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  • Steven Fletcher

Don't Take the Bait

This might sound crazy to some

But there is such a thing as making your apartments "too" nice.

Layering marble into every corner of a unit doesn't necessarily equate to top of market rents.

Many more variables at play:

1.) Location (most important)- you'll have more more leeway to build nicer product in desirable markets but there's a firm distinction between Class A and luxury. Make sure you know where you stand.

2.) Square footage- the most beautiful 400 sq.ft apartment in the world is still 400 sq.ft and you'll be capped on the rents you can charge given the size of the space.

3.) Floor-plan/unit location- If the apartment has no natural light and an entrance that opens up to a bathroom, tenants won't care too much about the tile.

With that said, we renovate our buildings into Class A product and don't cross over into luxury.

We know our target tenant base (young professionals), where they want to live, and what they're willing to spend.

Through integrating all these variables, we ensure that we're maximizing quality and ultimately securing rental rates that justify the work.

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