5 Multifamily Housing Improvement Trends in 2016
When planning to renovate multifamily properties, owners are often overwhelmed by an array of questions related to renovation ideas, budget, returns, and the overall value-addition to expect from the investment. That is the reason it is always advisable for owners to be aware of the latest trends in the multifamily housing industry, to ensure their renovation investment pays off to the fullest. In this context, here are five renovation trends prominent in the multifamily housing industry. Let’s take a look.
1. Designer Tiles
Traditional pale white tiles do nothing more than reminding one of eerily long hospital corridors. It is, therefore, advisable for property owners to break the monotony of white tiles, by choosing designer and decorative tiles for their multifamily properties. Symbolizing elegance and luxury, designer titles are available in various types. You may choose ‘herringbone and chevron’ pattern tiles – an age-old pattern, now available with enlivening and modern twists. Another popular option is Mosaic tiles. Preferred by millennials and baby boomers alike, mosaic tiles are known to have a sophisticated style that is sure to add to the appeal of any space.
2. Modular Kitchens
Open Modular Kitchens have become the order of the day as they help the occupants of a property to fully utilize the space. Current kitchen trends include open plan kitchens without any demarcation between the living and kitchen areas. You can find modular kitchens in several options, such as U-shape, L-shape, straight, island, and parallel. Among others, circular work and central islands customized into several layers have gained tremendous popularity. Options such as freestanding island kitchens integrate extra storage space are also popular in the multifamily housing industry.
3. Spa-Inspired Bathrooms
Bathrooms are fast turning into a place for relaxation, outgrowing their traditional purpose of personal hygiene and sanitation. That’s the reason why many multifamily property owners draw inspirations from spas and luxury hotels, transforming the bathrooms of their multifamily property into a space where tenants can not only do their job, but are also able to relish a spa-like experience. Some of the essentials of a spa-style bathroom are designer showers, freestanding bathtubs, wet room glass panels, stylish furniture, premium toiletries, high-quality towels, and mood lighting.
4. Technological Enablements
Tech aids represent another key area of focus when it comes to rental property renovations. Stakeholders need to ensure that their property is equipped with all the technological marvels required to attract today’s increasingly discerning tenants. Though the expectations of prospective tenants vary, in most cases, people expect all the basics, such as smart locks, video doorbell, self-programming thermostats, smart lighting, smart TVs and high-speed WiFi. If your property lacks any of these, you can hire a commercial renovator.
5. Attic Bedrooms
Adding attic bedrooms notably increases the overall value of the property, and also makes a similar improvement in the overall rental income. Large families demand properties with more number of bedrooms than usually available in rental properties, and are even ready to pay extra for the additional space. Though such renovation projects may be cost intensive, the investment is always worthwhile, as the property is sure to generate significant returns in the long run.
Keeping an eye on various renovation trends helps you get fresh ideas to prepare your multifamily property for today’s tenants and optimize your rental income. Considering the fact that most renters look beyond affordability, it is important for owners to ensure that their property has all that’s required for a comfort living. The success of the investment, however, also depends on the competence of the contractor you hire and how effectively they channel your funds. To learn more about your renovation options, simply fill out our contact form, and one of our representatives will get back to you, shortly.