In our last post, Phyllis shared her insight on a commonly asked question about multi-family renovations: “How much will it cost?” Once the design team has a clear understanding of the project restrictions & goals, they can begin to move forward with planning. Here’s more insight from Phyllis on other commonly asked questions about multi-family renovations.
Due to social media, generational shifts, and market competition, we have found that design trends are rapidly accelerating. In the past, most owners would contemplate a repositioning when the property or previous renovation was 10 to 12 years old. Today’s resident and prospect shop the competition, are extremely informed, and expect the very best for their money. Those properties that are beginning to show wear and suffer from an amenity shortage will most likely see a resident exodus and may have to drop rent pricing to compete. Today’s modern resident wants lifestyle. As units get smaller, great amenities have become critical. They serve as an extension to the resident’s living space. Buildings that opened 5+ years ago are already behind in the trends. These buildings can be updated by transforming every available space to a resident amenity. Lobbies that were previously designed for visual impact can be turned into a socially active amenity by adding the right kind of furniture and creating intimate seating for groups and singles alike. Adding plug-and-play areas and communal tables will turn a dead lobby into a space with a great, active vibe. In today’s rental market, we recommend an evaluation of the common areas after 3 to 4 years. If the design has a timeless appeal, a simple refresh (ie: pillows, accessories, art) may be all that is required. At 6 years, it will most likely be time to deeply evaluate the market trends, the competition, resident expectations, and condition of the finishes.
March through October is the prime leasing season. To avoid disruption during this time, it is ideal to plan the construction start for the end of October and complete by March or April of the following year.
Whether simple or comprehensive, any kind of refresh or renovation takes time. Every client wants to spend their renovation dollars wisely, so it is important to allow time for the design team to program, design, vet, and budget the renovation. If permits are required, additional time should be allotted. Even a furniture refresh takes time to plan, and in today’s furniture world, it could take from 12 to 16 weeks to procure. For example, HDG designed a renovation at the first floor of Gables Dupont Circle Apartments in Washington, DC. Even though the space was a mere 1,500 square feet, the planning, vetting, budgeting, coordination, permit drawings and construction all took one full year.
POSTED ON JULY 20, 2015