One way to increase rents is to add amenities. The beauty of owning multi-family property is that very small changes in revenue can lead to relatively large changes in the property’s value.
If you’re buying in a 6% cap rate market, then every $10 increase in rent per unit each month adds roughly $2000 to the value of your building. Plus you get that $120 in your pocket.
Amenities also literally improve the value of your building. You don’t need to know much math to figure that out.
Lastly, it’s easier to attract and retain quality tenants if your apartments have desirable amenities.
Here are some amenities that can add value to your properties:
On-site laundry, or on-site laundry hookups
Secure package delivery (for Amazon deliveries)
Provide private or common outdoor space