Abstract
With fresh capital entering the real estate investment market, many investors are at a crossroads. They often decide to inject new life into existing properties with significant renovations. However, in a dynamic multifamily market, it is not clear whether or when renovations are justified. In this paper, we examine the effect of apartment renovations on rental growth. The results show that short-term renovation success is not guaranteed. While the scale and necessity of the improvements influence short-term performance, the economic cycle appears to be the most relevant interactive factor.
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