Most multifamily investors in the United States are planning to expand their portfolios and invest significant amounts of money to improve their existing properties this year, according to a survey conducted by property management software firm RentRedi.

Fifty-nine percent of RentRedi landlords indicated they plan to buy this year, with landlords in the Midwest and South being most likely to have plans to acquire new properties while landlords in the West were least likely to have the same appetite. In addition, size appears to play a role in purchasing plans, with 73% of large landlords with 20 or more units indicating they are likely to acquire new property this year, compared with 69% of medium-sized landlords with between five and 19 units and 63% of landlords with four or fewer units.

Meanwhile, just over half of investors are planning to spend at least $5,000 or more per unit on improvements. Twenty-seven percent plan larger investments of at least $20,000 per property, led by large landlords. Thirty-seven percent of these operators plan to allocate $20,000 or more per unit this year compared with 20% of small landlords, the report found.