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:
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.
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.
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!