Published August 29, 2026
Owners get into trouble by treating all capital spending the same. In multifamily there are two distinct categories, and they are justified in completely different ways.
Category 1: Projects that raise rent
These change what a prospect sees on the tour.
| Project | Typical cost | Realistic rent effect |
|---|---|---|
| In-unit LVP flooring | $3,500–$5,500 / unit | $25–$60 / mo |
| Kitchen refresh (paint, hardware, counter) | $2,500–$5,000 / unit | $40–$85 / mo |
| Full kitchen replacement | $8,000–$18,000 / unit | $75–$150 / mo |
| Bath refresh | $2,000–$4,500 / unit | $25–$50 / mo |
| In-unit laundry add | $2,500–$6,000 / unit | $75–$125 / mo |
| Common-area / entry refresh | $10,000–$40,000 | Supports whole-building rent, hard to isolate |
Test on three to five units before rolling through the building. If the premium does not appear in actual signed leases within two months, the market is telling you something.
Category 2: Projects that protect NOI
These never show up in rent. They show up in the repairs line, the insurance line, and the vacancy line.
| Project | Typical cost | What it prevents |
|---|---|---|
| Roof replacement | $8–$16 / sq ft | Interior water damage, claim frequency |
| Siding replacement | $9–$18 / sq ft | Sheathing rot, moisture intrusion |
| Gutter + downspout correction | $1,200–$6,000 | Foundation seepage, ice damming |
| Grading and drainage | $2,000–$12,000 | Chronic basement/garden-level water |
| Hazard tree removal / pruning | $600–$4,500 per tree | Roof, vehicle, and liability events |
| Attic insulation and ventilation | $2,500–$9,000 | Ice dams and heat loss |
How to sequence them
Envelope first, always. Putting new LVP into a unit under a failing roof is buying the same flooring twice. The order that holds up:
- Water out of the building — roof, gutters, grading, trees
- Life safety and code — egress, alarms, rails, walkways
- Systems nearing end of life — mechanicals, water heaters
- Rent-driving interior work
The math that actually decides it
For rent-driving work, compute the simple payback: cost ÷ (monthly premium × 12). A $4,000 kitchen refresh earning $60/mo pays back in 5.5 years — acceptable if you are holding, marginal if you are selling in two.
For protective work, compute avoided cost: probability of the event × cost of the event. A roof at end of life is not a 5% risk in Minnesota; it is closer to a certainty within a few winters, and each interior water event carries repair, unit downtime, and claim history.
One vendor across both
We hold MN residential remodeler license QC807391 and cover both lanes — roofing, siding, gutters, trees, and drainage on the protective side; flooring, paint, kitchens, and baths on the rent side. One point of contact for a portfolio-wide plan.
Call 612-400-8036.
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Frequently asked questions
Does new flooring actually raise rent in an apartment?
In most Twin Cities submarkets, in-unit LVP supports a $25 to $60 monthly premium. Test it on three to five units and confirm the premium appears in signed leases before rolling it through the building.
Should I replace the roof before upgrading units?
Yes. Interior finishes installed under a failing roof get replaced twice. Envelope work — roof, gutters, grading, trees — comes before rent-driving interior work.
How do I justify capex that does not raise rent?
Compute avoided cost rather than payback: the probability of the failure event times the cost of that event, including unit downtime and claim history.