If you are managing or developing a multi-family complex, you know that you have to compete for tenants with those multifamily amenities without undercutting other developments on rent. The solution to this is to offer high-quality amenities that will attract families and tenants, without breaking the bank. Here are seven great suggestions:
Parking is a problem for many buildings, especially older ones that may have been built before everyone had at least one car if not two. While most complexes list parking as an amenity, the truth is that residents and tenants often have to deal with insufficient parking and a lack of guest parking, especially overnight. Residents who rent a car as needed often cannot park on the property. One solution is to offer multi-family smart parking, which allows you to better manage the parking you have, letting residents book guest spots in advance, open the gate with their phone, etc. Being able to avoid saying “Well, you can park on the street” can be a perk not many think about until it is brought up. Add a few electric car charging stations (with a smart system to reserve them when needed) and you can turn parking from a side note to something central to your business.
2. Hotel-style common areas.
Residents expect to be able to make use of common areas in new ways, especially if the apartments tend to be small. Offering comfortable seating is a plus. Offering computers for resident use has become standard, but you can get “bonus points” for enclosed workstations. Large screen televisions can attract residents and promote a sense of community. Offering events for residents and their guests can help ensure that these areas are used. The best location: The lobby. Top floor party rooms are great, but residents tend to forget they are there. If your climate allows it, outdoor “rooms” are important, such as roof decks or courtyards. Such multi-family amenities should be targeted to the demographic you aim to support.
These days tenants, especially younger residents, expect to be able to access fast, reliable wi-fi in common areas. This even includes outdoor areas. Wi-fi is at the point of not being an “amenity” so much as an “expectation” that landlords need to meet. If your building is a cave, then good wi-fi becomes even more important and you might also want to consider installing cell relays in problem areas.
4. Pet amenities.
Although some buildings are still anti-pet, in many areas being pet-friendly is something of a selling point. However, it has to go past “we allow pets.” If you have space, a dog park is useful. So is partnering with a dog walking service. Even small things like a jar of dog treats in the lobby will make your four-footed residents, and their owners, feel more welcome. A less common, but growing amenity, is the pet spa, a place designed for grooming and bathing pets. Furthermore, pet amenities often allow you to increase your rent more with a lower outlay.
5. Fitness centers.
Even if there is a gym down the street, some of your residents will use the on-site fitness center. More importantly, most of your new residents will think they are going to use it. Apartment fitness centers now have to go past putting a couple of treadmills and a multi-gym in the basement. Attract a fitness-minded demographic with a multi-purpose room that offers yoga and pilates classes, video classes for yoga, dance fitness and spinning, and modern equipment. Also, a lot of renters are interested in things like racquetball or tennis courts, walking trails (if your property borders a good trail, make sure to provide access) and other non-standard fitness amenities.
6. Excellent package managing.
More and more people shop online and receive packages. Having proper package storage and smart software will help reduce the number of annoyed residents. Although package handling may not be on the list of multi-family amenities you put front and center, with 47 percent of renters receiving at least three packages per month, including perishables, not having good package handling is likely to result in poor reviews and a higher turnover. Negotiating for an Amazon locker is one good move.
Younger tenants want to know that their apartment building is sustainable. Green roofs and energy-efficient appliances are both particularly popular. For new construction, try to meet or exceed LEED standards. When renovating, consider how you can make the building more energy efficient (which also gives the selling point of lower heating and air conditioning bills).
When developing or running an apartment building, you need to provide the best multi-family amenities to your residents. If you are looking for smart parking solutions for your apartment building, Schedule a Demo/Call today.