The Amenities Your Multifamily Property Needs In 2021

Are you interested in earning better ROI from your multifamily property in 2021? If so, adding amenities to your property is one of the best ways to justify a higher rent rate.

In this article, we will share with you the top multifamily amenities that you should consider adding to your property next year.

High-End Appliances

Even though amenities like swimming pools, outdoor dog parks, tennis courts, gyms, and onsite laundry, will always be amenities that are in demand among renters, the reality is that renter preferences are changing.

Today’s multifamily unit renter wants to have ‘high end’ appliances in their rental units like smart thermostats, touchscreen refrigerators, and wi-fi connected lighting as well.

In the building, renters also want to know that their packages are being delivered safely and securely.

This is why landlords should consider adding Amazon storage lockers so that their tenants can have peace of mind in knowing that should they need to have packages delivered, their packages will be safe and secure until they return home.

Having storage lockers, or a policy for package delivery, is essential for multifamily properties especially considering that more people order online, or have subscription orders that are delivered monthly.

As we enter a post-COVID-19 world, it’s also important to know that renters are going to want apartment amenities that enable them to enjoy time outside like hiking and biking trails, that enable tenants to exercise while social distancing as well.

Renters Will Expect Technology

One of the key things that every landlord should expect from renters in 2021 is that they must be ready for renters to expect technology from the landlord from their very first point of contact with them.

Due to the changes that landlords have had to make during Covid-19, renters will expect landlords to offer them options like self-tour technology using Rently.com (or similar services), DocuSign, online bill pay, and more.

Even though services like Rently.com were once seen as a convenience to landlords, they have become a necessity, as tenants have grown accustomed to being independent and having contactless experiences with their landlords.

Contact GoldenWest Management

At GoldenWest Management, we specialize in property management for San Diego, Phoenix, and Las Vegas.

Owning multifamily properties is a great way to build wealth while generating cashflow but they can also take a lot of time to manage.

If you’re currently managing your multifamily property yourself, or are interested in hiring a new property manager, we would like the opportunity to talk with you more about our services!

To learn more about the services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.

What Are The Risks That Can Come With Investing In Multifamily Rental Properties?

Are you planning on investing in multifamily rental properties in San Diego, Phoenix, or Las Vegas? If so, you’re making a smart choice!

As with any investment, there are potential risks involved which can possibly affect your real estate investment, this is why in this article we will share with you several of the risks that you should be aware of when investing in multifamily rental properties.

The Economy And Multifamily Rental Properties

In 2019, Multi-family rental properties continue to be the investment of choice for many Real Estate Investors across the United States, including famed investor Grant Cardone because, as he once said “more doors equals more income”.

Sadly, for investors who don’t have millions of dollars in capital to work with like Cardone, another economic downturn like what we saw in 2008 could adversely affect their multi-family rental property income.

Right now, the economy in the United States can be considered to be quite stable, if not even robust, but if the economy goes upside down as it did in 2008, massive job losses in California or other states could make it impossible for some tenants to pay their rents and cause them to look elsewhere for work.

When there are fewer jobs in an area than before, lack of jobs will also naturally make it more difficult for some owners to fill their apartments, condos, or town homes and they may have to accept lower rents if they want to fill those vacancies.

Investors Must Know What “Stage” The Real Estate Market Is In Before Buying Multifamily

In the real estate markets of Southern California, Phoenix, and Nevada, it’s not been uncommon over the years for Real Estate to be affected by peaks and valleys in the market. We saw this happen last year when mortgage interest rates increased in August of 2018 and with that increase also came a drop in buying activity.

Investors who plan on buying multi-family rental properties in California or elsewhere across the United States should be aware off the stage that the real estate market is currently in just as they don’t purchase a multi-family rental property at the wrong point in the market cycle and ultimately lose money.

Contact GoldenWest Management

Besides the risks that we’ve mentioned already in this article, some of the other potential risks that investors should be aware of include potential litigation risks, management risks, and competition from other multi-family rentals in the area where they are planning on investing in a multifamily rental property.

To protect your multi-family investment and ensure that is professionally managed contact GoldenWest Management stay by calling us (866) 545-5303 at or click here to connect with us online.

 

GoldenWest Management
Investment Property Solutions
CA LIC# 071791904