Apartment living has grown in popularity, especially as apartment complexes become increasingly modern. Real estate investors look for high-value apartment buildings because they’re worth more money and generate more income. While new apartment complexes have today’s popular features baked into their design, existing apartments may need an update. In these situations, building owners need to know how to increase apartment value to keep up with competitors, increase their profitability and attract new tenants.
Ways to increase the value of your apartment building can range from extensive remodels to simple do-it-yourself projects. Learn some of the best ways to add value to your apartments.
Ways to Increase the Value of Your Apartment Complex
As an apartment complex owner or investor, you want to ensure you’re capitalizing on your property in the most effective ways possible. Here are a few examples of what to do to increase apartment complex value and improve your tenants’ living experience.
1. Make Internal Renovations
Internal renovations are a great way to improve your apartments’ appeal. Whether it be improvements to the common areas, lobby or the apartments themselves, you can significantly improve the value of your apartment complex with simple renovations. Consider how a fresh coat of paint could brighten a room, new kitchen appliances could improve functionality or new flooring could enhance aesthetics. Since many people are more willing to pay for nicer spaces, these improvements can also help new tenants accept higher rent prices.
The most important thing to keep in mind is whether your return on investment (ROI) will outweigh the cost of the renovations. In other words, how long will it take for you to start financially benefiting from those renovations? Only make renovations that will give you a good ROI.
2. Improve the Parking Situation
Parking is one of the first things prospective tenants will notice when they view the property. If your current parking lot is cracked or full of potholes, its appearance and poor state could turn tenants away. Additionally, you should be sure that you have an adequate number of parking spaces. Insufficient parking means that tenants might have to park farther away, which will be a major inconvenience.
Your apartments will be more valuable if your parking options are improved. You might repave the lot, expand it to add spaces or add a parking garage or carport. Whatever you choose, you’ll add value to your apartment complex and help make it more convenient for tenants to find parking near their apartments.
3. Install Washers and Dryers
The convenience of in-complex laundry amenities is highly desirable to today’s tenants. Rather than sending your tenants out of your complex to a laundromat, install your own washers and dryers to provide easy access and add to your income.
Washers and dryers in each unit can add the most value to an apartment, though common area laundry amenities still add significant value to your apartment building. Whether you choose to raise the cost of rent to reflect this new amenity or charge a fee for each use, you’ll be able to notably add to your monthly income.
4. Offer Storage Units
Adding storage units can be a great opportunity for increasing the value of apartment complexes while anticipating tenants’ needs. While apartments are ideal for many people in many different situations, they are one of the smaller living options. Many of your tenants will likely have more belongings than they can fit in their apartments. In these cases, they may need to seek options to store the belongings they aren’t using or don’t have room for.
Storage units can be as simple as extra closet space built into unused common areas. For example, you may offer 10-square-foot and 20-square-foot closets for tenants to rent in addition to their apartments. These spaces give your tenants an extra storage option and provide an opportunity for you to increase your income.
5. Install Technology Amenities
Tech amenities can be a great way to add value to your apartments. Gadgets like smart thermostats, keyless locks and other compatible technologies will make your apartment complex worth more. Additionally, as more apartment buildings implement these technologies, they’ll become more of a standard that tenants will expect to see.
While tech packages can add major value, it’s important to keep your apartment community’s demographic in mind when making these upgrades. For example, consider age — younger individuals are more likely to desire tech upgrades than people of older generations. Install tech amenities that make sense for your specific apartment community.
6. Offer Pet Amenities
Apartments that allow tenants to have pets are valuable and can be worth more, especially if you charge a pet deposit. Setting this deposit enables you to offer high-value living spaces while capitalizing on the ability to have pets in the apartments. Since some pets are inherently bigger than others, you may use tiered prices based on the pets’ weight.
Other pet-related amenities can add even more value to an apartment complex. For example, a dog park or fenced-in yards can be extremely valuable to dog owners. Because access to these perks and amenities is valuable to many tenants, you can charge higher rent prices or dog fees for access to these spaces.
7. Improve Internal and External Lighting
Adequate lighting is essential to any living space. If your apartment building receives less natural light, it’s especially important to provide extra lighting throughout the interior, including hallways, stairwells and entryways. In terms of outdoor lighting, ensure parking lots, sidewalks and doorways are well-lit. Lighting in and around your apartment complex helps add to the safety of the space, helping tenants navigate to and from their apartments easily.
In addition to improving safety around your building, lighting improvements can also help improve the energy efficiency of your building. LED lightbulbs use up to 90% less energy than incandescent bulbs and can last 25 times longer, saving you money and increasing the value of your apartment complex.
8. Add Vending Machines
If you’re looking for an easy way to increase your income and the value of your apartment property, consider adding vending machines. Since many vending machine companies stock and service their machines, you’ll get to keep a percentage of the income with minimal upkeep.
