Renovations
Value-added operators typically zero in on upgrading the interior and exterior of the units to get back in line with improvements of similar properties in the immediate area. These renovations enable rent expansion as more desirable living current residents to move into newer units as they are updated. The focus is on modernizing kitchens, baths, flooring, and plumbing fixtures. Freshening up landscaping, exterior painting, new signage, and awnings can make a huge difference.
High Occupancy
Push rents closer to market, especially if you are consistently close to full occupancy and the leasing office gets tons of calls when there is a vacancy.
Fees and Deposits
Compare standard fees and deposits with the competition and ensure you are not falling behind. Guarantee that the current property management team is enforcing and collecting these.
Onsite Laundry
Review pricing and make sure it is enough to cover equipment and maintenance costs. See if outsourcing and revenue share could make sense.
Add Amenities
Is there an opportunity to add additional amenities and get residents to pay for them? You may want to tour competing properties for some creative ideas.
Review opportunities to install washer / dryers in each unit which are in demand and let you charge more rent.
Utility Reimburse
Make sure you are taking advantage of the RUBS (Ratio Utility Billing System) so that residents are paying their fair share of water and sewer costs. By doing this, it reduces owner costs and further provides incentives for residents to conserve.
Pet Rent
It is common to take a pet deposit, but you could explore simply adding an extra cost to the rent for having a pet since they do a lot of wear and tear.
Parking
You could charge for reserve spots or add covered parking and charge an additional monthly fee. Premium locations close to the resident's door could command higher prices as well. We have a property in Dallas that we have added parking, charged $ 25 on 200 units (320 unit apt) and added $ 60K / year in revenue and $ 1M in FMV.
