Financing a condo can take plenty of time, effort and funds. It’s only natural for the property manager behind the building to desire a high return on investment. Consider prioritizing tenant health above your regular amenities. While this goal may seem less glamorous, it can significantly improve your ROI in the long run.
Optimizing Condominiums for Tenant Health and Safety
Creating condominiums for tenant health and safety is a basic consideration. After all, most occupants want to stay where they and their well-being are secure. Unfortunately, some property managers can overlook this practical facet. They may focus more on exterior landscaping and room remodels.
There is no question that curb appeal upgrades can make renters happier. Making a beautiful home to come back to and live in at the end of the day is important. However, a safe environment is also necessary to protect your tenants' physical and mental well-being.
Why Tenant Well-Being Increases ROI
Upholding tenant health and safety can influence your condo’s ROI. A 2021 Joint Center for Housing Studies found that 43% of renter circles worry about a home’s adverse effects on their well-being. During the height of COVID-19 exposure, their concerns surrounded issues with indoor air quality, pests and mold.
The world has moved on from the pandemic, but it doesn’t mean health and safety concerns have died down. More people are highlighting the implied warranty of habitability, which requires landlords to keep properties habitable and adhere to safety standards. Under this warranty, renters have the right to hold onto rent if standards are unmet.
Without upholding tenant health and safety, you can risk forgoing your returns entirely. Focus on optimizing living spaces and making them habitable to guarantee a stable income stream.
Along with these points, good well-being can equate to better renter fulfillment. Higher tenant satisfaction is associated with growth in rental rates and overall occupancy. Residents are also more likely to renew their lease when they are content.
How to Prioritize Tenant Health and Safety
After confirming the impact of tenant health on ROI, integrate practices that make the condo a more fitting environment for occupants. These factors vary from running the building to making amenity inclusions for a security boost.
1. Improve Air Quality
Air quality is essential in condominiums, especially when there are few windows and openings for the air to circulate. Volatile organic compounds like smoke, dust, and other vapors can be a thousand levels higher indoors than outdoors. They can make tenants feel lightheaded and sick.
Combat VOCs with a working ventilation system in the apartment building. Vents promote air circulation, which can release harmful air pollutants while introducing fresh air from the great outdoors. You can also install filters and purifiers to catch these pollutants.
2. Conduct Pest Removal
Having a pet-friendly condo is different from having a pest-infested apartment. Insects like houseflies, cockroaches and rats carry bacteria and diseases. If any of these wild animals are spotted, call in removal services and address the problem.
Condo property managers can also focus on pest prevention. Check units and hallways for cracks that can serve as openings for the critters. Sealing the gaps can secure entryways. Applying repellents can also direct them away from the property.
3. Run Mold Remediation
Mold should also be removed from the living space. In addition to compromising indoor smell, the spores can trigger allergic reactions, such as sneezing and rashes. Direct tenants to alert building managers of mold’s presence.
Clear out contaminated materials after mold is disposed of. Traces of this fungus can cause it to grow even after it’s cleared. Call in an expert to clean and disinfect the affected area.
4. Properly Dispose the Trash
Removing trash can also uphold tenant health. Especially with plenty of occupants, garbage can fill up pretty quickly. Have a designated bag for each floor, separating them by biodegradables, non-biodegradables, and recyclables. Materials like lightbulbs, batteries and electronics should be sent to a specialized disposal facility to avoid pollution.
5. Uphold Cleanliness in the Hallways
Tenants are responsible for the cleanliness of their units, but the hallways and other common areas of the building are under the property managers' control. Make sure to keep these spaces as sanitized as possible. Utilize natural but effective cleaning products to avoid inviting unhealthy chemical emissions, especially in closed-off areas that trap those air pollutants.
6. Install Fire Alarms
Tenants should be alerted and prompted to evacuate in case of smoke or fire. Install smoke detectors and alarms for each unit and outside the common areas. If you have a renter with a hearing disability, consider obtaining specialized fire alarm accessories. Some devices vibrate or use flashlights to provide alerts.
7. Add Security Cameras
Security cameras are another inclusion that renters can use to feel safer in their homes. Monitor what passageway each occupant and visitor goes. The information can help you track culprits when suspicious activity arises in the building. The camera system can also deter thieves and home invaders from targeting tenants.
8. Provide Smart Home Controls
Technology should also be applied to individual units. About 37% of American renters prioritize smart home devices for their apartment features. For instance, smart temperature control can prevent tenants from getting sick from the natural weather. Digital locks offer easy access while adding a layer of security.
9. Offer Recreational Spaces
Having recreational sports facilities like an outdoor basketball court or a mini gym can encourage tenants and their families to prioritize physical fitness. You can also offer a community garden or deck. Allow residents to bask in the sunlight and enjoy the weather outdoors from time to time.
10. Screen Visitors Before Entry
It’s easy to assume that all visitors have the best intentions when they come by the building, but better safe than sorry. Take down the details of guests and who they are trying to visit. Check their temperature to minimize the risks of occupants getting sick. You can also check in with the tenant to ensure the traveler coming into the space is someone they know.
11. Run Routine Inspections
Issues can arise when you least expect it. For example, the electrical wiring may suddenly become faulty for one unit when it was running before. To prevent these inconveniences, inspect the different systems in the building. If an assessment catches a flaw, commission repairs or consider replacements
12. Help with the Insurance
Landlord’s insurance is recommended to protect the property owner and its rental units. Meanwhile, renters insurance is for tenants who want coverage for their possessions on borrowed property. Property managers can help with the application process by supplying the necessary information and sharing documents to achieve those programs.
Put Health First for High ROI
Plenty of actions can boost a condo’s ROI. Taking a health and safety-centered approach can guarantee a strong foundation for reliable returns. Apply the tips above to your units and put your tenants first.
Evelyn Long is a writer that specializes in housing market trends. She is also the founder of Renovated Magazine, where she writes essential resources for renters and homeowners. She has contributed to several other sites like National Association of Realtors and Realty Executives. Subscribe to renovated.com/subscribe for more posts by Evelyn.