5 Ways to Increase NOI on Multi-Family Properties
The Net Operating Income (NOI) of a property can be increased by either increasing the income or decreasing the expenses. Listed below are 5 easy ways to increase the NOI by making some small and cost effective changes to your multi-family property.
Laundry is an important service that can appeal to and retain quality tenants while adding revenue to the bottom line. It is the number one added amenity and can add $40-80 per month to the rental income.
If the property has space and there is a demand for storage, certain companies can offer prefabricated and portable storage units. They range in cost and size to fit any budget and can add up to an additional $200 per month, depending on size.
Parking is becoming a luxury in many crowded neigborhoods. Renting out parking spaces at an additional fee can add another $50, or more, per month to the rental income.
First impressions count! Potential renters and buyers will judge a building’s interior as well as exterior. A modern sign, new lighting, a manicured lawn, fresh paint or new flowers and plants can help increase the value. New landscape can have a huge return on investment.
Dimmer switches that create ambient moods, tubular skylights that enhance natural lighting, and warm tone energy efficient bulbs are all great ways to increase value. Fixing broken window panes, installing light motion detectors and replacing old, dingy window screens that increase light entry are also beneficial.
Increasing the NOI of your property and improving your multi-family investment takes vision and strategy. To find out about more ways to increase value to your property, sign up up for our newsletter at BrittneyAnneProperties.com