21 May Closet Upgrades Are Just As Important As Bathroom and Kitchen Upgrades
“But, it’s just a closet.”
Wrong. It is never, “just a closet”. Closet space is one of the first amenities potential residents inspect upon a walk-through. Closet space is one of the top reasons tenants either sign a lease or walk away from a property. Closet space is as important to generating revenue in your Multi-Family unit as kitchen size, number of windows, and neighborhood safety. However, for some odd reason, property managers continuously overlook one of the easiest and most marketable amenities when renovating or remodeling their Multi-Family property units.
Their loss can easily be your gain.
Here are three ways a better closet and storage system can generate huge profits for your Multi-Family apartment, townhouse, or condo units.
Better Tenants When you improve your closet system, you attract higher quality applicants. Generally speaking, having a higher quality tenant means higher rent, the more on-time payments, and fewer delinquencies.
Cleaner Apartments Well thought-out and functional storage spaces give tenants the opportunity to take better care of their apartment. Apartments that are cleaner and better cared for result in less money being spent during turn-over and faster turn-around time to replace tenants.
Happier Residents In Multi-Family property management, turn-over can make or break your business. By providing a space that is functional and beautiful, tenants are less likely to move out, reducing the number of apartment turn-overs necessary. By reducing the turnover rate by just 5%, the typical Multi-Family property owner can increase annual profits by tens of thousands of dollars.
Remember: It is never just a closet. Providing high quality and well-designed closets and storage solutions for your tenants can translate into huge profit boosts and long term success in Multi-Family property ownership.