Older or distressed apartments and other aging multifamily dwellings require redevelopment from time to time. As developers, such as Steven Taylor, an experienced landlord who has redeveloped multi-unit distressed properties in the Los Angeles area, have learned, there are a few innovative solutions to some of the oldest development issues.
Say good-bye to that green linoleum flooring and introduce an eco-friendly bamboo floor. Today’s renters have different expectations when it comes to the little luxuries that make an apartment home. For example, rather than offering multiple telephone jacks, you might put in some charging stations. During redevelopment, take the opportunity to update amenities, so they reflect what modern renters prefer.
Of course, top locations will always be the best place to find lucrative real estate investments. However, it can be difficult to come up with your down payments. Look a bit outside of the big cities for multifamily dwellings in the suburbs for a variety of realty options. Many of today’s residents would rather rent than own, especially during retirement. Apartment dwellings for retired grandparents do well when situated within convenient distance to grandchildren and active retirement lifestyle options.
Onsite Parking and Alternative Transportation
Whether the distressed property is in the middle of the city or at the very edges of the suburbs, renters want access to reliable, safe parking or easy access to affordable transportation. As you work through redevelopment plans, consider including a place for ride service providers to pull through without taking up a parking spot.
Landlords and Customer Service
Whether they are buying new technology or looking for a place to live, millennials aren’t quiet when they don’t like the service. If apartment repairs are overlooked, modern renters are likely to post complaints on social media and generate negative responses quickly. On the other hand, if the Landlord offers prompt, personal, and clear customer service, they are likely to share that news as well.
What are some of the top issues you’ve faced as a redeveloper? Do you have tips to share with other real estate investors and entrepreneurs?