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- April 1, 2025
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10 Proven Ways to Increase the Value of Your Multifamily Property
In multifamily real estate, value is largely determined by Net Operating Income (NOI)—the income a property generates after expenses but before debt service. The higher the NOI, the higher the property value, since multifamily properties are valued using a formula based on cap rates. This means that increasing revenue or reducing expenses—even by small amounts—can significantly boost the overall valuation of your property. Below are 10 practical and proven strategies syndicators and operators use to increase the value of their multifamily properties.
1. Unit Upgrades
One of the most common and effective ways to increase rents—and thus NOI—is through strategic unit renovations. When a tenant vacates, it’s an opportunity to refresh the space with modern touches such as luxury vinyl plank flooring, new appliances, upgraded lighting, or resurfaced countertops. But it’s crucial to understand which upgrades make sense for your specific property and market. What works in a Class B property in a growing suburb may not yield the same return in a Class C asset in a more price-sensitive neighborhood.
Before committing capital, operators should run a detailed ROI analysis to ensure the expected rent bump justifies the renovation costs. We walk through exactly how to evaluate and execute this kind of upgrade—along with real numbers—in our case study:
👉 How We Achieved a $300 Rent Increase – A Multifamily Unit Upgrade Case Study
2. Curb Appeal Enhancements
A clean, attractive exterior gives a strong first impression—and sometimes that impression can make or break a leasing decision. When someone visits your property, they should immediately feel, “This is a great place to live.” Even people just passing by should be drawn to how well-kept and inviting the property looks. Aesthetics matter. Fresh paint, trimmed landscaping, modern signage, and an organized, clean exterior all signal that the property is well managed.
One often-overlooked element is the parking lot. A blacktop parking lot with freshly painted lines can give the entire property a polished, professional appearance. We dramatically improved the look of one of our own properties by resurfacing the parking lot, and you can see the transformation here:
👉 Building a Better World: How We’re Improving Lives Through Real Estate
3. Community-Building Amenities
Amenities that promote social interaction can foster a sense of belonging and improve tenant retention. Installing a barbecue area, picnic tables, a small playground, or even a dog park can create an inviting environment. These additions are relatively low-cost but can significantly enhance the tenant experience, leading to higher renewal rates and longer tenancies.
4. Laundry Facilities
Laundry is a critical amenity, especially in older buildings that don’t have in-unit washers and dryers. Adding or upgrading common laundry rooms—or installing washer/dryer hookups in units where feasible—can significantly improve tenant satisfaction.
Old-school coin-operated machines are quickly becoming obsolete. Most tenants don’t want to deal with quarters anymore, and upgrading to machines that accept digital payments via app, credit card, or mobile wallet makes the experience more convenient. Even better, these upgrades can increase your laundry income, as usage tends to go up when friction is reduced.
The best part? You don’t necessarily need to invest your own capital. Companies like wash.com will often install and manage the machines at no cost to you, sharing a portion of the revenue. It’s a great way to modernize your amenity offering while boosting NOI.
We’ve done exactly this at one of our properties, turning an outdated laundry room into a clean, efficient, app-enabled service for residents. You can read about that transformation in the Laundry Revitalizing section of this blog post:
👉 Building a Better World: How We’re Improving Lives Through Real Estate
5. Storage Solutions
Offering additional storage options—like lockers, bike racks, or garage rentals—can appeal to tenants who need extra space. In densely populated areas, storage is in high demand and tenants are often willing to pay extra for the convenience. These upgrades can be implemented gradually and often provide a fast return on investment.
6. Utility Bill-Back Program (RUBS)
Implementing a Ratio Utility Billing System (RUBS) allows property owners to pass a portion of utility expenses—such as water, sewer, trash, and gas—back to tenants based on unit size, occupancy, or a fixed ratio. This is a powerful way to reduce operating costs and increase NOI without making any physical improvements to the property.
We’ve successfully implemented RUBS in multiple properties to recover utility costs that were previously cutting into our profits. It’s a straightforward strategy that can significantly improve cash flow over time.
However, it’s important to note that in California, adding utility charges is considered a rent increase. That means you’re subject to local rent control laws, which may restrict how and when you can implement RUBS. Proper notice and compliance with regulations are essential—so always consult your attorney or property manager before moving forward.
