As a multifamily investor, you want to offer apartment amenities that will appeal to potential renters. You also want to encourage your current residents to stick around and to tell their friends about the great place they call home. Here are 10 amazing apartment amenities that build strong, healthy communities.
A Note of Caution
Before you dive in and start adding every amenity you can think of to your multifamily complex, keep in mind that not every amenity will contribute to the bottom line. Some simply appeal to your renters; others may briefly interest them, but become outdated in the blink of an eye.
Pay attention to the apartment amenities that will stand the test of time within your community. Amenities that will help raise your rental rates and improve quality of life for your renters. Be willing to give up an amenity that isn’t working for your investment.
Amenity #1: Your Residents
The community you create is more important than any other asset when you’re adding value to your apartment complex. Pay attention to your renters. Who do you invite into your community? What makes them unique?
Have you created a community filled with parents with children? Offering a playground can help bring them together. Do you have older residents in your complex? They, and their visiting family members and grandkids, will appreciate outdoor space to share. Look for ways to bring your residents together. By increasing that sense of community, you experience a number of advantages:
- Residents help take care of one another and the property
- People are more reluctant to move because of the relationships they’ve built
- Your community becomes a place where people want to move
Amenity #2: Natural Spaces
Whether you’re in the middle of a big city or tucked on the suburbs in rolling countryside, everyone needs a chance to get away once in a while. Add a natural space within your apartment complex: a place where your residents can enjoy nature and relax. Offer greenery, keep up with the flowers and plants, or invite residents to participate in a community garden.
Amenity #3: Valet Recycling
Not only is valet recycling a great way to show just how green your community is, it’s the perfect way to add a little extra income. Even better, it can help you avoid expensive recycling contamination fees. Valet recycling also streamlines the entire recycling process, which means you’ll feel a little better about your green efforts.
Amenity #4: Short Term Rentals
Do you have apartments that are sitting empty on a regular basis? Do your tenants often need to travel for work or only visit your complex during specific seasons? Short-term rentals can provide increased income for you, as the owner, and for your residents. Consider offering this option as part of your lease.
Amenity #5: Guest Suites
In addition to short-term rentals, you may find that there are a number of advantages to offering guest suites within your complex, especially if you have high vacancy rates. Not only is this a great way to bring in additional income, it can offer benefits to residents who regularly have long-term visitors but would like for them to have their own space. Guest suites may help you generate income from apartments that would otherwise sit empty.
Amenity #6: Fitness Centers
With an increased interest in fitness across America, many apartment-dwellers are very interested in fitness centers in their buildings. They can save on gym fees when you offer better rates than their local gym, and you can charge a small gym fee for use of the center. Fitness centers also increase convenience for your residents, which can make them very appealing to your target demographic.
Amenity #7: Walking Trails
Fitness centers aren’t the only way your residents like to get in shape! Consider putting in walking trails, which will allow people to walk or run straight from the apartment. Look for a layout that will prevent unnecessary road crossings. A good track can help encourage fitness and encourage runners to consider your multifamily dwelling when they’re ready to choose a place to rent.
Amenity #8: Green Roofs and Walls
Have you taken the time to go green throughout your apartment complex? It’s not about redecorating. Rather, consider how going green can help increase the appeal to your building.
You may, for example, want to make sure that your walls help hold energy inside (with the added bonus that energy-efficient walls often add a layer of sound dampening insulation–a definite draw for apartment-dwellers). Look at your roof: can you add a rooftop garden? Put in solar panels? With these simple strategies, you can go a little greener and decrease costs both for you and for apartment residents.
Amenity #9: Complimentary Memberships
Check out your local area. Are there museums, health clubs, or spas that might be willing to offer a discount if you purchase memberships for your residents? You can also simply pass those discounts on to your residents.
Amenity #10: Gathering Places for All Your Residents
It’s not just about a playground for the kids—though if your target market includes families, that’s certainly something you’ll want to consider. Take a look at bark parks, community tree houses, and outdoor grilling areas.
By creating a communal gathering space, you can enhance the sense of community throughout your dwelling and make it more appealing to many families. Do you need to know more about the right apartment amenities for your properties? Contact us today to learn more about how we can help.
Latest posts by Theresa Bradley-Banta (see all)
- 7 Crucial Property Valuation Tips for Buying an Apartment Complex - July 8, 2019
- Profit-Maximizing Design Makeovers for Older Apartment Buildings - July 1, 2019
- Lease Units Like A Pro with Today’s Technology - June 21, 2019