We all want the nicest looking rentals that we can provide. However, not all money spent on renovation yields higher rents. As we face Flathead Valley's construction boom, you can estimate your total cost for renovations if you carefully think through the appeal of new features, estimate the cost, and then add another 25%!
As a property management company, Frontier West can help you identify what renovations or upgrades make the most financial sense and will give you the best return. Click here to learn how to avoid renovation mistakes on your rental properties.
"Apartments, compared with other asset property types, have a strong performance history and will likely continue to outperform in the foreseeable future."
- Elizabeth Miller, Appfolio
We have all had a front row seat to the construction craze this season. The Flathead Valley's construction statistics are second only to Bozeman with regard to growth in the state of Montana. However, this frenzy has created some pretty high construction costs. Developers have had some issues keeping project budgets within the acceptable limits once the General Contractors have turned in their bids, but the projects continue to get off of the ground. With general housing inventory down from prior years and a rapidly growing communities in places like Kalispell, Bigfork, Whitefish, and Columbia Falls, we have seen an explosion in multi-family construction.
In addition to meeting a community demand, new research shows apartments are proving to be a real estate investment that outperforming other property types. Take a look at this article from AppFolio's Blog explaining the fuel behind the multi-family boom.
Ryan Pokorny, Owner/Manager