Amenities Multifamily Properties Should Consider to Appeal to Families

Modern Gem Design :: Amenities Multifamily Properties Should Consider to Appeal to Families

Did you know that 33% of renter households have kids? If you haven’t considered kid-friendly amenities at your property then you might be missing out on appealing to a third of your potential audience! Today we’re discussing different options that can help your property stand out for families.

Playground

When it comes to kids, having a playground is usually the go-to amenity for properties. If your property has available space, this can be a great option to have onsite so that kids are able to play where they live which makes life a lot easier on parents! Plus, it gives kids chance to get outside to run around and burn off some energy which can also be a perk to other tenants.

Daycare Services

If you want an amenity that will set your property apart and you have the resources to do so, onsite daycare can be a huge draw for working parents. Finding quality daycare services nearby is often a top concern and having it available onsite can be a game changer. If you don’t have the resources to do so, another option is to partner up with a local daycare provider for this service as well. By partnering up, you’ll be supporting local businesses while also providing a coveted service to your residents.

Community Center

Having a community center that can be reserved by families can be another great amenity as well. Renting out places can be costly for children’s birthday parties and other celebrations so having a space available within your complex can be a great option. Another perk to having a community room is having the option to host seasonal events for kids at your property. This is another great way for your tenants to mix and mingle and get to know their neighbors. When it comes to families, having a home that feels like a community is top of mind for continuing to rent.

Theater Room

One last option you may want to consider is having a theatre room. This is another unique amenity that tenants get excited about and it can be great for kids too. Families can reserve the room to watch their favorite movies as a private theater which is always an extra special treat for both kids and parents alike!

As with all amenities, it’s all about adding value to your residents’ lives, both adults and children alike! This helps keep them satisfied and happy to continue to renew at your property meaning these amenities will have a great ROI for you. If you don’t already have amenities appealing to families then now is the time! Give us a call today and we can discuss some options that may best fit your property.

Making Your Multifamily Property Appeal to Millennials

Modern Gem Design :: Making Your Multifamily Property Appeal to Millennials

There is a lot of talk about the millennial generation in the media and for good reason. The generation born in the early 1980’s ranging to the late 90’s make-up the largest generation in the U.S. workforce right now which also has a lot of implications in the real estate market. Known for being digitally engaged, quick movers and valuing work/life balance, this generation has a different set of priorities when it comes to the apartments they rent. Despite being the largest generation in the workforce though, home ownership rates are also low amongst the group for a variety of reasons making them a key target in the rental industry. So what is the key to making your property appeal to millennials?

Location, location, location

The old phrase rings true in this situation. While there are many reasons that millennials are not buying homes, one of the biggest is that they are choosing to live in cities, where home ownership is often out of reach. Leading them to stay in the rental market longer than generations past. Apartments are more than just what is within the walls for millennials too, they want to live in the heart of it all, near restaurants, bars and other entertainment. Highlighting nearby attractions and other things that may improve their quality of life is key when it comes to marketing your property.

Maximizing Digital Marketing

Having grown up with the Internet most of their lives, millennials are known for being digitally engaged so be sure to maximize your digital marketing efforts. If your property does not have a quality website or active social media accounts, it may be overlooked by this audience. Take the time to create quality content and take photos and videos that they can easily find of your property. This generation moves fast, and the more information you can provide online, the faster they will be to decide if your property may be a good fit for them. For further social media tips, be sure to check out our blog post on “Tips for Showcasing Your Multifamily Property’s Upgrades on Social Media”.

Advertise Work/Life Features of Property

Work/life balance is important to millennials and they like their homes to reflect that as well. Especially because millennials also represent a large percentage of the workforce that works from home or are entrepreneurs. Do you have a business center or built-in office features at your property? Be sure to highlight those if you do! Same goes for nearby co-working spaces or cafes that they could work or meet clients at.

There are many things you can do to make your property more appealing to a millennial audience from adjusting your marketing strategy to focusing on work/life upgrades. If you’d like help identifying things that could benefit your property please contact us today.

Increase Resident Retention with these Lease Renewal Incentives

Modern Gem Design :: Increase Resident Retention with these Lease Renewal Incentives

Attracting your ideal tenants with property upgrades is one thing, but keeping them is a whole other story. As a multi-family property owner, you know how important it is to make sure your property is as close to max occupancy as possible. There are many factors that tenants have to weigh before deciding if they will renew a lease or not, one of the biggest being price. According to a study done by Zillow, 57% of tenants that decided to move and not renew a lease indicated price being a factor for that decision. Beyond price, there are many other things that can come into consideration including location, quality of space, amenity options, and level of service provided by staff. While incentives may vary based on your market, they can be a nice way to let your tenants know that you appreciate them and help persuade them to renew their leases. Here are some of the options you can provide:

Amenity Kickbacks

Everyone wants to feel like they’re getting a deal, and offering amenity kickbacks can be a great incentive when it comes to enticing tenants to renew their leases. Depending on what amenities are offered at your property, you could provide vouchers for laundry units, a few months of free cable services, or car washing services. Doing so will require minimal investment for you to secure another year of rental income. Another option is to partner with local businesses to create a mutually beneficial relationship where you can offer gift certificates or other options that will get your tenants excited and also support local businesses.

Parking Upgrades

If your property offers parking this may be a perk you’d like to consider. Parking is often an additional expense so offering a few months free or a reduced price can be a nice perk. If you have street vs garage or covered parking, you could also offer upgraded options for a discounted price. This shows your tenants that you appreciate them living at your property while also providing them with an upgraded option they may not have considered the year prior.

