Now is a perfect time to commence capital improvements on multifamily product and push rents. But residents want to know what bang they're getting for their extra buck. FirstService Residential Realty's Shailene Smith gave us the lowdown on some amenities tenants are asking for. For one, suburban owners and developers are starting to add private, fenced yards to units, which can be as quick as a three-year payback (based on how much you can raise rents... or allow high-stakes gambling on subsequent kickball games).
Carpets are also a thing of the past. More owners are going the route of faux wood floors because they not only pull in higher rents, but also lower turnover expenses. (Who likes replacing spoiled carpet anyway?) And taking a page from student housing, more owners are also giving tenants free telecommunications--whether phone, cable, or Internet service--and building them into the rent. Shailene tells us it creates an all-inclusive experience similar to student housing that makes residents really feel like they're getting value.
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