Make Your Multi-family Building More Competitive With These Amenities.
As millennials are moving into rental spaces, they are expecting more than just sophisticated style and finishes; granite countertops and wood floors alone just don’t cut it anymore. Instead, they are demanding additional amenities before they sign on the dotted line. To be relevant, multi-family buildings need to have additional amenities both outdoors and in shared living spaces. Here are the top five amenities that today's tenants desire.
1. Technology User Experiences
Today’s tenants want technology that allows for easy home automation such as keyless entry, wireless thermostats, Wi-Fi security and motion cameras, smart appliances, automated lighting, and building-wide Wi-Fi. The ability to turn these technologies on and off and adjust them throughout the day with a smart device is something that’s become more of a norm than an amenity. Tenants can sign into camera view to see their pets resting on the couch or unlock the door from a phone to let the neighbor in to feed the dog. Which leads me to the next great amenity...
2. Pet-Loving Spaces
According to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 68 percent of U.S. households own a pet. Dog runs, dog parks, dog showers, and dog walking services are essential for today’s tenants. Many young people are owning pets now and waiting to get married and have kids later. Pet amenities will attract more tenants your way.
3. Furnished Apartments and Flexible Leases
The days of 12-month only leases are over. With a mobile workforce, people want flexibility in moving from place to place. According to NPR, freelancers and contract workers will make up nearly half of America’s workforce within the next decade. With 20 percent of workers being contractors, this is a population to focus on accommodating.
4. Shared Workspaces
More than just a “business center,” shared workspaces allow for freelancers, contract workers, and remote employees to work in a social environment outside of the apartment. Access to meeting rooms, desktops, outlets, phone chargers, copiers, and scanners provide an attractive space for those types of workers. This also plays into the “live, work, play” lifestyle that is widely popular with today’s tenants.
5. Bike Storage and Repair
A unique amenity would be a specific and convenient place to store bicycles. Gridlock traffic has encouraged many people to start riding their bikes to and from work. Having a special place for bike storage so that tenants don’t have to transport their bikes up and down in the elevator would be better. Bike repair spaces with tools, bike stands, tire pumps, and washing space would allow bikers to maintain, fix, and clean their bikes before storing them.
These five amenities will keep your multi-family building relevant to today’s renters. Competition is fierce, but the amenities above, along with the latest interior designs and now-standard features like an in-unit washer and dryer, will keep you a step above. Other amenities that push the envelope include movie theaters, shared outdoor spaces, and utilities such as laundry, dry cleaning, and package service.
We at The Passman Group understand multi-family properties. Let us help you find one of your dreams. Contact us today.