Chipping paint, sticky doors, and stained carpet are clear indications your units need a facelift. But aside from the visible signs, there are more subtle signals that your facility could use a little TLC.
Long-term renters are turning in their keys
If long-term tenants moving out is becoming a common occurrence, it’s critical to find out why. There are plenty of reasons folks might move out, like relocating for a job or purchasing a home. However, if you have hoards of long-term renters leaving, it’s worth exploring if dissatisfaction with the condition of your facility is the reason why.
Always ask a departing renter’s reason for leaving. People answering with, “I found another apartment close by” or dodging the question altogether is a major red flag. Take the opportunity to gather more feedback. Ask what updates you could make to enhance the living conditions at your facility. Then, use their advice as a guide for making improvements.
Energy bills are climbing
High energy bills are always an unwelcome surprise, especially if your facility is in a location with extreme weather conditions. But if you start catching wind that residents are paying higher-than-normal energy bills on a regular basis, making your facility more energy-efficient could help alleviate the pain.
Aging windows are a common source of energy inefficiencies, so if your windows are over 20 years old, consider replacing them. Old appliances can also be an energy suck and warrant replacing if they’re between 8 and 15 years old (depending on the appliance). You could also invest in smart home technology like thermostats or lighting that will increase the energy efficiency of your units.
Potential renters aren’t signing leases
Do you have plenty of people coming to tour, but not a whole lot moving in? It’s possible that your facility lacks the “wow” factor of other multifamily properties in your area.
Identify why people might be hesitant to sign a lease by doing some research on comparable properties in the area. For example, if your biggest competition offers amenities like smart lockers for package deliveries, free fitness classes, and dog washing stations all at a comparable rate, you’ve likely stumbled upon why folks might be opting for different properties. Make updates to match or surpass the appeal your biggest competition has, and you’ll be busy drawing up new leases in no time.
Package lockers are a multifamily update that everyone can enjoy. Contact us to learn more.