If you own an apartment building and want to retain more satisfied renters, consider adding an elevator or two to your property. This upgrade will not only increase satisfaction of renters, it will also increase the functionality and property value of your building.
If your apartment building is more than two stories tall, it may behoove you to add an elevator, or even if you already have one, you may want to consider adding another or making an upgrade. Let’s go over the benefits of adding elevators to your property as a renter upgrade.
Benefits
When you add fast, efficient elevators to your apartment complex, you are increasing the convenience and satisfaction of your existing tenants. This will ensure lower rates of turnover because your tenants will enjoy living there. This leads to less hassle for finding and vetting new tenants on a frequent basis.
Not only does it make your existing tenants happy, it will also attract additional tenants to your complex who want a convenient living space. By adding this upgrade, you can also charge more monthly rent as a result. With a new elevator that’s ADA-compliant, you will also appeal to your disabled tenants who will appreciate not having to living on the first floor any longer.
Competition
A new elevator system can also serve to level the playing field in a market that’s highly competitive. In hot real estate markets such as the one we’re in now – where it’s more profitable for people to buy a home rather than rent — you will need a way to stand out amongst your competition. With more and more properties competing for fewer tenants, perks such as elevators can put you head and shoulders above the rest.
In times of economic downturns, you will find it financially easier to book a construction project at a more affordable cost. When you go to great lengths to improve your property, you will be able to attract higher-quality tenants who will go with your complex over another due to the sheer convenience of having elevator access. This is a big perk to families with small children, disabled people, and those who frequently travel with lots of luggage they don’t have to lug up and down the stairs.
Adding an elevator can also give you more ways to fill units, all while ensuring your high-quality tenants will stay with you for the convenience.
Referrals
When you make your existing tenants happy, they are more likely to refer you to their friends and family. This way, when a unit does become available, you have a lot of people going to bat for you, making it much easier to fill slots.
Contact Mowrey Elevator
If an elevator installation or upgrade sounds good to you, let us help you get started on your journey to more satisfied tenants. Call Mowrey today at 800-441-4449.