Dec 22, 2020
Apartment investors are always looking for ways to add value to their units. Updating interiors, improving amenities, and adding services are just some of the options multifamily operators use to increase the NOI. Daniel Farber of HLC Equity has identified a unique value-add strategy that considers the flexibility demands of today’s renters and their need for additional services.
Daniel is the CEO of HLC Equity, a multigenerational real estate company that has been in business for 70 years. He shares that furnished apartments are ideal for renters who are new to an area and expecting a short term stay. Think college graduate students, international students, traveling nurses, etc. They also work great for someone who doesn’t want to spend thousands of dollars on furniture. However, what Farber has identified goes beyond offering furnished rentals to offer what they call, serviced apartments.
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Insights on Managing an Apartment Community and Operations
When the pandemic struck, we took that reality and decided to outperform the market.
We were able to obtain 100% occupancy during COVID by pivoting our operations to cater to essential workers, offering longer leases, furnished apartments, and a sense of community.
There’s no doubt about the premium you can get offering serviced apartments: We are seeing a 200% lift on rents
I was badly injured in the military when I was 18 and felt it ruined my future. After recovery, I was stronger both physically and mentally. Which taught me you can come out of any challenge stronger.
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