Multifamily apartment marketing can increase property marketability and annual revenue and reduce vacancy rates. In some cases, these changes can also decrease operational costs at apartments, condos, duplexes, and other multi-residential properties.
How to Increase Multifamily Apartment Marketing Effectiveness & Revenue
1. Convert Space Into More Apartment Units
One residential community had numerous laundry facilities spread across their multifamily apartment community. The laundry rooms were large. The apartment complex consolidated the laundry rooms and were able to create three additional studio units.
As a result, existing apartment marketing was able to lease the units. The residential community increased their monthly revenue by almost $2,000. The value of the asset increased to $308,500.
Another way to add additional space and increase your apartment marketability is to convert old storage rooms into apartments. Apartment owners may let vacant units decrease in quality. Some of these empty units might be filled with supplies. It’s significantly cheaper to buy a separate storage shed for residential property than to use an empty apartment unit.
2. Provide Residential Storage Space
One apartment community had four garages that were filled with clutter and junk. The garages were emptied and fitted with locks. This new resident storage was offered as an amenity that increased apartment property attractiveness and marketability. Apartment marketing resulted in contracts that generated an additional $200 per month.
3. Short-term Leases
Short-term leases are increasingly important as the tenant market changes. They’re attractive to new tenants who have not settled down or perform temporary contract work. Most short-term leases last from three to six months. Multifamily apartment complexes can charge a premium on the rent for a short-term lease.
One residential property was able to fill the need of a tenant-base while generating additional monthly income. Short-term leases continue to increase in demand. It’s important for residential properties to adapt to the changing market.
4. Utilize Residential Amenities
Many class A apartment communities have underutilized amenities like an unused office, fitness center or clubhouse. To increase apartment marketability, a residential property can offer these available spaces for rent. This can also increase a more pleasant atmosphere in a multifamily apartment community.
5. Install Live Video Monitoring
Live surveillance not only helps determine reduce crime, it can increase property value and income. A Stealth Monitoring multifamily client had only 30% occupancy due to drug deals and crime. Crime was so bad the owner was told he couldn’t hire just one police officer to patrol the site. He would have to hire two to ensure security officer safety. Stealth installed security cameras with live video monitoring. Crime steadily decreased. Within 18 months occupancy rose to 77% and the average rent per unit increased by $100.
Stealth Monitoring is the leader in remote video surveillance in Canada and the U.S, with over 400 employees, 11 offices, and 3 live video monitoring control centers. Stealth’s proactive video monitoring watches over 17,000 IP and CCTV security cameras. Our security solutions feature advanced technology and can detect and deter crime while reducing security guard and other expenses. Our remote monitoring service can reduce or even replace security guards at a fraction of the cost. A remote surveillance operator can see suspicious activity, activate a speaker warning, and call the local police.
Please call toll-free (855) STEALTH or contact us today for more information to protect your outdoor assets. Visit the Stealth website to see real arrest videos at construction sites, multifamily apartments, shopping centers, office buildings, warehouses, auto dealerships, and other commercial real estate properties.