An Amenity Today Means Residents Tomorrow.
The world of multifamily is competitive. With diverse communities duking it out for residents, location (while important) isn’t enough. That’s where amenities make all the difference. Amenities can be a true differentiator when a market is full of new communities. A pool and fitness room are industry standard now and let’s be honest, are these enough? Or would you rather live in a community with a pool, fitness room, and a rooftop cinema? We know the answer already. Amenities are subjective and communities need to provide amenities that cater to their demographic. So how does one determine if an amenity will make a difference? Here are a few things to take into consideration:
- Increased Value for the Resident: An amenity may be a deciding factor in community selection for future residents. It just depends on what they place value in. Since rent prices are largely dictated by location, an amenity is an added value. A good metric to pay attention to is who’s living in the community. Will Millennials prefer a wine cellar or a high-tech social lounge? Know who your residents are and what they want; it’ll make a huge difference.
- It Makes Life Easier: A good amenity is one that makes users question how they lived without it until now. Basic examples include laundry capabilities and on-site transportation services like Zipcar. Another great example of an amenity while transcending demographics are our Package Concierge systems. Everyone can’t always be home for a package delivery and our lockers hold the delivery until it’s ready for pickup. Not only does our package management solution work for all, it just makes sense.
- Keep It Simple: Amenities don’t need to be elaborate. Sure, property managers across the country may be jealous of The Oosten, located in Brooklyn N.Y. and developed by Xin Development Group, for giving out a free trip to Europe to meet the building’s designer, but a little can go a long way too. In an NMHC survey conducted in conjunction with Kingsley Associates, 80% wanted secured community access. Is that so much to ask for? Electronic and keyless entry systems are affordable and a community maintenance team can install them. This is a simple upgrade and may be just the amenity needed to boost leases.
Amenities make all the difference. They’re the added incentive to those looking for a new community to call home. Check your local market to see what you’re up against. Go visit other communities with the amenities you’re interested in incorporating into your own. If an amenity is within the realm of possibility and it suits the community’s demographic, go for it! You can even reach out to your current residents and ask them for suggestions. However you decide to do it, go out and get the game-changing amenity!