Renovations Done Right
Renovations may be common in today’s multifamily industry, but that doesn‘t mean they’re easy to pull off. Apartment executives are quick to point out that numerous pitfalls await owner–operators who rush headlong into the process without studiously determining the upgrades that will truly allow them to push rents and without carefully planning the on-site construction process.
“‘If you build it, they will come’ doesn’t always apply in the multifamily world, and over-renovating is a common and costly mistake,” says Don Stocks, vice president of residential operations for Bethesda, Md.–based ROSS Management Services.
To get the full scoop and the dos and don’ts of apartment renovations, read this Multifamily Executive article.