In my humble opinion, I do believe the subtle details make all the differences in retaining the best tenant base as well as great equity in one's investment. After reading other discussion posts as well as articles on this topic, there are numerous ways to increase value.
Honestly, I think the major deciding factor in most cases would be cost. How much one may have to spend and when you wish to have this expense returned.
Comfort and security are two themes to be considered when improving property. At times, I believe one must simply ask themselves, What would I want here to make me truly enjoy living here? I enjoy a motto I've heard in the past and like to apply it to my investment approach- Coming Home Never Felt This Good.
A few key improvements to be made to retain and add value to apartment buildings would be:
Security features- Depending on the budget, updating motion lights, access doors and cameras are great.
HVAC- Having efficient heating and coolings systems is a must. Items that go hand and hand with this may include, new windows, weather striping doors, ceiling fans or even maybe window units.
Curb appeal is curial in retaining a better tenant grade and adding by giving assigned parking and guess spots can create a sense of ownership as well as comfort. Depending on the exterior of the building siding, shutters, or paint might assist well.
There are many more ways to add value, but it is up to the investor/landlord to properly evaluate their property as well as their situation. Do what is best for your investment and financial situation. Investors should gauge what needs to be accomplished immediately also, what can wait until the property is cash flowing.
I think if one is increasing value, one may rightfully increase rent. However, in my opinion I think landlords should increase rents one time a year. When increasing rent amounts, be sure to do so appropriately each time avoiding a dangers cycle of multiplying steps.
Best of luck investors.
jsd
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