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For young adults moving into their first apartment is not only as big as it gets, but a rite of passage. In fact, bravo! Becoming independent is a great accomplishment. As landlords and parents, we know you’ll do fine, but just in case? We hope you will forgive us for offering more advice.
In the second part of our interview, veteran asset manager Will Clark again focuses on multifamily operations and sustainability and shares his expertise and experience with a refreshing candor. His ideas and solutions are practical, profitable and based on a valuable, real world view.
Vacancy rates are up and as managers struggle to lease vacant units, the competition for prospective tenants is ferocious. Here we offer suggestions for green property maintenance, repairs and general practices that will attract and retain the uber-green tenant, a rapidly expanding class.
It is estimated that each time residential density doubles, auto ownership falls by 32% to 40% when more destinations can be reached on foot or bicycle. Of course, in a built environment de-constructing a lot is less practical than new construction. However, it is worth considering approaching your city planners with a proposal to ask for a reduction in your property’s required parking.
Free weatherization for low income renters and residents is now being offered by the government. These free upgrades can make your units more affordable. Contact your state LIHEAP office.
Parking has a value separate from a rental unit and can generate income not subject to rent control. Charging for parking helps tenants evaluate the cost of owning their vehicles and can improve profitability but should entail a separate lease.
