There’s no question that the economic recession has taken a toll on the multi-family housing industry. While many owners continue to shy away from new construction, Minnesota’s Star Tribune explains that as the market for apartment rentals steadily improves, many Minneapolis multi-family property owners have embarked on renovation projects to make their existing apartments more appealing to residents.
In recent years, Minneapolis has risen to the top of both Kiplinger’s and CNN “best places to live” lists, prompting property owners to take the steps necessary help their properties attract the large amount of potential tenants moving into the city. Property owners in Minnesota believe that it is more financially feasible to begin renovation construction at this point in the recession, rather than build entirely new complexes. The upgrades in Minneapolis complexes range from updating windows, kitchen cabinets, and appliances, to replacing roofs and drywall.
Energy efficiency is also on the minds of Minneapolis property owners. They believe that now is the perfect time to adopt money-saving energy efficient technologies, since so many tenants view renting as a smart decision in today’s economy. In fact, a recent study by the National Apartment Associate shows that over 60% of renters polled plan to continue renting units for at least for the next year.
Property owners across the nation have taken the same approach to investing in energy efficient technologies for their current properties. Is your organization looking to gain a competitive edge in the today’s market? Consider contacting WaterWatch Corporation for a free property audit to find out how our services can have a positive impact on your wallet and the environment.