Want to know how to implement RUBS step-by-step? Check out our detailed blog post:
👉 RUBS: Ratio Utility Billing System Explained
7. Security and Lighting Upgrades
Improved security features not only make tenants feel safer—they also enhance your property’s reputation and can justify higher rents. Well-placed lighting in parking lots and walkways, security cameras, gated access, and keyless entry systems are all upgrades that contribute to peace of mind and long-term tenant retention.
We’ve installed security cameras in multiple properties, and it’s made a noticeable difference in how tenants perceive safety. In some cases, even installing decoy (fake) cameras has served as an effective deterrent—at a fraction of the cost! Combined with good lighting and signage, these small upgrades can go a long way in reducing unwanted activity and boosting your property’s appeal.
8. Internet and Tech Amenities
Tech upgrades like high-speed internet, smart thermostats, or keyless entry systems can significantly enhance the appeal of a property—especially to younger, tech-savvy tenants. Offering bulk internet deals or Wi-Fi in common areas can also create a new revenue stream. However, it’s important to assess your tenant base and market before investing heavily in these amenities. In Class C properties, where affordability is often the primary concern, these high-end upgrades may not yield proportional returns and could go underutilized. Always align amenities with tenant expectations and neighborhood demographics.
9. Rebranding and Better Marketing
Sometimes the problem isn’t the property—it’s the perception. Rebranding can breathe new life into an aging asset by giving it a fresh identity. This includes updating the name, signage, logo, and marketing materials to better reflect the target tenant base and neighborhood.
Many older multifamily properties carry outdated names that can make them feel tired or neglected. For example, an apartment complex called “Willow Glen Apartments” might sound dated or generic. A rebrand to something more modern and aspirational—like “The Willows at Glenview” or “Glen & Willow”—can instantly reposition the property and attract a different demographic. These names feel curated and boutique, aligning with the kind of image that commands higher rents and lower vacancies.
Pair the rebrand with professional photography, an updated website, a Google Business profile, and engaging social media presence, and you’ve got a full marketing refresh that makes the property stand out in a crowded market.
10. Operational Efficiencies
True operational efficiency starts with tracking everything. You can’t improve what you don’t measure. Every dollar spent—whether on repairs, utilities, maintenance, or turnover—should be recorded and categorized. And it’s not just about logging expenses; it’s about being able to analyze them across different dimensions: per unit, per building, per season, or even per vendor.
You should be staring at spreadsheets (or property management dashboards) that tell a clear story. Patterns will emerge: maybe turnover costs spike every summer, or water bills have been rising steadily. These insights can shape how and where you deploy your capital. That’s why tracking everything is one of the proven property management best practices.
Take water bills, for example. If you notice an uptick in water usage, it may be worth replacing old toilets, faucets, and shower heads with low-flow, water-efficient fixtures. We’ve made this kind of upgrade before—not only did it reduce utility expenses, but it also aligned with our goal of being environmentally conscious. It’s good for your purse and good for the planet.
Operational efficiency also includes refining leasing processes, automating rent collection, using preventive maintenance schedules, and setting up systems that minimize downtime when a unit turns over. It’s about working smarter, not just harder, and turning your property into a well-oiled machine that runs with fewer surprises and more predictability.
Final Thoughts
Increasing the value of a multifamily property isn’t just about big renovations or flashy upgrades—it’s about being intentional, data-driven, and market-aware. From unit renovations and curb appeal to RUBS implementation and deep operational tracking, each strategy contributes to a healthier Net Operating Income (NOI)—and therefore, a more valuable asset.
But not every strategy will work for every property. Understanding your tenant base, neighborhood demographics, and local regulations is key. Whether you’re upgrading laundry facilities with smart technology or rebranding an outdated apartment name, every improvement should be backed by numbers and driven by strategy.
At Old Money Capital, we don’t just talk theory—we’ve implemented these improvements across multiple properties and shared our experiences transparently through case studies and blog posts. Our goal is to create better living spaces, stronger communities, and more resilient investments.
If you’re a multifamily operator or an aspiring real estate investor looking to scale, keep exploring our blog or reach out—we’re always happy to share what’s worked (and what hasn’t) on the path to building long-term value.
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