How Landscaping Can Help You Compete with New Builds
As of January 2023, there were 40,000 new multi-family units under construction, with 20% to 30% of those units coming onto the market in 2023. To stay competitive, property owners and managers of older multi-family communities need to seek unique methods for attracting tenants, especially if these properties have a limited capital project budget.
One simple investment is landscaping. Landscaping is one of the first impressions a potential tenant has before stepping foot into your facility. Landscaping, especially with trees, can increase property values by as much as 20%.1 Healthy, mature trees add an average of 10% to a property’s value. 2
Mature trees also offer greater environmental and economic benefits - providing more shade, better storm water runoff reduction, and storing more carbon. Newer multi-family communities tend to have small, young trees. Therefore, older communities with mature trees at already at an advantage, provided regular tree maintenance has been performed. For a tree to reach maturity, it requires year- round maintenance. The cost to maintain these investments far outweighs the cost to replace them.
To maintain one 2" – 6" diameter tree with a height of 15 to 20 feet is approximately $84.50 annually. This cost includes fertilization, general MARKETING insect control, a day of pruning, an IPS beetle application for the Spruce and Pine trees, pest and insect control, and soil injections, which help to protect the tree by delivering nutrients lacking in the soil. If proper maintenance is not conducted annually, trees are susceptible to disease and infestation, which can lead to death. If a 2.5" diameter tree must be removed or replaced, the average cost for the new tree is approximately $1,206.50.
Aside from tree maintenance, multi-family property owners should consider investing in an updated irrigation system. Irrigation systems have progressed extensively in the last couple decades. The systems are now equipped with smart water functionality, including clocks and timers, rain and moisture sensors, and digital sensors that connect to a mobile app for greater control.
With Colorado experiencing drought for the last several years, it is critical that irrigation systems are equipped with control function to enable efficiency and flexibility of delivery schedules and save on water consumption. Proper turf maintenance in conjunction with an efficient irrigation system can maximize the reduction in water consumption, reducing your water bill.
Additionally, having your landscape contractor mow at higher levels can conserve water. Colorado soil consists of clay, silt, and sand making it typically nutrient deficient. Ensuring your landscape contractor uses a mulching deck allows grass clippings and leaves to decompose back into the ground, conditioning the soil, keeping your turf healthy, and reducing the need to collect clippings, bag and dispose of clippings.
When properly used, mulching mowers do not disperse clipping onto walkways or into flower beds, saving additional costs and gas emissions to blow off walkways. These mowers guarantee rocks will not fly up and cause property damage. By using mulching mowers, you can reduce the carbon footprint, save costs, and ensure safety on your property.
Give your property an edge over the competition by ensuring your landscape is well-maintained.
Proper turf and plant tree health are management can be the difference in your property getting noticed by potential tenants. Improve your curb appeal to stay relevant in Colorado’s ever-growing multi-family market.