For NY Apartment Owners and Operators now is the time to refresh your building
The headlines this summer were badr, rents were falling in New York City.
“....Manhattan posted a 3.1 percent drop in rent as of July, the largest year-over-year drop since the Great Recession, when rent fell almost 10 percent...median rents dropping 6 percent compared to last year. And they don’t think this drop will end anytime soon.”
StreetEasy predicted that rents would fall further, as demand for NY apartments fall and supply increases, and experts are saying this trend will continue all the way to March 2021. In the month of July, the number of leases signed was down 34% from last year.
But things change in a NY Minute
However, according to CNBC the drop in rent is bring back younger renters.
“A big drop in rental prices appears to be luring new, younger renters back to the city, even as office workers and wealthy New Yorkers remain in the suburbs and more rural resort towns. New leases in Manhattan increased 33% in October, making it the best October in 12 years, according to a report from Douglas Elliman and Miller Samue”
The Battle is On For Young Design-Savvy Renters
Not only has demand fallen for an apartment in NYC, but supply is increasing. The latest information we have shows that for the first time in more than a decade, there's no shortage of NYC places to live.
“Rental inventory in Manhattan is up a whopping 65 percent in July compared to the previous year, according to StreetEasy, and that number could increase because July and August are the highest months for lease expirations.”
So with renters starting to comeback competition is ncreasing, it's time to seriously think about updating apartment buildings to appeal to the people who remain and get ready for the post-pandemic as people begin to return to NYC.
With Upgrades, It’s all About ROI
I get it. When it comes to does aesthetic upgrades, it’s about ROI. It’s not an effective upgrade for you if it’s costly. It about maximizing return on aesthetic investment. The following collection for each category is designed to improve the aesthetics of your building and provide great light without hurting your ability to make a profit.
So let’s start at the beginning…
Make the Entry Welcoming
So many buildings make their entry less that appealing with old light fixtures that hum and buzz. They are bright in all the wrong ways and don't put light where you need it. Simple, beautiful and elegant entry lighting can be a very easy way to refresh the entry of the building.
Refresh the Vestibule
The vestibule of your building is where your residents will wait for their Ubers, where they’ll collect their mail and meet their neighbors. It should feel warm and inviting. Whether the fixtures are mounted directly to the ceiling, or pendant mounted and hanging down a bit; there are lots of simple ways to refresh the vestibule lighting.
Brighten The Hallways and Stairwells
Like curb appeal, the feeling residents and potential residents get for their apartments is often defined by their trip through the building. Give your building an inviting feeling with beautiful surface mounted sconces or ceiling lights.
Downlights and Cylinders
Of course, sometimes what’s required isn’t decorative. Whether your aesthetic is beautiful clean ceilings or more open and exposed style lofts, there is a downlight solution for you.
Security
Of course, sometimes, it’s just about making some areas feel safe and secure. Whether that’s exterior access ways, service entrances, or stairwells. These are just some examples of the basics you can employ to make sure your entire building has solid lighting
Just the Tip of the Iceberg
This is just a small collection of the fixtures I represent that would be perfect for a multi-family or mixed use development. Want to learn more? Let’s book a zoom and chat.
