6 Building Improvements to Attract New Tenants

Although being an owner of a multi-family property can be a great way to ensure a sizable revenue stream, life as a landlord doesn’t come without its share of headaches. Maintenance requests. Taxes. Legal documents. However, arguably the most challenging factor for owners is keeping the property consistently occupied with reliable tenants. 

While there are a number of factors that influence occupancy, one of the most direct ways to attract quality tenants is through performing regular building improvements. With this in mind, keep reading to discover 6 renovation projects that can help you attract and retain tenants!

1. Add Innovative Safety Features

Unfortunately, safety has been in the national headlines for all of the wrong reasons lately. From mass shootings to historic severe weather events, tragedy, and human suffering are at the forefront of people’s minds as we near the halfway point of 2023.

With that said multi-family properties that go the extra mile to protect the safety of residents are sure to have a major leg up on the competition at this time.

Some innovative ways to improve the safety of your community include:

• Updated security cameras

• New sprinkler systems and smoke baffles

• Fire resistant roofing

• Fingerprint and face recognition software to access common areas

• Disaster-resistant windows in all units

  By demonstrating an investment in keeping your residents and their loved ones safe, you can separate yourself from competitors who are looking to cut costs at the expense of safety.

2. Promote Responsible Waste Management

There are many reasons to encourage recycling in your community, some of which provide a direct financial advantage to you as a landlord. For example, you can save on waste costs by requiring fewer dumpster pickups, and you may be able to sell some recyclable products as a small revenue stream for your complex.

However, one of the most potent indirect benefits of having a reliable waste management infrastructure at your complex is the type of tenants that it can help you attract. With society becoming increasingly environmentally conscious, people are willing to go the extra mile to be a part of the solution to climate change. By creating a sense of community through your recycling efforts, you can actually reduce the amount of landfill waste created by your complex while simultaneously fortifying people’s sense of pride in their community, creating the potential for more long-term, low-risk tenants. Therefore, it is important that you invest in easy-to-use, clearly-marked outdoor waste receptacles to facilitate responsible waste practices in your community. 

3. Include Sound Reducing Materials

There is no denying that noise complaints are one of the most annoying aspects of operating a multi-family complex. It can be a delicate line to balance. On one hand, you want to ensure the comfort and quietude of your residents who are trying to relax. On the other, you want your residents to be able to open up and feel as comfortable as if they are living in their own homes. 
To help appeal to both groups, it is highly encouraged to equip your complex with sound-absorbing panels. While they won’t be able to completely eliminate sound, there are several innovative products that can either help outside noise from entering a space or absorb sound before it leaves a room. By strategically placing these panels in areas at risk of noise transfer, you can give tenants the confidence that they can live their best lives without infringing on the rights of others within the community. 

4. Provide Safe and Welcoming Common Areas

Whether it be the fitness center, community area, or laundry facility, there will be multiple common areas in your complex. And while all of the safety measures listed earlier (security cameras, fire prevention, access safeguards) are given, you also need to make sure that these spaces are safe for general day-to-day use as well as visually and esthetically pleasing.

Some ways to accomplish this are to include rooftop flooring tiles on the building's roof to provide a common area for the tenants to relax and enjoy the outdoors, solid surface countertops with rounded edges, adequate lighting, easy-to-use fixtures, and ADA-friendly features. 
6. Improve Stairwell Safety

Stairwells and railings are an important component of any building's infrastructure, as they provide a crucial safety feature for tenants and visitors alike. Building owners and managers must prioritize the installation and maintenance of sturdy, durable railings to ensure the well-being of those who occupy the space. Not only do railings prevent accidents and injuries, but they also enhance the overall aesthetic of the building, making it more inviting and attractive to potential tenants. By investing in modern glass stair railings and ensuring they are regularly inspected and maintained, building owners can provide a safer and more enjoyable living or working environment for their tenants.

5. Upgrade to Solar Energy

Although there is no debate that solar energy is an attractive feature for homeowners in 2023, the issue becomes a little muddled for owners of multi-family units. 

Using solar technology, owners can confidently install solar panels for apartments in their complex to help demonstrate clear savings to residents and other benefits that will be highly appealing to tenants looking to curb consumption. 

At Eugene Burger Management, we understand that attracting quality tenants is essential for maximizing occupancy rates. Our expert team specializes in performing regular building improvements, which not only enhance the overall aesthetic appeal of your property but also directly contribute to attracting discerning tenants.