Get creative when thinking about ways to incorporate vending machines in your complex. Food and drink vending machines are most common and can be convenient for tenants looking for a quick snack. However, you can also stock these machines with useful household items. For example, consider stocking vending machines in shared laundry rooms with stain remover, detergent, dryer sheets and other things that may come in handy.
9. Add Rentable Square Footage
Adding square footage to your property is a great way to increase value. Additional space around your property or in your building becomes a great opportunity for renting the space out. For example, consider adding rentable spaces like a rec room, party space or media room. Tenants can pay a rental fee to reserve these spaces for various events and get-togethers. Evaluating your tenants’ currently unmet needs is a great place to start when deciding what type of space you may want to add.
10. Install a Playground or Outdoor Fitness Center
Amenities like playgrounds or fitness centers add significant value to apartment complexes. A playground or outdoor fitness center makes apartment units more desirable, putting them in higher demand. The demand for apartments with these amenities allows you to charge premium rental rates and make a larger profit. Simply living close to a park can increase a home’s value — having one in your apartment complex will significantly increase the value of your property.
Why Should You Invest in a Playground for an Apartment Building?
While any amenity can add value, playgrounds can be especially valuable for apartment complexes. Consider these reasons to invest in an apartment playground.
Attracts Families to Your Complex
In many cases, families are the lifeblood of apartment complexes. Families are valuable to housing businesses because they tend to represent stability — they’re often long-term tenants, making them reliable sources of rent income. For prospective tenants, other families in the building mean there will be other parents and kids around for socialization.
Playgrounds provide space for kids and families to play, exercise and socialize, which can be a key deciding factor in choosing one apartment over another.
Helps Improve Community Health and Wellness
Regular physical activity dramatically benefits long-term health for both kids and adults. The Centers for Disease Control and Prevention (CDC) recommends that kids get at least an hour of physical activity daily to encourage proper growth and development. Adding a playground to your apartment complex helps encourage families to be active. Doing so will help decrease the risks associated with a sedentary lifestyle and improve the overall health of your apartment community.
Build a Sense of Community Among Residents
Apartment living means living in the same building as potentially hundreds of people. However, despite living next to each other, many of your tenants may never interact with others in the building. A playground or outdoor fitness center creates a gathering space where people of various ages can get to know each other, creating a sense of community within your apartment complex.
Designing a Playground for Your Apartment Rentals
A big aspect of installing a playground for your apartment building is designing one that will interest current tenants and attract new ones. There are nearly endless options when designing a playground, though not everything will suit your situation well. To make the most of a playground investment, consider some of these design tips.
Provide Various Play Opportunities
Kids can engage in several different types of play. For example, active play involves swinging, climbing and jumping, while sensory play involves stimulating a child’s senses. A well-designed playground will provide various ways for kids to play, exercise and interact with others. Multiple play opportunities help kids achieve a more well-rounded childhood development and add variety to their playtime.
Allow for Free Play
Design your playground to inspire creativity and imaginative play. Kids have expansive imaginations, which enables them to play freely without structured activities. For example, a jungle-themed playground can inspire kids to imagine they’re explorers. As they play pretend, they enter their own worlds with rules they create and play they can control. Free play helps kids develop a sense of independence.
Plan for Inclusivity and Accessibility
Inclusivity and accessibility are essential aspects of any playground. These concepts help ensure the playground is accessible to everyone and provides opportunities to allow kids to play together regardless of their ability level. Inclusive playgrounds provide equal play opportunities for all the kids in your apartment community, giving everyone the same chance to benefit from play and physical exercise.
Consider Necessary Space
Be sure to consider the size and the space necessary to install a playground on your property. Think about:
- The size of your apartment complex and how many people are likely to use the playground.
- The size of the playground equipment.
- How much space you have available to add the playground.
If your space is limited, your playground will need to be smaller.
Design With Age in Mind
Just like with toys and other interests, some playground equipment is more appropriate for certain age ranges. You’ll want to consider what pieces of equipment will be age-appropriate for the children in your apartment complex. For example, swings for young children often have straps or buckles to ensure their safety, while swings for older kids allow for more self-sufficiency.
Consider the potential age range of the kids who would be using the playground so you can choose playground equipment that will be safe and interesting for various ages.
Invest in Playworld Playground Equipment for Your Apartment Complex
When prospective tenants look at your apartment complex as a potential home, they’re looking for a nice, well-kept unit they can call theirs. In addition to their expectations for the building, many will also be looking for a sense of community. Amenities like a playground can increase the value of your property and show potential tenants that your complex is family-friendly, which is important to many renters.
At Playworld, you’ll find a wide range of playground options and fitness systems that are perfect for apartment complex playgrounds. Contact us today for more information about Playworld products and how we can help you create the best playground for your apartments.