Recently a friend of ours rented a one bedroom apartment in Oakland. The 1960s apartment complex is located in a good neighborhood, near shops and public transportation. It has some nice original features and a pool, which considering the beautiful weather this past weekend is a great amenity. The apartment itself could be incredible. It has built-in open shelving from the 1960s which gives it more character, but the rest of the apartment is in serious need of upgrades.
The pale pink bathroom, the outdated kitchen cabinets and appliances, and the linoleum flooring in the kitchen would be first to go if the apartment wasn't a rental property. Increase in rent and the overall value of the building would be the main incentives behind any renovation. We can also see why landlords don't remodel as often as they should. The fear of renters damaging their property, the overall ware on the apartment, and the loss on their investment are main factors in never renovating, as long as the apartment is rentable. If a building is pet-friendly the risks are even higher. Many will charge extra in rent for allowing pets. Typically a rental property goes through a major overhaul when it is up for sale.
If you are a landlord what would you feel inclined to renovate and replace in your building? As a renter what are the main features that you would like to see updated in your apartment? Please comment below...
Good Quotes: Maxwell's Rental Advice
(Image: Similar Bathroom from the Apartment Therapy post - Survey: Focusing on the Hidden Potential?)