Many renters and prospective residents are willing to increase their budgets if you have amenities that will turn their heads and elevate their lifestyle.
When searching for a new home, it may seem as if the options are endless – amenities serve as a key attraction point for renters and can assist in securing a lease. In today’s market, it is more important than ever to help your prospective residents understand the full value of your multifamily community.
Having amenity-rich spaces will assist in setting your community apart from competitors, attracting new residents and fostering a positive living experience for each of your existing valued residents.
The ideal amenity is not chosen because everyone else in the market has it. An amenity is chosen because it elevates one’s lifestyle in one or more of the following areas:
- Physical and mental wellbeing
- Safety and security
- Community comradery
What amenities are prospective residents looking for in a multifamily community?
Renters expect more than just a stylish pool and an upgraded fitness center, they expect modern in-home and community amenities that will enhance their quality of life. They desire convenience and many renters are willing to increase their budget if there are features that will help simplify their life by addressing their needs.
Smart Technology Packages
In-home technology (tech) offers residents an enhanced living experience while also lowering operating costs.
Tech features have grown to be a favorable selling point because it empowers your residents to take full advantage of a convenient, seamless living experience.
Technology packages may include a keyless entry, thermostat hub and smart light switches.
Prospective residents are willing to pay more if they see up-to-date appliances and finishes when touring. Granite countertops, appliance packages with water dispensers and ice makers, designer-grade finishes, hardwood-inspired flooring, or even wine fridges create an elevated space that many are seeking.
Flexible Work From Home Spaces
We have seen an increased demand for hybrid work environments in multifamily communities.
Home offices and collaborative co-working spaces, such as a clubhouse or computer room, are often on people’s “must have” list.
Other Amenities That Are Highly Sought After:
- Pet-friendly communities and self-service pet amenities
- Trash services
- In-home washer and dryer
- Secured and/or reserved parking
- Package delivery solutions
Leave a Memorable First Impression
First impressions can easily determine whether someone will choose to live in your community or the one down the road. While wow factors such as a resort style pool and expansive fitness centers are not considered an absolute must, they are an effective way to draw the attention of prospective residents.
Alternative amenity offerings – such as exclusive resident events – create a sense of community that many desire. Options such as yoga classes with personal trainers and movie nights in the pool are inviting and a great way to retain your residents.
Which Amenities Are Worth Investing In?
The question is a matter of return on capital. Is it worth investing in the next generation of amenities? The right amenity will aid as a marketing tool to attract tenants while adding long-term value to the community.
Outpacing Your Competition With the Right Amenities
Prospective residents tend to tour multiple communities in the same area. So how can you differentiate your community while incorporating the same base features as others, creating a unique personality or image?
Although not an easy feat, here are some tips to help your community stand out from the crowd.
- Listen, learn, and stay up to date with your renter base
The most efficient way to decide what amenities are worth investing in is to learn directly from your renter base, understanding both their wants and needs. Doing so will help identify what amenities your community needs to stay relevant.
- Acknowledge changes in consumer preferences
Evolving interests are considered an important factor when deciding on amenities. Do not be afraid of change – possessing a willingness to be adaptable is crucial to stay at the forefront of the multifamily industry.
- Consider lifestyle and location.
Lifestyle and location go hand-in-hand. Each aspect has a significant impact on what prospective residents desire and how much they are willing to pay for it. Lifestyle-focused amenities attract long-term residents and create a living environment meant to meet ongoing needs.
Enhanced Resident Experience
Arguably, more important than choosing the most desirable amenities – is upholding a high level of customer service that creates a positive experience at each milestone in the resident journey.
Maintaining, as well as providing, an elevated standard of service across your community not only keeps amenities in pristine condition, but it prioritizes your valued residents’ wellbeing.
As the multifamily housing market takes shape for 2023, integrating new and/or improved amenities can greatly impact your business. Residents want to be proud of where they live as well as take full advantage of the added perks of luxury apartment living.
Author, Austin Harte, Managing Director of Multifamily Investments at Mark-Taylor. The RentalHousingJournal.com is an interactive community of multifamily investors, independent rental home owners, residential property management professionals and other rental housing and real estate professionals. It is the most comprehensive source for news and information for the rental housing industry. Their website features exclusive articles and blogs on real estate investing, apartment market trends, property management best practices, landlord tenant laws, apartment marketing, maintenance and more.