If you’re a real estate investor, the concept of optimization (maximize your property’s value) is undoubtedly high on your priority list. And no wonder: in your case, an attractive return on investment often depends on optimizing your real estate assets. One of the best optimization for multifamily buildings is by providing wifi in the rents.

Enhancing Multifamily Living with Smart WiFi Solution

As you’re no doubt aware, there are several ways of optimizing a multifamily building to increase its value.
Renovations are one of the most popular options. Kitchen, bathroom, floors, air conditioning… In addition to increasing resale value, renovations open the door to higher rents. However, this option almost always requires substantial investment; quality work pays off!

Another option is to exploit under-utilized space. For example, if you have a parking area with several vacant spaces, you can rent them out to people in the neighborhood. That said, not everyone can take advantage of this option – especially in the cities where space is limited.
Fortunately, there’s another way to optimize your apartment building at low cost: install an Internet network to include WiFi in your tenants’ lease.

Some advantages of adding WiFi:

  • In an era of telework, including WiFi in the lease is a very attractive offer for tenants. As everyone knows, Internet packages in Canada are among the most expensive in the world. In such a context, offering an ultra-fast WiFi connection at a more than reasonable price is an excellent way of attracting tenants.
  • Including WiFi in your lease offers you an attractive, rapid and stable return on investment at low cost. You only pay for one high-speed connection. This connection is then securely divided among your tenants, to whom you include internet in their leases each month. In other words, in the case of a 10 unit building, you pay for a single connection, but you have 10 tenants who pay you in their leases for this new service! Generally speaking, the installation of the Internet network “pays for itself” in a year, after which all you have to do is reap the profits!
  • It’s a great way to make your building “smart”. Electronic locks, smart lights, connected thermostat, security cameras, intercom, telephony, television… You can now add a host of wireless peripherals to make building management and security easier. But that’s not all: with an aging population, many tenants are willing to pay more for peace of mind. All the more reason to increase your rents!
  • Higher rents increase the value of the building in the eyes of the bank when refinancing. This gives you greater financial leeway and makes it easier for you to build up your real estate portfolio.

    The last word

    Installing an Internet network to include WiFi in your tenants’ leases is a simple and effective way to optimize your multifamily building at a low cost. Why deprive yourself?
    Whatever your needs in terms of Internet, security or other services, Wifiplex’s experienced team will propose the solution best suited to your situation. Contact us here.

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