Creating a 2022 Multifamily Apartment Budget
From adding up your apartment community’s expenses to anticipating move-outs to analyzing market data, many factors go into creating a Multifamily budget. There are numbers to crunch and decisions to make, as well as a lingering pandemic—and it’s far-reaching effects on daily American life–to consider.
Budget season is also a time to think about investments you could make in the upcoming year that could enhance your community overall. In this post, we’ll take a look at nine things to include in your 2022 Multifamily budget. We’ve divided our recommendations into three categories: Investments in your amenities, resident retention, and tools for your staff.
Investing in Apartment Amenities
The COVID-19 pandemic caused a shift in what residents prioritize in their homes. These are areas that could boost your desirability as an apartment community, particularly for residents who spend the majority of their time at home.
Many Americans are still working from home due to the pandemic with no plans to go back to the physical workplace, so having a dedicated coworking space to give WFH folks a change of scenery would be appreciated. You’ll need office furniture, an access control system, and WiFi at minimum. You can also add extra touches like mini-fridges, free water, and a coffee maker.
Inadequate guest parking could have far-reaching effects on your residents’ lives. If having family and friends over becomes a hassle, your residents aren’t likely to stick around. By adding additional spots for guests, you’ll be showing your renters that you care about their living experience. Consider paving a section of the yard to accommodate more spots or revamping your current lot to up the capacity.
Replacing a resident is more costly than retaining one, so a smart approach to your 2022 Multifamily budget would be to invest in incentives and upgrades to help keep the residents you have. A few ideas:
- Lease renewal incentives: In order to encourage current residents to stick around, you can offer a rent discount, like one month free. Or, when sending the lease renewal paperwork to your residents, you could include a gift card as a kind gesture.
- Free apartment upgrades: Offer residents the opportunity to choose an upgrade with their lease renewal, like complementary painting or a new appliance. Upgrading to more energy-efficient appliances to help combat climate change could be another desirable incentive.
- On-demand services: Making life a bit easier for your residents might tip the scales in favor of them staying. Consider partnering with a third-party platform that allows residents to order services and deliveries, which will ultimately help them save time.
Multifamily apartment tools for your staff
This enlists the help of artificial intelligence to nurture leads and nudge prospects down the leasing funnel with the goal being a signed lease. This saves team members time and effort and allows them to focus on more strategic tasks that require a human touch.
Leasing Automation White Paper
It can be time-consuming and emotionally taxing to write responses to every review on every platform, especially if the reviews are negative. Partnering with a third party to write and post replies on your behalf would save time and effort, and it would also give your online reputation a boost.
Multifamily budget conclusion
Budget season is the ideal time for imagining what you want the year ahead to look like and laying the groundwork for making it happen. Consider which investments would help to propel your community toward greater success, and make sure not to overlook the needs of your team members. This list is a solid starting place for high-value additions that will keep your community thriving throughout the next year.