If you are managing your apartment property and finding it more difficult to rent lately, you might want to consider the following upgrades to your units that will bring higher rents and less downtime filling your vacancies.
The first impression the prospective tenants has is the exterior of the property. Freshly painted building exteriors should include contrasting trim paint and a third color for the front doors of the apartments. New door hardware and entry lights add to that impression.
Upgraded landscaping and newly asphalted driveways also attract better tenants who are looking for a pride of ownership property to occupy.
The next item on the tenant’s mind is the condition of the kitchen and the bathrooms. Kitchen upgrades should include new cabinetry, stone counter tops and stainless-steel appliances. In bathrooms, new vanities, mirrors, fixtures and glass sliding door enclosures to shower over bath will modernize the area.
If you have completed all the above items and are still looking for items that tenants will value over your competition consider creating an outdoor common area with inviting landscaping and patio furniture.
Another newer item that apartment landlords are installing are mini split heating and air conditioning units that mount on the upper wall or in the ceiling and deliver a better living experience. In many of the early 1960’s-built apartment properties in Marin, there is no air conditioning, and warmer summers have created a need for air conditioning. Gas wall heating units, found in most of the older properties, don’t deliver the same heating efficiency as the new mini split systems.
These units can be installed for $3,000-$7,000 per unit, depending on the unit square footage, and can be the deciding factor on whether a new prospective tenant decides to rent your vacant apartment.
