RENT Magazine Q3 '23

CLASSIC RENOVATION

Involves a deep clean, repairing any functional or maintenance issues, and perhaps repainting and/ or replacing damaged flooring. The goal is to bring the unit back to its pre-leased condition so that it can command a rent similar to what a lease renewal would have achieved.

PARTIAL UPGRADE

Takes the Partial Upgrade even further. All finishes are upgraded and replaced with higher-end materials, more amenities are added, and in some cases, functional space is added by reconfiguring living areas, adding walls, adding closets, etc. A Premium Upgrade often provides a significant rent bump by improving the property into a new unit mix class (for example, reconfiguring a 1-bedroom with a den to create a 2-bedroom unit) or now comping with units from higher class properties in the market. Involves everything from a Classic Renovation, but then takes it a step further by upgrading some of the finishes, such as flooring, cabinets, and/or countertops, and perhaps adding new amenities like a rain showerhead or an in-unit washer/ dryer. The goal of a Partial Upgrade is to command additional rent by providing a unit that compares with nicer, upgraded units in the market.

PREMIUM UPGRADE

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