Memphis is a thriving city with thousands of people moving closer to the city every month. Apartments seem to be on every corner, and renters have their choice of apartments, condos, and other multifamily properties to call home.
It’s worth remembering that families are spending much more time at home than before too. Today’s renters are looking for convenience, eco-friendly features, modern technology, comfort, and amenities that can make the hustle and bustle of everyday life a little easier.
Using a commercial contractor in Memphis like Contractors Inc to add small touches to your multifamily property can give you the upper hand when renting to new tenants. Here are five ways to enhance your multifamily home and see a return on your investment.
Remote work has practically become the norm for many former office workers but has presented some unique challenges, especially for apartment or condo dwellers with limited space. One of the most sought-after features is a flex space in a common area — a lobby or extra space — that can be used for tenants working from home.
This space could be divided into private areas or larger open working spaces. Space should have seating, adequate lighting, and plenty of outlets. Adding a router and WiFi access for those in the workspace is also a thoughtful detail they’ll appreciate. This renovation can make a difficult situation a breeze for your tenants.
These days, we are constantly connected to one another, and the many “things” in our lives. From Bluetooth cars and virtual assistants to lights that turn on with a press of a smartphone button, technology is everywhere, and it’s a huge selling point for tech-savvy renters. Some easy-to-install complimentary technology includes:
Although most of these are items residents could get on their own, adding them as a standard feature in your Memphis multifamily property will turn the heads of millennials throughout the city.
Renters are looking for “new,” and that’s not just technology. Old appliances like refrigerators, stoves, or microwaves won’t cut it with today’s renters.
If it’s been a few years since you’ve updated your appliances, now is the time. To support eco-friendly practices, choose Energy Star certified devices, and splurge on mid-level or high-quality appliances, it will make a substantial difference for your tenants.
Beyond the common office spaces, adding other amenities will stir up interest in your multifamily property. Amenities come in many forms: arranging for dry cleaning pickup or Uber rides, free grocery delivery, or included utilities.
Another much-loved amenity is a mini gym or workout area. Many apartments or condo dwellers don’t have their own workout equipment because they don’t have space for it. Consider turning a spare room or small walled-off area into a small gym. Add a few pieces of equipment and arrange for general contractors in Memphis to renovate the area to serve as a workout area. It doesn’t take the most expensive equipment to entice fitness-minded individuals looking to rent.
Going green is the buzzword of the moment, but a sustainable building is a long-lasting benefit that attracts new tenants and can save you (and them) money on utility bills. Plus, you’ll be doing your part in protecting the environment.
Some ideas for creating a more sustainable dwelling are:
Many of these ideas take very little renovation time and are easy to implement. Your tenants will appreciate your commitment to sustainability.
Adding a few convenient details to your multi-family home will increase the value of your property and will also bring you tenants looking for more luxury living where they work and live.
When you’re ready to start enhancing your property, call the experts at Construction Inc. Our team of professional Memphis commercial siding contractors and other commercial contractors will help you figure out what you need to do for maximum impact. Contact us to learn how we can help you serve your community through exceptional contracting work.
Trusted Commercial & Multifamily Contractors since 1999.
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