There are ways to improve the value and renter appeal of your strata premises without over-investing. 

Property prices and rents are soaring these days but renters are expecting a better quality experience in return for the premium prices they pay. 

Smart strata managers are adding value to make buildings more sought after and contribute to a healthier environment, without necessarily adding to running costs.

Here are some ideas to explore with your body corporate.

Community initiatives

A simple ‘foyer library’ can be one way to create a more personal feel within a strata complex. You only need a small set of shelves and place for people to drop off or collect books as they come and go. The returns policy should be very flexible (i.e. nobody expects their books to be returned) and someone will need to clear out the shelves from time to time. 

Inviting a coffee van or food truck to a larger complex will be appreciated by the work from home crowd. It also provides an opportunity for residents to socialise and make connections. You can arrange regular coffee van/food truck visits if there is enough demand, a safe spot to park in and if the council by-laws allow for this type of service.

Facebook resident groups can be a double-edged sword because they give people a place to swap, share and support each other but can also be breeding grounds for bickering and complaints. As a strata manager, it may be best to stay out of a group like this but you can liaise with whoever has ownership and ask to be notified about urgent issues.  

Rooftop additions

Beehives, rooftop gardens and common areas make the top of the building a useful space. 

These additions can’t be set and forget. A resident roster or paid serviceperson will be needed in order to give the projects longevity. 

Think about how the honey or vegetables produced will be distributed; it could go to the people who do the work or each home could have its own ‘patch’ in the shared garden. You may also need to check with your local council about regulations for keeping bees. 

Melbourne’s YarraBend apartments is an inspiring apartment development which has a focus on sustainability. You can also find tips in this article about a shared garden in Newcastle in NSW. 

Eco-friendly upgrades

Now’s the time to start thinking about electric vehicle charging stations, especially if your block is in an urban area. More than 30 new models of electric vehicles are set to hit the Australian market in 2022 and these types of cars will become more commonplace over the next few years. It’s a good time to start figuring out how charging stations will work for the residents of your building. There may even be an opportunity to discuss a shared vehicle. 

Solar power and power storage are other options to explore. Upfront investment is required but there is the potential to reduce power bills for the long-term by drawing electricity from the sun, not the grid. 

You may have heard of Energy as a Service (EaaS).  This is an innovative business model where an energy service provider offers a range of energy-related services instead of only electricity or gas. As well as measuring the amount of energy you use and identifying ways to reduce costs, you’ll be able to explore the potential your premises have to generate power (through solar panels for example) and either further reduce costs or even generate a profit. There’s a breakdown explanation of EaaS here. 

The benefit of exploring new energy solutions is a more eco-friendly building and lower operating costs. 

While not all the above solutions are ideal for every building, there are always options to increase value and appeal without spending too much of the lot owners’ money. The result is happier renters and fewer vacant properties.