Responsible commercial property owners need to continue upgrading their units if they desire to benefit from regular rent increases. They need to spend on renovations that add great value to their commercial property without breaking the bank. Some owners spend too much on renovating kitchens and flooring that don’t justify an increase in rental rates. Below are suggested upgrades that today’s renters in South Florida consider top value.
For several years now, buyers and renters of homes have become more sensitive to the outdoor space available in a condominium or apartment property. One of the most overlooked types of outdoor spaces is the rooftop. There are many ways to upgrade rooftops such as incorporating sustainable gardens and vegetation that also function as insulation. Creating entertainment and lounging areas on rooftops that showcase chic outdoor furniture is also a great upgrade that justifies the higher price tag. Today’s renters are willing to rent smaller dwelling spaces if the shared outdoor spaces are functional and aesthetically attractive.
Recent studies have found that adding laundry facilities to a commercial property boosts rental rates up by $50 to $300 per month. If you don’t have any available budget to purchase and maintain washers and dryers, consider creating a community laundry space your renters can share. Provide dryer hooks and other paraphernalia that make laundry less stressful for them.
There has been a move towards healthier living in the past years. It is not surprising to know that a community gym is one of the most highly-demanded amenities in commercial property. Commercial fitness equipment may be expensive, but providing this amenity to your renters justifies a higher rent.
Nowadays, no one can survive a day without internet. It is no longer considered a luxury, but a basic necessity. In America, as much as 60% of the population either work from home or work remotely. This number is expected to rise in the next few years. If you provide community WiFi in your commercial property, people are more likely to choose your property over others that don’t.
Believe it or not, door improvements can deliver good return-on-investment options for commercial property investors. Simple upgrades such as painting it another color, replacing hardware, or installing smart locks can add great value in the eyes of your potential renter.
Kitchen and bathroom upgrades
If there are two spaces most frequently used in a home, it’s the kitchen and the bathroom. Kitchen upgrades that commercial property renters consider top value include granite counter tops, tiled kitchen walls, and ample storage spaces. For bathrooms, consider upgrading the vanity and flooring. Keep high quality and style in mind when renovating and designing your bathrooms. Today’s renters are very particular when it comes to bathrooms.
There are numerous ways to upgrade your commercial property in order to generate higher rental income. Remember that in today’s world, both function and style are very important factors to consider when renovating commercial dwelling spaces. As a wise real estate investor, you must maximize your earning potential from each property you own by adding amenities that boost the value of your commercial property.