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In the highly competitive rental market, the way a property is designed on the inside can have a large influence on attracting and retaining tenants. As renters become more selective with their needs and budget in today’s economy, the style and practicality of a space can greatly affect their decision to rent. You may not be ready or willing to completely overhaul your property’s design, but there are small updates from painting to hardware that can enhance style that can make a big difference in the eyes of a potential renter.
Influence Potential Renters with Style & Security
Enhancing Lasting First Impressions
Often, it can be tempting to go all-out with style and design on common areas that potential residents see first when touring the property. However, residents will probably be spending most of the time in their own units. To go from a decked-out lobby to a bland, outdated or decrepit unit that blends in with the rest of the market can be underwhelming or easily forgotten. Worse, it can be a potential turn-off from signing a lease. Renters don’t want to feel like you forgot to finish their living space. While you may want potential residents to see a blank slate for their own style, that doesn’t mean you can’t sprinkle in quality, stylish hardware and fixtures that enhance the overall design of the property and leave a memorable impression. Potential renters don’t just notice interior hardware and style—they want to feel safe in their homes, too. Visibly outdated access control on their front door and the property entrance may give them pause when considering their safety. There are a variety of access control solutions available that are stylish, secure, and workable in any budget.
Investing in Quality Products
Updating your property with quality fixtures is a capital investment that delivers a return. The simple improvement enables rent optimization, improved occupancy, and can reduce operating costs associated with maintenance and replacement of cheap hardware. With durable mechanical locks, innovative residential locks and comprehensive electronic access control solutions, Schlage® provides protection at critical moments–when property and personal security are at stake.
Targeting Demographics
Tailoring the design of the space can also help attract certain demographics to rent. Young professionals may be drawn to modern, sleek interiors integrated with tech, while families may place more value on child safety features and durability. Older generations may need certain fixtures that are more ADA-friendly, like door levers instead of knobs. Smart features like automated or motion-detecting lighting can also help prevent fall-related accidents. Some smart sensors can even detect falls or medical emergencies, regardless of lighting.
Cost-Effective Enhancements
When seeking affordable upgrades for your multifamily apartments, cost-effective cosmetic improvements are a great starting point. Simple enhancements such as a fresh coat of paint, modern light fixtures, and updated quality hardware can significantly enhance the overall look of your units and common areas. This includes items like doorknobs and levers, cabinet pulls, faucets, and showerheads. Door hardware fixtures are a cost-effective upgrade that can bring a touch of luxury and completely transform a space. Not only are they easy to replace with minimal time and effort, but they can also be suited with the appropriate exterior access control hardware to meet the needs of residents. Schlage locks and exit lever designs allow for residential units and common areas to match in style, whether that is contemporary, transitional, or traditional. While the lever and trim names may differ between the various series, each lever design will coordinate into one of the lever suiting styles to create seamless transitions between residential and commercial areas.
Top Trends & Takeaways to Incorporate in 2024
Although trends and design aren’t the only reason renters choose a property to call home, it can make a lasting impression in a highly competitive market with historically high rent rates. It’s important to ensure that the upgrades you choose are meaningful to residents, but don’t break the budget. Integration with smart home technologies, especially property technology, or Proptech, continues to be a huge draw for new and returning residents. According to Allegion’s 2023 Multifamily Living Trends Report, over 1 in 2 respondents would be willing to pay 1-10% more for property technology and 59% prefer properties with mobile access control.
Certain colors and styles are trending, including matte black and satin nickel or gold. Modern and sleek styles offer simplistic touches while still allowing residents to incorporate their signature style.
Schlage ®, Falcon, and Von Duprin locks and exit lever designs allow for residential and common areas to match in style, whether that is contemporary, transitional, or traditional. While the lever and trim names may differ between the various series below, you can have confidence that each lever design will coordinate into one of the lever suiting styles. To see specific recommendations for coordinating finishes and access control solutions, click here.
Some closers and accessories are offered in finishes that coordinate but may differ slightly. For more information on specific finishes offered for each product, or advice on how to coordinate your multifamily property’s hardware, contact an Allegion Multifamily expert.
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