Smart Home Upgrades

Another feature you may want to consider offering tenants as incentive to stay are smart home features. Installing Google Home, Nest or smart home lighting and thermostats can be an enticing feature to tenants, plus it can also make your units more energy efficient. This is a great option that tenants may wish they had in their home but may not have thought was an option. Plus, the investment is minimal compared to the cost of turning a unit.

No matter what incentives you consider, the key is to provide something that will improve your tenant’s quality of life and remind them of why they moved into your property to begin with. This in turn will be mutually beneficial to you as a property owner when they re-sign their leases.

Looking for more ideas on what you could offer to tenants or improvements you could make to your property? Contact us today!

Amenities to Consider for the Best Value Added

As the rental market continues to heat up, it becomes increasingly more difficult to stay competitive. One way you can give your property an advantage over others is through the amenities you offer. Chances are your property already has many of the standard amenities like a pool, fitness center, game room, grilling area, but there are other amenities that can set your property apart. Here is a look at some amenities that can give your property an edge and increase your value:

Bike Room

A bike room is a great addition for your residents that like to stay active, especially if your property is in an area where bike use is common. Often residents don’t have anywhere to store a bike or they have to carry their bike up several flights of stairs. Offering a secure space for them to store their bike will help set you apart from other properties that don’t have this option.

Shared Yoga Space

Your fitness center is most likely the amenity that gets the most use so adding a shared yoga space is a natural expansion. According to Multifamily Executive, a flexible use space that renters can do yoga in is something many renters are looking for at the moment. In fact, 74% of those surveyed in the report requested access to this exact feature

This gives your residents an area separate from the fitness center to relax and move freely. This also gives you the opportunity to host yoga events for your residents from time to time. This is a nice way for residents to learn something new, meet other residents, and they feel appreciated when you host an event they enjoy.  

Charging Areas

Another amenity that was popular among the Multifamily Executive survey were charging stations. Seventy percent of respondents were interested in this amenity. In such a connected world, the last thing anyone wants is for their phone or other device to die.

While residents have access to outlets to charge their devices in their apartments as well as in the clubhouse, you might want to consider adding charging stations to outdoor community spaces. This includes by the pool, on a rooftop deck, or any other outside lounge areas. This allows residents to continue to enjoy their day or night without having to head back inside to charge their phone, keeping them happy with your property.

Smart Home Technology

Providing residents with smart home technology is another amenity renters showed interest in. Some examples of smart home technology you can integrate are electronic locks for each unit which allows residents to have more control over who has access to their personal space. You can also integrate technology that would allow residents to control their lights and/or thermostat via their phone.

Smart home technology is all about giving your residents more control over their personal space which they will surely appreciate. These upgrades will also help manage expenses, increase rental rates, and ultimately help your bottom line.

Pet Spa

If you have a pet-friendly community, you likely have a dog park but adding a pet spa could be a great addition to your property. Many residents don’t want to wash their dogs in the own tubs which can be difficult to manage and can potentially cause damage to their unit. Having a designated space for residents to wash and care for their pets can help cut damage costs while also keeping the pet parents in your community happy!

Your amenities are one of the fastest ways to add more value to your property and attract more residents to your property. Not all properties take the time to upgrade their amenities on a regular basis and this can give your property to edge over other.

If you need help incorporating any of these suggests, please contact us today!

Make a Lasting Impression for Potential Renters Touring Your Property

When it comes to leasing a new apartment, there are a lot of things renters have to consider -- location, size, amenities, and what will be best for their lifestyles. In today’s world, a lot of potential tenants have already formed a first impression on your property based on your marketing materials online or in-print. Often that impression can change though based on their experience in-person so it’s important to pay attention to things that could impact that. Today we’re sharing some advice to make sure the experience a positive one.

Make It Easy To Find The Leasing Office

When you arrive at a new place for the first time, everything is unfamiliar. As a renter it can sometimes be confusing of where to go when you are looking at different rental properties -- especially when you have a large property. You can put that issue to rest by having adequate signage that directs potential renters from the street, to your property and right to the leasing office. Having dedicated parking outside the leasing office is another way to make the process easy, and let future tenants know you are paying attention to their needs right from the beginning.

Friendly And Organized Leasing Staff

The experience with your leasing staff can have a lasting effect on if potential renters decide to move forward with your property or not, so it is important to make sure that your staff is both friendly and organized. Are they upfront with property information? Can they answer all of the potential renters questions? Do they make the leasing process and next steps easy to understand? All are important questions you should consider about your leasing staff.

This will translate into whether or not staff will be helpful with maintenance requests or any other questions residents have after they move in. This is often a concern for renters so you want to make sure they know upfront they are a priority at your property.

Make Sure Your Model Unit Best Represents Your Property

We’ve talked before about how important model unit renovations are and we’ll say it again. They are so important! You’ve put in the hard work of marketing your property to get potential renters in the door and now is your time to sell why they should live at your property. Your model unit allows you to showcase the upgrades you’ve made and create a vision for potential tenants on what it would be like to live there. Make it count! It is also important to note that the available apartments should also be in as good of shape as the model unit.

Upkeep Of Property And Amenities

Another important thing to consider, is making sure amenities and property features are well-maintained. There’s nothing worse than a potential tenant getting a tour of the property and finding out the real-life version doesn’t live up to advertised photos. Marketing your property is one thing, but making sure everything is well taken care of is another. If amenities are out of order or closed for other reasons, it could have a negative effect on their first impression.

First impressions matter, especially when tenants are often looking at multiple properties, which is why it’s so important to consider potential tenant’s experiences while viewing your property. If you need help refreshing your property to improve its first impression, contact us today!