Design Inspired Renovation Projects
By Cathie Daly
Design East Inc., President
The good news for the rental market is that from 2006 to 2010, according to Harvard University’s Joint Center for Housing Studies, the number of renter households increased by an average of about 692,000 per year, while the number of owner households fell by about 201,000 annually.
Today’s rental market, driven by younger prospects, is accelerating the value of interior design and architectural trends to the forefront when researching for a new apartment.
To maximize future rental momentum, the choice to plan to update your exteriors, and interior clubhouse, lobby and common area environments along with individual units with new appointments is essential. Research has proven one marketing strategy to maintain residents as well as to capture a wider range of new prospects is to properly plan and budget for future updates versus periodic maintenance.
The value of working with an experienced designer who is familiar with your target renter as well as being able to prioritize how best to pre-qualify what to renovate and make selections to bring you the best return on your investment is critical to any renovation process.
In real terms, due to the current economy, a wider range of people are trending toward rental housing versus purchasing. “Now people more than ever are choosing apartment living by choice with all of the benefits of a maintenance free lifestyle”, states Amy Kosnikowski, Principal of Quintessential Marketing and Training, “With all of the uncertainty of the financial markets and economy more people are looking for a lock-and-go solution that adds value to their life such as saving time, close proximity to their job or even a smartly designed apartment home.” An investment to renovate dated existing communities is the right decision and costs can be controlled with the right planning and the right team.
Renovate Your Approach:
#1 Design Inspired
Every community is different and each offers a variety of amenities. Brainstorming and developing new design, marketing strategies, and possibilities with an experienced industry design/construction consultant, prior to considering any renovation, can greatly impact your renovation roadmap for success!
#2 Advanced Planning
It’s worth planning ahead! In an effort to accurately establish budgets, plan ahead so you and your team can successfully navigate the critical path of any renovation project. Regardless of the level of your community, the benefit to partnering with a design consultant during the preliminary discovery process of any renovation is to understand what design concepts are relevant to capturing a wider segment of today’s prospects. Other necessary considerations are to qualify and determine what to do first based on budget and conditions of the building, qualify selections so actual costs can be determined and lastly, qualify how long the process will take before renovations can take place.
#3 Eye Catching Curb Appeal
Increasing ones market share is always challenging when funds are limited. However, improving your curb appeal can entice more prospects to visit. The majority of future renters weigh heavily on the curb appeal as a deciding factor if they will make any inquiries for further information based on what they see on the exterior.
When it comes to the latest trends in exteriors, consider updating awnings in a new updated color pallet versus replacing it with the same color. Prior to changing exterior awnings, consider repainting exterior signage with new color accents to coordinate with new awnings. Replace light fixtures with new ones in a nickel finish and eliminate any brass fixtures. Refresh the current landscaping with seasonal flowers to create more eye catching appeal, add colorful banner flags and other exterior accessories. Finally, a budget should be established for ongoing exterior updates such as annual power washing and a fresh paint update.
#4 Lobby and Common Area Updates
First impressions do count! In order to be more competitive, consider a new color pallet and theme for the lobby and common areas. Qualifying a timeless new color scheme can be challenging and an industry design specialist can help assist with specifics. Knowing how to phase the project and merge the new to coordinate with the existing is vital. Be sure to add planned future renovations, as well as updated photographs, to your website as it can greatly assist your marketing efforts.
Depending on how dated the interiors currently are will help determine how one goes about qualifying the color palette. Repainting or changing carpet is an easy fix to blend the current color theme with an up to date color palette. However, deciding to invest in new items and match a dated current color scheme is not a wise move. Understanding how to phase out the old would be more appealing to your current and future prospects.
#5 Community Center Updates
Research tells us that Generation Y prefers a more impressive club room versus paying for a larger apartment unit enabling them greater socializing potential. When designing for a future space, a significant portion of your rentals should be attributed to the investment you plan on making to your community center.
“Today’s community center trends consist of attractive exterior curb appeal with intimate outdoor spaces with a trellis and fire pit, bright fitness centers with multiple plasma screens with individual docking stations to allow for individual listening experience” states Amy Kosnikowski. Consider stylish great rooms with functional spaces such as gaming rooms with Wi-Fi to socialize or hold small business meetings with an associate, permanent smaller seating areas, a bistro or café bar, and a life style open space with large television and components. Depending on the size of the space, the centers may also offer multifunctional spaces. Some community centers include a dedicated space for up to date and welcoming rental offices and a conference room.
#6 Blueprints for the Future
Do you have a community center floor plan available? In order to properly budget and explore all possibilities for the interior and exterior renovations, a floor plan can best help in evaluating the full potential of your space.
If no floor plan is available, one can establish a preliminary budget based on the existing layout versus exploring other options such as adding new lifestyle features to the space.
Re-qualifying the overall spatial design of a community center is imperative. The space should offer future prospects and current residents activities that are more contemporary in function and design.
#7 Apartment Home Updates
The trend for units today is lifestyle-oriented with open floor plans. Some unit updates can offer an instant impact as well as years of rental retention.
Some tips include:
• Paint:
Introducing a new paint color on the walls can be a quick and inexpensive way to improve a look. Choosing the right color is key, as well as taking time to select to get the best finish. Make sure paint strokes all go the same direction, and though the higher sheen paint finish is easier to maintain, it does however show all imperfections on older walls.
• Flooring:
Minimize flooring material breaks by introducing hard surface flooring such as a light finish “wood like” vinyl flooring which gives the appearance of real wood ultimately making a space feel larger.
• Kitchens and Baths:
Current Cabinet and counter top styles can increase your rental potential by showcasing updated kitchens and baths. You may easily update a kitchen by installing new hardware on the cabinetry. To update the bath consider adding a shower in the master bath versus a tub in a two bath unit.
#8 She-Economies
Get to know your community. Look to the new majority of buyers and renters when it comes to designing, selling, and marketing. The majority is women! During the pre-renovation stage take into consideration that this target market is growing and determine how you can be better prepared. One priority is more storage versus electronics, computers, and the “man cave” which are a priority for men.
When planning for future apartment updates, remember that women are seeking a home so consider upgrading closets with shelving systems, up to date kitchens with storage, clean and sleek baths, security, fitness center, and pleasing curb appeal. Research has told us that a large number of male prospects seek the help to qualify what community to live in by seeking the advice of a female friend so consider and qualify what renovation options would be more beneficial to your community.
How do you think your community compares to your competition? Advance your community’s position by exploring all of the options and costs associated as well as determining how to maximize your proposed renovation ultimately raising your overall appeal as well as bottom line.
: Catherine Daly on Facebook!