Turnovers are a fact of life in the apartment management industry. While no property manager wants to see units sit vacant, they do provide an opportunity to complete apartment turnover projects that can help increase rents. Instead of quickly signing a tenant to a new lease, property managers should explore how these apartment turnover projects could impact rents.
Apply Fresh Paint
While repainting units can be costly, it is a great way to make an older unit feel new again. This is more important for units where a long term tenant is leaving, because the unit likely has not been painted since their lease started. Find a reliable apartment painter who will provide set pricing. This makes it easy to budget for apartment turnover painting. A freshly painted apartment will show been than an older unit, so there is also the possibility of a repaint allowing for increased rent.
Deep Clean or Replace Carpets
Dirty or stained carpets are one of the first things prospective tenants will notice. While repainting units is optional, cleaning the carpets is borderline mandatory. This is especially true if the previous tenants had pets. Property managers should use pet deposits to cover these costs.
Most apartments are built with builder grade carpet that will only last 1 to 5 years under heavy traffic. Apartments with builder grade carpet should explore replacing them after their useful life. Again, this will improve the first impression of a unit and hopefully allow for a rent increase to cover the investment.
Install Recessed Lighting
Recessed lighting, versus dated track lighting or old fixtures, can help make older units feel more modern. This is another aesthetic upgrade that can help increase rents on turnover. Property managers without the budget to install recessed lighting can look at fixture upgrades. Converting old shiny gold fixtures to brushed bronze or nickel will also increase a units appeal to prospective tenants. Properties who cover utilities in the rent would also be wise to retrofit fixtures to LED if they are replacing fixtures.
Upgrade In-Unit Appliances
While 53% of renters want in-unit laundry, just 13% of properties are supplying it based on recent data from Rentonomics. Surprisingly, this makes it the most in demand amenity that properties are failing to provide. As a result, property managers should explore installing in-unit laundry, as it clearly has broad appeal.
Stainless steel appliances are another proven way to wow prospective tenants. While appliance upgrades are expensive, there are ways property managers can save money on them. Instead of buying brand new appliances, property managers can buy refurbished equipment with 3 year warranties from retailers like Best Buy.
Copied from Property Manager Insider: https://propertymanagerinsider.com/increase-rents-with-apartment-turnover-projects/