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Candice is a financially successful multifamily investor. The tenant occupancy in her buildings has rarely been below 90% in the last 7 years. If ever there is a vacancy, unit turnover to occupied typically is less than a month. She credits her success to efficient, fair and respectful property management, remaining current with tenant wants, needs, and must-have trends, making economically reasonable yet high quality upgrades to units and common areas, and keeping her rents slightly below market rate.
Candice enjoys creating living spaces and communities that her tenants want to be in and they call “home” instead of “apartment”. For example, in one of her properties, she renovated and repurposed the laundry room. To her tenants’ surprise, she transformed it into a beautiful and much needed remote work space. And to her tenants overwhelming appreciation, she added a new washer and dryer stacked unit in each of their apartments. After the professional installations, she provided demonstrations and handouts on how to properly use the unit. Lucky for Candice, the plumbing, electrical and space were in the perfect location for each installation.
Savvy investors have adapted their investing behavior to address the wants, needs and _______ of tenants.
_______ indicates apartments that are subject to government guidelines and parameters and are obligated to adhere to specific stipulations.
_______ refers to apartments that have been designed and built to be small in square footage.
In practice, _______ creates the ability for multifamily property owners to annually increase rent by a set small percentage.