The client had owned this rental property for over 8 years and while there were never any vacancies the rent was at the lower end for such a high demand location. Siren Spaces was brought on to transform this apartment into a high end rental.
Return Before Renovations: 6.0%
Return After Renovations: 11.0%
Increase Rent per Dollar Spent on Renovation: $1.35
Months To Recoup Renovation Costs: 10 Months
Total Budget: $12,000
Timeline: 4 weeks
Project Parameters: 1800 sqft, new bathroom, new bedroom