Apartment communities are going all out to convert prospects into renters. From concierge services, to "smart" technology, to new kitchen and laundry room appliances, successful property managers are always looking for ways to attract and retain residents and increase revenue.
While any amenity has the potential to add value, research indicates that residents appreciate having new appliances in their units and are often willing to pay a premium for it. According to National Apartment Association (NAA) research, impact on rent increases were nearly equally divided among energy-efficient appliances, high-end kitchen appliances, and in-unit washers and dryers. Usually costing less than kitchen appliances, washers and dryers offer the greatest return on investment.
Out With The Old, In With The New
Let's face it. Old, inefficient, and mismatched appliances will not help you attract residents nor get top dollar for your units. Installing new kitchen appliances like refrigerators, dishwashers, ranges, and microwaves will provide more bang for your buck in the long term. Scott Wickman, Regional Vice President of Western National notes that most "apartment owners can fetch rent increases of up to $75 to $100 with basic kitchen improvements such as new appliances, countertops, and paint."
Fewer Maintenance Calls
Updating appliances also helps reduce maintenance calls. Even if existing appliances work, they may not always work well. Making a temporary fix time and time again will only frustrate the resident and cost you more money in the long run through parts and labor costs and turn costs associated with a move-out situation.
The solution? Invest in a high quality, brand-name kitchen appliance suite with a matching finish and solid warranty. Stainless steel appliances are what most renters are looking for in today's apartment homes. Dependable washers and dryers can also add great value because residents enjoy the convenience of doing laundry in their own home.