There’s no doubt that multi-family buildings are an excellent investment. Why? The answer is simple: more doors!
More doors means more rent from one investment compared to owning multiple single family homes to get a similar return on investment.
If you own multi-family rental properties and are searching for ways to add value to your rentals this article will provide you with practical tips you can use to start adding more value to your rentals today.
Tip #1 – Make Your Multi-Family Property Energy Efficient
The first thing you can do to improve one or more of your Multi-Family buildings is to make your buildings more energy efficient.
Consider adding low flow toilets, water saving shower heads and energy efficient appliances like dishwashers or refrigerators.
Besides installing energy efficient appliances into your multi-family rental you should also check the seal around doors and windows in each unit to make sure they are all properly sealed and insulated especially when the cold weather arrives.
Tip #2 – Make Your Building More Tech Friendly
Since just about everyone these days uses their cell phone as their primary phone you should contact one or more of the local cell phone providers and consider adding a cell phone relay tower to the roof of your building to improve range for all tenants.
Tip #3 – Convert Unused Space
Last of all, but most important, if your multi-family rental property in has unused space you should consider converting that space into a laundry room, common area or another rental if possible.
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