In the never-ending pursuit to remain ahead of the competition—or at least on par with them—owners and operators are constantly considering community improvements. But with margins becoming increasingly tight in the multifamily market due to the elevated costs of materials, labor, and insurance, deciding which upgrades to implement requires a measured and highly strategic approach.
Yes, capital projects such as in-home renovations and new amenities generally help to attract and retain residents. Yet, more than ever, apartment companies must make certain that any upgrades pencil out from a value-proposition perspective.
With this in mind, several owners and operators share their thoughts about the types of capital improvements likely to prove effective in the current market—and those less likely to work—as well as their optimal processes for determining which upgrades to move forward with.
