Enhance your property’s value & performance
How to keep your multi-family properties up to date and modern
When you do, you can command higher rents and increase occupancy rates simply by being a place where people want to live, work, and play.
Maximize ROI through Strategic Interior Design
SouthPark Interiors specializes in commercial interior design for student housing and multi-family properties. We help you make a strong first impression and deliver on that impression in individual units and shared spaces.
Research suggests that with the right renovations, you can increase rental income by as much as 20%. Equally important, the satisfaction of improved living spaces boosts tenants’ overall happiness with their homes, which could mean they’re more likely to renew their leases.
As you’re completing renovations in your rental properties, consider how to infuse value from the start. We recommend considering the full package, from who your ideal tenant is to the property’s location and unique features, and then building your vision on these elements to make your space more attractive.
3 Ways to Add Value with Renovations
It’s essential to understand the market trends and value drivers specific to student housing and multi-family properties. We’ve done some of the homework for you and are sharing these three areas of focus:
1. Remodeling for Competitive Advantage
Renovations can differentiate properties from competitors—both in looks and function—provided the renovations cater to your residents’ preferences.
A better approach is to know your audience and choose the features they demand. For example, our project at Greene Crossing at the University of South Carolina took advantage of outdoor living space by adding roll-up doors in common spaces. We also included quiet study spaces, a game room, a meeting space, and a gym to cater to students’ busy and varied lifestyles.
Also consider renovations that help your on-site team run more efficiently; whether that is through renovating their office spaces, creating additional storage space, or repurposing rooms that are not currently being utilized correctly.
Some of these features might translate to a multi-family property, but overall they’re unique to college students and designed to attract this demographic. Keep your audience in mind when choosing amenities and design features to give your property a real competitive advantage.
2. Balancing Economic Factors with Renovation Strategies
Renovating a multi-unit rental property can be a costly endeavor, and not just because of materials and labor. Volatile costs of goods, supply chain disruptions, and ROI can impact renovation decisions, and contractors and property managers need to strike the right balance between their vision and what’s actually feasible.
Construction delays create a domino effect that racks up an expensive bill. You incur higher labor costs, disrupted operations, delays in receiving rent from your newly renovated units, and tenant dissatisfaction. You might face higher costs due to the need to extend rental equipment agreements. Expenses incurred by construction companies pass to the property owner, which could mean being unable to achieve your full vision due to higher costs than originally estimated.
Taking an adaptive approach to renovation strategies like we do at SouthPark Interiors ensures cost-effectiveness without compromising quality. We balance vision with realistic expectations, and an existing network of partners and vendors gives us plenty of flexibility and options to tweak a design if materials sourcing becomes an issue. Designing a vision based on your audience and current market conditions keeps projects moving forward.
3. Implementing Sustainable Renovation Practices
With design trends constantly evolving, it’s essential to focus on sustainable interior design that will prolong a property’s lifespan. This prevents you from having to constantly update your aesthetics and amenities due to them feeling outdated and rundown.
Sustainable design can also reduce long-term operational expenses, allowing you to capitalize on the full ROI of your design choices today. Rather than making major investments in new flooring, furniture, paint, and lighting every few years, you can extend the life of these elements several times over. This saves you money, reduces environmental strain, and continues to appeal to your demographic.
For example, in our Quarry Trail student housing design, we chose furniture, fixtures, and a layout that combines classic colors and materials. Elements like natural light and neutral colors never go out of style, ensuring a design that will continue to please for years to come.
Adding the Most Value with Professional Design Services
Renovations add value by building a competitive advantage, balancing economic factors, and implementing sustainable practices. It’s not about renovating for the sake of renovating, but truly improving daily life at your properties so you can become a place people want to live.
SouthPark Interiors takes a practical approach to marrying renovations with design, treating the final touches as a priority, not an afterthought. Explore our interior design solutions so you can reap the full benefits of your rental renovations and optimize your properties for maximum ROI.