The Amenities Arms Race: What's Attracting Your Residents?
When it comes to apartment amenities, if you’re not ahead, you’re behind.
Amenities that were once considered revolutionary are now accepted as a baseline standard. For example, high-speed internet access and controlled-access gates are amenities most residents have come to expect.
Setting your apartment community above the competition is going to take more than a sparkling swimming pool and updated fitness studio. While these community amenities are great for residents, they aren’t going to make your property stand out.
And yet, only 15 percent of multifamily professionals actually track the usage of their amenities, according to a new survey by Multifamily Insiders.
Knowing the most coveted amenities to feature that will make your community stand out is a critical part of setting rent, maximizing revenue, and retaining residents.
What Are the Most In-Demand Apartment Amenities?
According to the Multifamily Insiders survey, prospective renters are most excited about swimming pools, on-site fitness centers, dog parks, outdoor grilling areas, and covered/reserved parking.
Surprisingly, multifamily professionals reported that their residents are not as excited about business centers, hot tubs, basketball courts, soccer fields, recycling, valet trash, access to major highways, and on-site maintenance.
As for in-unit amenities, residents prefer the following:
- In-Unit Washer and Dryer
- Premium Flooring
- Upgraded Appliances
- Premium Countertops
- Smart Features (i.e., smart thermostat, locks, lights, etc.)
- Wi-Fi
- Closet Organization Systems
- Upgraded Faucets and Fixtures
- Upgraded Lighting
- Upgraded Cabinet Hardware
What Will Wow?
When today’s prospective residents are comparing apartment communities to decide on their future home, they consider more than just location and baseline amenities.
Are they willing to commute a little farther each day if it means they have access to additional onsite conveniences? Would they pay a little more for a property that offers additional green space, a rooftop lounge, and a pet spa?
These are the questions weighing on your prospective renters’ minds, and it’s up to you to monitor not just their needs, but what your current renters like about your property.
According to the Multifamily Insiders survey, multifamily professionals were “wowed” by the unique community amenities they are seeing offered at updated communities, such as:
- Blow-Out Hair Bars
- Package Lockers or Concierge System
- Beverage Stations
- Bowling Alleys
- Indoor Dog Parks
- Car Washes
- Third-Party Operated Coffee Shops
- Cashierless Convenience Stores
- Crystal Lagoons
- Pet Spas With Dog Pools and Wash Stations
- Guest Suites
- Reservable Theater Rooms
- Golf Simulators
- Rooftop Decks
- Spin Cycles and Yoga Areas
- Reservable, Private Poolside Cabanas
A Shifting Focus to Resident Services
Historically, amenities have been defined as physical features on the property or within the apartment home. Now, a third option is taking foothold: amenity services. Today’s residents are now willing to spend more for access to convenient and customizable services.
Valet Living found that home cleaning, package delivery, and pet services are among the most desired services for renters. About 88 percent of respondents claim they would use a pet care service and 73 percent are interested in home cleaning.
It’s clear a paradigm shift is occurring as technology advances and resident demands change. Ultimately, it will be up to the property managers and developers to ensure resident needs are met and that the community is keeping pace in the amenities arms race.