These 10 simple opportunities to add value to your multi-family investment are creative, require little to no capital or effort to implement, and can be added to most apartment communities. Add a few, or even all, of these ideas to increase the property value and allow the community to stand out against its competitors.

10 Simple Opportunities:

Add Washer and Dryer: Install washer and dryer units into all or a select number of units and charge a monthly premium. Another option is to create a laundry room and install coin-operated washers and dryers.

Stainless Steel Appliances: If the units have dated or black/white appliances, such as refrigerators, dishwashers, microwaves and/or stoves, upgrade to new stainless-steel appliances and charge a rental premium.

Appliance Upgrade Packages: For units that already have newer or nicer appliances, charge a rental premium.

Ratio Utility Billing System (RUBS): Implement a RUBS program, which bills back a portion of the water, sewer, trash, electric, and/or gas expenses to the residents.

Parking: Rather than implementing the more advanced parking upgrades, charge a monthly or yearly fee for a guaranteed or premium-location parking spot.

Pet Fees: Charge a one-time deposit or monthly fee for residents with pets. This strategy of increasing the value of apartment buildings is best for communities that already allow pets but do not collect a fee.

Location/View Premiums: Each unit has its own unique view and location, with some being better than others. For units with better locations and views, charge a rental premium. Examples are first floor units, units near the front of the community or amenities, units with a view of a body of water or fountains, units with better surrounding greenery, etc.

Bike Rack Rental: Depending on the market and resident demographic, install bike racks and rent them out for a monthly fee. Bike racks are best when the resident demographics are Millennial or Gen X.

Clubhouse Rental: For large communities that have a clubhouse, offer to rent it to residents for special events at a flat fee.

Upgrading Property Management Software: Use the latest and greatest property management software to accurately calculate the market rents to ensure you are charging the correct rental rates.

Bonus idea:

Short-Term Leases: Depending on the market, offer short-term leases or offer furnished units and list them on services like Airbnb or work with a corporate housing provider.