The commercial property remodeling industry has grown nearly 12% between 2012 and 2017 and industry experts project this growth to continue for the next several years. This could be due to the growth of the rental property industry as the populations of big cities continue to rise.
The concerns of Orange County renters bounce between space, style, and efficiency. Multi-family homes are, by nature, condensed and short on space. They’re also quite restricted to style and versatility.
Many rental property owners are cracking the code to providing consumers with the most opportunity with smallest amount of space possible. One little known solution to the apartment living debacle, though growing in popularity, is installing sliding walls in bedrooms and bathrooms. Transparent and lightweight sliding walls make a trendy addition to a living space and can easily divide a single bedroom into two, or one master bathroom into a double bathroom, the possibilities are truly endless. Renters enjoy the versatility and rental property owners enjoy taking advantage of the space saving technology. Sliding walls can be installed into residential properties but have long been used to divide commercial and office spaces as well. Less is more.
Another big part of keeping renters satisfied is maintaining your property and staying up to date with the property’s exterior. This means keeping the outdoor aesthetic stylish and unique, providing some degree of indoor outdoor living (hammocks, barbecue grills, landscaping), and giving tenants a sense of pride in where they live. It’s quite a big deal for landlords to replace and upgrade doors and windows on a regular basis.
Entry doors and heavily used doors, such as shared doors in common areas or laundry rooms, should be replaced every 10-15 years. Door thresholds should also be replaced and resealed to guarantee proper insulation. Seek advice from a professional for your front door installation. Vinyl windows that don’t pass city inspection or are otherwise inefficient energy-wise should be upgraded. Even if your property’s windows pass city inspection, they may not be properly insulating the rooms. This will be reflected on your tenant’s energy bills.