In this article, NAI Isaac – conveniently located in Lexington, Kentucky (KY) – is here to help with increasing the value of apartment complexes. Give us a call today for all of your commercial real estate needs!
In commercial business, we are always looking for ways to increase our profits. In the world of owning apartment complexes, one way to do that is by increasing the value of your apartments, which then allows you to raise rent prices for future tenants, while attracting more tenants with the new upgrades. Now, you may be wondering how you can add value to your spaces. We are here to help you with that! Read on to learn more.
When first purchasing a complex, it is important to cover all your bases to ensure that you are using the space to the best of your abilities. Even things like landscaping, trimming hedges, replacing light fixtures, and other small details can increase the value of the complex, astronomically.
Additionally, rebranding through changing the name of an older complex can be vital in making sure you get the most out of your property. Renaming the complex can eliminate the risk of potential tenants being deterred by negative online search results that might be about the previous owner’s practices. You don’t want how they ran their business to decrease the value and success of yours.
Some other great ways to increase the value include:
- Installing a washer and dryer in each unit. This is a great feature that attracts tenants.
- Parking is also a big deal. Tenants are much more likely to pay more for a reserved space or to park in a garage than just general parking.
- Things like exercise rooms, pools, and other common areas are also known to increase the value and appeal of your complex. These are things, too, that don’t always have to even be that expensive to implement.
- Implementing a Ratio Utility Billing System (RUBS) is also a great way to increase value. This system bills back part of the water, sewer, trash, electric, and gas expenses to the residents.
- Charging a monthly fee or one-time deposit for pets is a great strategy, especially for spaces that already allowed pets, but didn’t charge a fee.
- Having a clubhouse that can be rented out for special events is a great way to increase value.
If you still aren’t sure how to best increase the value of your complex, give us a call and we would be happy to help.
NAI Isaac Commercial Properties is based in Lexington, Kentucky and specializes in the leasing, sale, and management of large commercial real estate throughout Lexington and the surrounding areas of Central Kentucky. Our staff is professional and experienced in property management, leasing, acquisition or disposition of office, retail, and industrial properties, as well as investment and development opportunities. We want you to achieve the full potential of your business and we are here to help you do that. We are excited to address any real estate opportunity or challenge that you have for us. We are confident you will love working with us. We are the only real estate firm in Central Kentucky to achieve the AMO designation, so you can expect nothing less than the best. Give us a call today and let us know how we can help you!