How to add value to multifamily properties and apartment buildings

The multifamily housing market has seen incredible growth in the past few years. In fact, it's one of the hottest sectors in real estate right now. However, there is an increasing focus on how to generate greater profits and net operating income within the sector.

Here are two strategies for adding value to multifamily properties and apartment buildings:

Convert communal areas into chargeable workspaces

Multifamily properties often have communal areas that can be converted into chargeable workspaces. This is a great way to add value, as it provides tenants with a desirable amenity and also generates additional income from other locals.

Common areas that can be converted into workspaces include:

  • Lounge areas
  • Fitness centers
  • Conference rooms

A great example of these paid co-working spaces is WeWork. This does need investment to convert and bring to launch, and it depends on whether you have an existing facility that can be converted.

Offer short-term rentals within multifamily apartments

Short-term rentals are becoming increasingly popular, and there are no indications that demand will slow down. Many guests prefer short-term housing that provides a different experience than hotels.

Multifamily buildings are perfect for short-term rentals because they offer fully furnished apartments in desirable locations, with amenities like pools, gyms, and laundry facilities.

Property owners and investors benefit from flexibility, too. With the inclusion of short-term rentals, you create flexibility in the asset and add value to your multifamily property.

With Staykeepers, there is no upfront investment or hassle when launching short-term rentals. We take care of everything including:

  • Short-term rentals strategy
  • In-house revenue management
  • Apartment marketing on 450+ channels
  • Guest verification and communications
  • Additional operational services including apartment cleaning
Staykeepers achieve up to 80% more revenue per multifamily apartment than long-term rents. You can view client results here and get in touch with the team below.

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