – stay long-term; as reliable and qualified tenants are what allow you to pay for your mortgage, upkeep, and taxes on the building, as well as earn you revenue. However, you also don’t want your units to sit empty for too long while you vet applicants. Thankfully, there are easy ways to attract the right tenants and get a lease signed quickly.
Include Community Amenities
Community amenities can help draw tenants to luxury buildings. WiFi throughout the building is an incredibly common amenity to include, as it offers your tenants more flexibility when working from home and to enjoy community spaces. If you’re in a large city where many residents may choose to bike to and from work instead of owning a car, offering bike storage can also be a major selling point. Furnished overnight visitor suites are another community amenity that’s becoming increasingly common. These are great for tenants who are short on space, but want family and friends to visit. Having this option available can also lead to increased rentals of your units.
Upgrade the Unit
A stylish and functional unit is, of course, vital to getting tenants into your apartments. Storage is one thing that’s extremely important to renters. Upgrading cabinets and closets to look nice and increase functionality will always be a great selling point, and it doesn’t have to be a difficult project either. Updated appliances are another feature renters look for. Though it may be expensive upfront, choosing the best appliances will help you to fill your units faster and allow you to rent them at a higher price point. Finally, consider smart features to add convenience and save energy. Your tenants will appreciate the ease these features add to their lives and feel good about the benefits for the environment.
Allowing pets will grant you access to a larger tenant pool, boost your reputation, and decrease your vacancy rates. It’s worthwhile to consider and helps to address struggles pet owners often face when renting. By allowing more than two pets or larger dogs in your units, you can increase appeal to potential tenants; just make sure to outline your pet policy clearly in your lease.
Create Outdoor Spaces
Studies by various medical institutions talk about the health benefits of time spent outdoors. Facilitating this for residents of your buildings can increase interest in your available units. This also presents an opportunity to showcase additional amenities to your residents. Patios are a great option to encourage time outside, but if you don’t have the space, then rooftop lounges are also a popular choice. These spaces should always include seating so that your residents can spend ample time enjoying them. You can also consider adding features such as grills, fire pits, lighting, and anything else that will make the space enjoyable and usable year round.
Plan for These Upgrades
There are a few important considerations to make before upgrading your building. The first thing to take into account is how you will pay for these improvements. Money from investors or rental revenue are always wise options for funding remodeling projects, but if you’re in a pinch you can access.
It’s also vital to schedule your renovations in a way that minimizes disruptions of your current tenants. If possible, any upgrades to the individual units should take place between tenants. However, if this is not possible it’s necessary to ensure upgrades happen quickly and efficiently, and that you communicate clearly with your tenants about when contractors will be present in their units. It’s also important to make sure that upgrades to community and outdoor spaces happen efficiently. These should take place during hours where noise is least likely to disturb your residents. Ensure that all residents are informed of the planned timeline of work and contractors are kept to the established schedule in order to restore full access to these spaces for your residents as quickly as possible.
While these tips won’t solve every issue you could encounter with your luxury apartment building, they’ll increase your appeal to potential renters and help you when marketing your building. Ultimately, these features that tenants often look for when renting will pay off as they help you fill your units with qualified residents.
Unique inclusion but it works!