The market for Commercial Rehabs has changed, but opportunities for creating good ROI through apartment renovations still exist.
As rents become more competitive and apartment inventory approaches its peak this year, the case for rehabilitating older properties in some markets may be strengthening.
Done right, a modest upgrade of a 20- or 30-year-old multifamily community can offer renters a lower price point than new construction. At the same time, the investment is lower and turnaround time to market much quicker.
An updated older property may not look as flashy as a brand new mid-rise, but it will be close enough to satisfy the appetite of renters who seek modern conveniences and the latest amenities. Age of property and demographics are key drivers that determine whether or not an older property is a good investment, especially in the suburban market. The idea is to spend a few thousand per unit without pricing rents out of the demographic.
Valet Works Construction specializes in both interior and exterior apartment rehabilitation. It is important for property management companies to have a trusted, well-established company, like Valet Works Construction, to turn to when repairs and restorations are needed, so the apartment unit is ready to be leased to the next occupant quickly.
Our apartment rehabilitation services include everything from cosmetic upgrades for kitchens and bathrooms, to full renovations from demo to finish. We handle it all, eliminating costly delays and finger pointing which allows us to get the job done on time and under budget. We can do from 1 unit to 90 units a month depending on the client’s needs. The two most common scenarios to reduce overall lost revenue are (a) renovating 5-15 units at a time as residents move out and (b) renovating 16-32 units per month one building at a time.
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Compare our prices and quality of work with any of our competitors and you will not be disappointed!