How to Improve the Value and Appeal of Your Apartment Complex

Apartments are booming in popularity.

In an age where minimalism is key and people want to live in big cities, it makes total sense why apartment sales and rent leases are skyrocketing.

According to the latest data, it is estimated that 27% of new buyers are looking for apartments, not houses. Knowing this, there’s no better time to be the owner of an apartment complex than right now.

Make no doubt about it, the opportunity for profit is endless. This is true whether you own an apartment complex in a thriving area or in a quieter part of the city. Providing you tick the right boxes, you’re going to attract clients.

As a helping hand, this expert guide is going to tell you how to:

Improve the value of your apartment complex
Boost curb appeal
Attract new tenants

Simply follow the tips and advice provided below to start seeing results.

Upgrade the Parking Lot

One of the most common deal-breakers when people are searching for a new apartment to move into is this: the parking lot.

You have to remember that 84% of Americans own a driver’s license. Therefore, they need somewhere safe and secure to park their cars. If your apartment complex doesn’t have a parking lot or only has a small and unsecured one, they will look elsewhere.

In order to attract more clients and get them to sign on the dotted line, the first step you need to take is upgrading your parking lot paving to concrete. Your parking lot will then be durable, safer, and always available, which is exactly what your tenants want.

Also, make sure that you charge a reasonable monthly rate for parking. This is another key factor that’s going to determine whether a large number of your potential tenants choose your apartment complex or not. Usually, most apartment owners will charge between $150 to $450 a month for parking. Because there’s a cost-of-living crisis going on, though, it’s highly recommended you steer toward the $150 to $200. Otherwise, you might find it harder to attract apartment hunters who are on a budget.

Install Security Cameras

Next, there’s the small matter of security cameras.

When your apartment complex is covered at all angles by security cameras, it makes everyone feel much safer. After all, security cameras have been proven to reduce crime rates and are a great way to deter potential break-ins and other crimes.

At a minimum, you should have security cameras outside and inside all of the entrances to your building or buildings. You should also add security cameras to the main hallways so that people feel safer when entering and leaving their apartments. Sure, it can be more expensive to cover each hallway with cameras (especially if you own a large apartment complex), but the benefit of safer and happier tenants is more than worth it.

Offer Furnished Apartments

There are two types of apartments:

Furnished apartments
Unfurnished apartments

Naturally, people prefer their apartments to be furnished due to the fact that it means they don’t have to purchase their own furniture and can also move in much quicker.

In order to protect your investment, all you’ll need to do is ask for a bigger deposit from new tenants. This way, if any damage was done to the furniture, you could cover the costs with the deposit they’ve given you.

Add a Gym

A free-to-use gym is another excellent way to attract people to your apartment complex.

These days, people care about their health more than ever. This is especially true when it comes to younger generations. Therefore, by adding a gym to your apartment complex, you’re giving yourself a major competitive advantage, as not every apartment complex offers this.

According to research by Mansion Global, 82% of people say that on-site fitness centers are important to them in apartment buildings. This is all you need to know on the subject. In 2023, you’d be crazy not to include a gym.

Add a Games Room

If you’re looking to attract younger demographics, such as college students, then adding a games room in addition to a gym is also essential.

Inside the games room should be things like pool tables, televisions, and big chairs where people can sit together in groups. Also, don’t forget to include charging ports where tenants will be able to charge their devices, such as smartphones and MacBooks.

Hire a Maintenance Engineer

Your apartment complex should have an on-site maintenance engineer who tenants can call whenever they have an issue, such as a faulty light or damaged window. When you promote your different apartments, it’s also important that your on-site maintenance engineer is marketed so that people know that any problems they have after moving in can be quickly solved (potentially on the same day the problem arises).

Create an Outdoor Space

Outdoor spaces are fast becoming a big trend in the world of apartments.

A lot of this is to do with the fact that many people now work from home. As a result, during the day, they want a nice outdoor space to relax for a little bit without having to travel far. This is where the outdoor space of your apartment complex will help.

In the outdoor space, you can include walking paths, tables and chairs, yoga spaces, and even a small playground for tenants with children.

Offer Fair Prices

One of the biggest complaints that people have about modern-day apartments is how expensive it is to buy and rent. At this moment in time, the majority of people are renting, so it’s vital you offer them fair monthly prices. It’s also a good idea to throw in incentives such as referral discounts, which is when (if someone refers a friend to move into an apartment in your complex) they’ll receive a discount.

Conclusion

Moving into the future, apartment living will continue to be a huge trend in the US and the world more broadly. You can stay ahead of the game and outperform other apartment complexes in your city by following the tips and advice you’ve just read in this guide.