Magazine article Journal of Property Management

4 Things Multifamily Owners Should Consider before Starting Major Renovations

Magazine article Journal of Property Management

4 Things Multifamily Owners Should Consider before Starting Major Renovations

Article excerpt

MULTIFAMILY EXECUTIVE, 09/23/15, ELLER

Renovations create nicer apartment buildings, better community amenities and generally more comfortable living spaces for residents. However, the road to get there is often full of obstacles. From a resident's perspective, renovations often mean such unwanted or unexpected inconveniences as loud noises, construction debris and even a temporary loss of access to amenities. They often result in higher rental rates, too. But major renovations do ultimately benefit residents by providing them with a higher-quality unit, community and overall quality of life. Communication with tenants ends up being critical during the often chaotic transition period.

Owners and operators looking to keep their occupied properties running smoothly during major renovations are urged to do four things before the first hammer is lifted. …

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