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!

2017 Multifamily Property Trends

As we come to the end of 2016, it’s time to say goodbye to some outdated trends and hello to some exciting new advancements in the multifamily property industry. It’s also a great time to take a look at your property to see where you can make improvements, analyze your renovations budget, and decide where you’d like to invest your efforts. Part of this is looking to the future to see if there are new trends you should consider implementing in your property. So let’s talk about some trends to consider for the New Year!

Color Trends

While you may not want to change your paint colors every year, a fresh coat of paint when needed is one of the easiest ways to keep your property updated. Keeping the color scheme in a more neutral palette is always a great idea to create an inviting atmosphere that future residents can imagine themselves in. However, consider adding a bolder accent wall to provide some dimension to the room as well.

Modern Gem Design Blog :: 2017 Multifamily Property Trends

If you’re in the market for a fresh coat of paint, we’d suggest looking at Sherwin Williams’ 2017 Color of the Year, Poised Taupe. The neutral color offers a cozy, welcoming environment that both your current and future residents will love. In addition to this warm neutral, Sherwin Williams also sees a number of other color combinations to be used along with a taupe palette. Check out their color combination predictions and let us know which is your favorite. (Ours is the Yellow POP combo!) 

Green Property

Another improvement you may want to consider for your property is going green. A new report by Freddie Mac found that more renters were concerned with rising utility costs than rising rents. According to the report, 88% of participants agreed that multifamily properties with energy- and water-saving features would help reduce their utility bills, with 84% saying green properties are generally better places to live. Nearly half of those said they would actually be willing to pay more for an environmentally friendly rental. 

Considering these findings, it may be a perfect time to start implementing more environmentally friendly options into your property in 2017 if you haven’t already. Not only will it provide energy-savings for your residents but also for you as a property owner. You will also be giving your property a competitive advantage over other multifamily properties in your area that have not yet implemented green technology allowing you to charge a premium.

Amenities

Bike rooms are quickly becoming a must-have amenity for multifamily properties. As U.S. cities become more bike friendly and people become more health-conscious and environmentally friendly, properties are starting to carve out space to create bike rooms to fit their residents interests and needs. This allows residents a safe place to store their bikes so they don’t have to get creative with their storage solutions in their own homes. If you want to step it up a notch, you may want to outfit the room with security cameras, secure access, tire pumps, and equipment lockers.

Modern Gem Design Blog :: 2017 Multifamily Property Trends

Bike rooms may not be the only amenity you’d like to integrate into your property but it is definitely something to consider for 2017 and beyond!

While you may not implement all of these trends in 2017, they are important to consider for your future renovations. These will help increase your occupancy and your bottom line, which is exactly what we want!

If you’re interesting in discussing how to implement any of these or other trends, contact us today!