Every apartment owner needs to make key decisions about what they should renovate and upgrade in any space. If you are a property manager or property owner, it should come down to one simple thing. What types of upgrades and renovations do your prospective tenants (the ideal tenant for your space) expect? And, perhaps also important, what are they going to love about your location so they stop looking for apartments to rent and instead focus on your space? Of course, for most apartment owners, cost is a factor as well. Finding that balance between cost and the value any renovation offers isn’t always easy, but it is very much an important decision.
To know how much value any type of apartment renovation or upgrade can offer to you, you need to outline the specific goals and needs of your ideal tenant. First, define the demographics of the ideal tenant. Then, work on creating an idea of what that tenant is most likely to want from you. A younger audience will see the value in efficient appliances and more lavish furnishings. On the other hand, seniors may want better lighting, more storage, and more room to socialize. These are the defining factors of what will bring your tenants in to your leasing office.
When you work with a construction company in New York City, you’ll quickly learn more about the cost of any project. Our team will help you to estimate the cost of any renovation or upgrade that you may decide on. When it comes to getting your investment back in a higher rent check, that is often going to come from upgrades to the bathroom and kitchen. You’ll also see benefit from upgrading paint to a modern, sleek look and replacing flooring. It’s worth it to spend a bit more on these types of upgrades as they most likely will give you a bigger return on your investment.
Make decisions based on your idea client. What do they want? Then, work closely with our talented team in New York to create the ideal plan for your space. When you take the time to make upgrades and renovations like this, you improve your chances of getting the best possible outcome for any investment you make. And, that means more tenants and happier residents.