10 Nov Amenities Arms Race

With the number of renters on the rise, the multifamily sector is growing and adapting to evolving consumer interests. Property Owners are renovating apartments, adding modern features, and implementing new ways to get prospects in the door. Amenities are also factoring into investment decisions and renters are looking for the best options to suit their lifestyle. Whether it’s a pet park or a trip through virtual reality, it’s clear that amenities can make or break a multifamily property. 

Many of the benefits that come with renting center around convenience. Savvy Property Owners have integrated features and services into their communities that give residents peace of mind with a few simple steps. On call 24-hour maintenance is a major draw as it assures residents that assistance is available on their time, opening up the possibilities for people whose schedules conflict with leasing office hours. Another popular service is valet trash. For large neighborhoods with only one trash receptacle, valet trash removes the inconvenience for those who would have to walk or drive longer distances to dispose of their trash. Residents can simply place their trash bin outside of their door and before night’s end, and without lifting a finger, their trash will be on its way to the dumpster. Valet trash generally comes with a small monthly fee but for many, the benefits outweigh the costs. These amenities not only offer convenience for everyday living, they also showcase a property’s exceptional customer service. 

Amenities aren’t all about everyday home maintenance. Some are just good plain fun. Pet spas, frequent community events, and clubhouses are just a few ways that property owners are bringing the fun to their communities. Mixed-use common spaces are another popular addition as they can be transformed into everything from game rooms to cyber cafés. These amenities attract renters looking for more than just a place to live. Providing fun, active features will also bring in prospects looking for a quality lifestyle experience.

Amenities are more than just an added bonus for current renters. They can be the difference between choosing one multifamily community over another. Finding a balance between convenience and entertainment is the key to reeling in this growing number of prospects and winning the amenities arms race.

Bruce Freides
bfreides@ideaassociates.com