Updating a Rental Property: 5 Valuable Upgrades For Shared Spaces
Posted by Justin Havre on Tuesday, March 14th, 2023 at 11:10am.
Upgrading common spaces can be an effective way to boost your investment property's value and maximize the satisfaction of tenants and property managers. Based on recent stats, the home improvement market is worth more than half a billion dollars, and 60.4 million American households are now using smart home devices. Whether you're a newly becoming a landlord or you're a seasoned pro, these five common-space upgrades will increase tenant comfort and boost the value of your investment.
Try a Fresh Coat of Paint
Giving your common space a fresh coat of paint can add life to a room and create an energizing atmosphere. Prioritize paint in lobby spaces and hallways, as these are often the first places a potential new tenant will see on your property.
Whether you're painting the walls, ceiling, or other elements in the space, the essential factors you should consider are color, sheen, and durability. Be sure to choose a color that complements the current furniture and decor. Bold colors can help create impactful visual statements, while lighter shades are ideal if you are trying to create a calming atmosphere.
Depending on where you're painting, you may need to choose between matte or glossy finishes. The former is better for hiding imperfections, while the latter enhances light exposure. Additionally, consider choosing durable paints that will withstand frequent cleaning or activity.
Update Your Tech Devices
Updating your common space's tech devices can help keep up with the growing demand for smart homes. Consider investing in a high-speed internet connection, high-resolution video conferencing, and even interactive displays to help tenants get the information they need quickly and efficiently. For study rooms or lounge areas, consider upgrading TVs and computer systems to give your residents a modern and streamlined experience.
Adding an automation system can help tenants control lights, blinds, and other devices from their smartphones. This is especially helpful for common areas with a lot of traffic, as it can help increase energy efficiency.
Upgrade Your Entry Systems
Upgrading a property's entry systems can be an effective way to increase security and convenience. A fob entry system is an excellent option for facilities that require control over who has access to common areas. They are typically composed of a small electronic device, referred to as a fob, as well as a door-locking mechanism.
Generally, the user carries the fob with them. It contains an embedded radio frequency identification (RFID) chip or other technology that transmits an encrypted signal when waved in front of the reader at the doorway. The receiver deciphers the signal and allows access based on whether or not the user is authorized.
Installing a fob entry system requires careful consideration of factors such as cost, installation type, and compatibility with existing locks and readers. Other things to take into account are scalability for future expansion, power requirements for both the reader and lock, indoor/outdoor use cases, and overall security features such as audit capabilities.
Add New Decor & Furniture
Creating an aesthetically-pleasing space that residents actually enjoy using is key. Upgraded decor choices and new, fresh furniture can help retain current tenants and attract new ones. When deciding on the decor, consider incorporating design elements that residents can connect to and reflect the property's culture. For instance, you could hang works of art from local artists or photographs of popular nearby attractions.
As for the furniture, consider investing in pieces with multi-functionality. For example, a coffee table with storage compartments can also be used as additional seating. Additionally, look for pieces made from durable materials such as metal or wood. This will help ensure your furniture lasts for years, providing a great return on investment.
Finally, try to include plenty of seating options and enough space for multiple people. This will help create an inviting atmosphere that encourages tenants to stay and socialize in the common area.
Introduce Common Space Reservation Management
For common rooms such as party spaces or study rooms that need to be reserved ahead of time, try implementing a computerized reservation management system that can easily track reservations and space use. This makes the process easier for tenants and easier to manage on the property manager's side. Such systems make it simple for tenants to book a room in advance, saving them time and hassle. In addition, property managers can set limits on how many people can book a room at once and enforce house rules such as no smoking or loud music. Such a system can also be used to generate reports on usage, which can be helpful for budgeting and forecasting.
Which Upgrades Are Best For Your Investment Property?
In conclusion, there are many ways to upgrade a property's common areas, from adding automation systems to installing new entry systems to introducing common space reservation management to updating decor and furniture. By taking the time to make these improvements, property owners can make smarter real estate investments by creating inviting spaces that their tenants will love.