Multifamily Construction & Renovation
Lower Tenant Turnover
Tenant occupancy is a vital metric for investors and property owners involved with multifamily construction. Their main source for return on investment income is rental payments. Maintaining high, stable occupancy leads to viable investments. Furthermore, aesthetic and practical living spaces that provide market competitive amenities can help lower tenant turnover rates. .
Dramatically Increase Competitive Stance in the Market
You can dramatically increase your stance with market competition by keeping up with building standards and providing state-of-the-art multifamily renovation. Whereas family home construction has slowed down, construction of multifamily living spaces is on the rise, especially in the larger metropolitan areas.
Substantial Increase in Rents
Rents increase proportionately with the value of living spaces. Currently, there is a considerable market for multifamily general contractors to do upgrades and renovations. By doing so, property owners can increase their rents and also stay competitive.
Multifamily construction companies can lower operating costs for their clients through sustainable building practices. Sustainable materials combined with environmentally friendly building methods minimize waste by doing the following:
- Lessening the use of toxic building materials
- Providing highly efficient HVAC systems
- Lowering the costs of electricity and water use
- Improving energy through technologies that utilize natural light, landscaping and building orientation
Property owners and tenants both benefit from these cost reductions. In addition, sustainable building designs provide clean air and an overall healthy indoor living environment for multifamily occupants. Owners are less at risk for insurance claims based on poor air quality or allegations of sick building syndrome. This trend has tended to offset insurance costs.
Increase Tax Benefits/Cost Segregation
Lower cap rate
Upgrade of Apartment Class with Modernization and Renovation
Attract Higher Quality Employees
When you upgrade the property and increase the value of your multifamily building, you can attract higher quality employees, which is an added benefit.
Are you considering a multifamily construction or renovation project?
Our staff is ready to be your partner the entire way from pre-construction to delivery.
Reach out to our ELITE Team today to get started!