What are some excellent apartment building remodel strategies?

best apartment building remodel miami

It’s best to start with a good team, a budget you can live with, and a reasonable time to complete the work; after that, there are some key strategies to help your remodel be as effective as possible.

Focus on amenities

We are all working under a budget, so the best improvements are the ones where everyone in the entire complex can enjoy them. Not only do you upgrade your complex, but you can then use it for marketing your units as luxury apartments. Ensure that you have signage outside your complex to alert renters to the amenities inside. The most popular amenities include:

  • Fitness centers: When you figure gym membership into your rent price, you can charge more money without renters feeling it is too high.
  • Business center: Remote work will continue well into 2021, and many people may be working in the same area where their kids are learning. Having space where they can get their job done in private is an excellent premium.
  • Pets allowed: According to the APPA, 67% of renters have pets. By making your complex pet friendly, you significantly widen the appeal of who can rent from you.

Determine how deep to go

You know your units better than anyone else. When you are doing an apartment building remodel, ensure you know exactly how much of a remodel you need to do. You don’t want to do a stud-to-stud remodel when your units only need some surface polish. Consulting with a commercial contractor or architect may help widen or narrow your vision.

Focus on long-term upgrades for your units

Whatever changes you are going to make, you need to focus on the future. You aren’t going to be doing a unit remodel every time a tenant leaves. Most of the wear and tear on the unit will be paid for by the tenant. Your vision is to upgrade the apartment not just for the next tenant, but also for the next few tenants. Think about the type of changes that are going to last.

Upgrade with “smarter” products

Renters are always going to skew young, and if you want to take advantage of the youth market, you should consider upgrading with smart products. Many young people grew up having smart products in their homes and no longer consider them luxuries, but necessities. If you want to reach this market, you will have to upgrade your units with Wi-Fi and smart security to make your units seem modern and more attractive to millennials.

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What should your takeaway be?

best apartment building remodel miami

The important thing is to have a vision and execute it well. You want to plan long-term, but you don’t want to do any unnecessary design work for your vision. The key is bringing the most value to your complex with the least amount of money. Having a sound strategy, a reasonable budget, and planning for the future can help achieve those goals.

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