Top apartment renovation ideas to increase rents and occupancy rates

Top 10 Apartment Renovation Ideas To Increase Rents

Suppose your goal is to renovate your apartment units to increase rents and occupancy rates.  In this case, we have found that it is essential first to understand the target market and the typical renter in your area.

The typical renter in the United States is under the age of 39 and has never been married. 38% of all renters live alone while 1/3 of all renters have children under the age of 18, and 80% have pets living in their rentals.

After we have identified your typical renter, then our goal is to identify the specific large and small apartment ideas that attract those new tenants and justify higher rental rates. Here are some top apartment renovations that can potentially increase your rents:

1) Kitchen Upgrades

The kitchen is one of the first areas a potential renter looks at when viewing an apartment for the first time.  We spend a lot of our time in the kitchen bothTop Apartment Renovation ideas to increase rents, cooking and entertaining our guests, so renovating the kitchen will impact rental value.  Installing new countertops, energy-efficient appliances, stylish fixtures, and modern cabinetry will affect how renters view your apartment.

Since new cabinets can be expensive, we often utilize Quickkit cabinet refacing to transform and modernize outdated cabinets.  A functional and aesthetically pleasing kitchen often appeals to tenants and justifies increased rents, especially if the material used is of higher quality.

2) Bathroom Remodeling

The bathroom is the first and last room we use every day, so an updated bathroom is important and will enhance the rental value. Consider replacing old fixtures, installing a new bathtub or shower, adding attractive tiling or flooring, and upgrading the vanity.

As with the kitchen, a complete bathroom vanity replacement can be expensive which is why we often utilize cabinet refacing rather than a total cabinet replacement.  A clean and modern bathroom is often a priority for tenants.Top Apartment Renovation ideas to increase rents

3) Flooring Improvements

Replacing worn-out or outdated flooring can greatly enhance the overall appeal of an apartment. Consider installing hardwood floors, laminate flooring such as luxury vinyl planks (LVP) or luxury vinyl tile (LVT), polyurea flooring such as Right-On Fiberflex, or ceramic or porcelain floor tile. High-quality and durable flooring can justify higher rents and attract tenants seeking a more upscale living experience.

4) Lighting Enhancements

Adequate lighting is crucial for creating a welcoming atmosphere but renters also want attractive fixtures to accent their apartments.  Installing modern light fixtures, adding recessed lighting, or maximizing natural light with larger windows can make the apartment feel brighter and more desirable.

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    5) In-Unit Laundry

    We have found that adding in-unit laundry facilities is a significant perk that many tenants appreciate and is often the deal maker for higher rents and a new lease. If space allows, consider installing a washer and dryer in each unit. The convenience and time-saving aspect of in-unit laundry, especially for a family with young children, can make your property stand out and justify higher rental rates.

    6) Smart Home Features

    We love technology in this country so integrating smart home technology can add value to your apartment units. Consider installing features such as smart thermostats, keyless entry systems, smart lighting, or voice-controlled assistants.

    These modern amenities can not only attract tech-savvy tenants but families who want to monitor their apartments while away at work. Both of these demographics are willing to pay a premium for convenience and automation.

    7) Additional Storage

    We are a society that collects stuff, so the lack of storage space can be a common concern for many renters. Consider adding built-in closets, shelving units, or additional storage options within the apartment.

    If property space allows, consider building on-site self-storage units that will provide both convenience and additional revenue streams.  Providing ample storage solutions can make your property more appealing and potentially justify higher rents.

    An Outdoor grilling station is a top apartment renovation idea to increase rents and occupancy rates

    8) Outdoor Amenities

    Enhancing outdoor spaces can significantly increase the rental value of an apartment. Consider adding communal outdoor areas, such as a rooftop terrace, garden, or patio with seating. Many apartment communities have found value in common area grilling stations and outdoor fireplaces with pergolas.  Outdoor amenities can provide tenants with additional living space and a desirable place to relax, socialize, or entertain.

    9) Indoor Amenity & Fitness Centers

    Several of our clients recognized their renters were not using various facilities like the clubhouse, movie theater, or outdated fitness center.  By renovating these underutilized areas and providing modern amenities with their target renter in mind, apartment complexes have seen revived enthusiasm leading to increased rents and extended leases.

    10) Fresh Paint and Wall Treatments

    A fresh coat of paint is the most economical of all the suggested upgrades and can instantly refresh the apartment and make it more appealing. Choose neutral colors that appeal to a wider range of potential tenants and consider adding accent walls or using wallpaper to create visual interest.

    When considering apartment decorating ideas, it is important to remember the extent and scale of renovations should be aligned with your specific target market and local rental rates. Research the preferences of potential tenants and assess the potential return on investment before undertaking any major renovations.

    At Omega Contracting, we have years of experience helping apartment communities identify and execute apartment renovations that will increase rents and occupancy rate. Contact us today for a no-obligation consultation.