We also find that adding an outdoor gym or re-purposing tennis courts into multi-purpose amenity areas with a resident courtyard and BBQ lounge are popular amenities. Interior renovations are all about the attention to details and as I mentioned, not getting caught up in over improving. It is definitely an art form though.

You have to find that balance between not over improving for your demographic, and giving enough of a 'wow factor' to gain the attention of the ever-growing discriminant renter. People like choices—and they have choices.

GlobeSt.com: What about new technology trends?

Owen: Smart home technology is gaining popularity where everything is activated in your apartment home by your smart phone. You don't need an apartment key or fob. You can lock and unlock with your phone…turn on lights…your Stereo, TV, etc. In some markets it's more than offering a nice appliance package, plank flooring, two-tone paint, base boards, USB ports, and the updated lighting and plumbing packages—and sometimes it's not. You have to know your audience and know when to make that difference.

GlobeSt.com: Should a seller of an apartment project that is considered a rehab opportunity “spruce up” their project/incur capital expenditures prior to the sale?

Owen: As buyers, we look to buy from high integrity sellers. A property in need of renovation doesn't mean that the previous owner ignored it. We want to make sure the property has some decorum and was cared for. As sellers, we would want our property to look good, present well, and be that shiny penny that attracts buyers, but leave enough there so a buyer can see how to make their own shiny penny. I say, yes, spruce it up enough to sell 'a' dream—but there isn't a need to 'oversell.'