Enhancing ROI and Reducing Turnover: The Best Amenities for Multifamily Owners and Property Managers

If you own a rental property, the long-term benefits of investing in quality amenities cannot be overstated. While the initial expenditure might seem daunting, the returns for attracting and retaining residents are significant. Just as using superior materials and construction methodologies can prolong a building’s durability, quality amenities can ensure a property’s continued relevance, competitiveness and demand.

There is a palpable connection between resident satisfaction, retention and amenities. Residents aren’t merely leasing a space; they’re buying into a lifestyle. Properties that offer amenities that align with daily necessities and aspirations elevate the living ambiance and cultivate a deeper bond between the resident and the property.

As societal habits evolve and technological innovations surge, the scope of multifamily amenities is set to transform. We may witness an uptick in eco-friendly and sustainable amenities, a deeper integration of cutting-edge technology or even novel amenities beyond our imagination. Yet, one foundational principle will remain intact: For multifamily units to be distinctive and successful, comprehending, forecasting and addressing residents’ needs and wants through meticulously chosen amenities is paramount.

1. Modern Fitness Facilities

The transformation of fitness from an activity to a lifestyle has prompted many to seek multifamily complexes that incorporate modern fitness facilities. Investing in high-quality gym equipment isn’t a luxury — it’s a necessity. The durability, safety and enhanced features of top-tier equipment ensure that tenants get the best workout experience possible.

But why stop at traditional gym equipment? The digital age has ushered in the era of virtual fitness classes, where individuals can join global fitness communities from the comfort of their homes — or, in this case, from the shared gym space of their apartment complex. Offering facilities equipped with virtual fitness tech can give your property a cutting-edge appeal.

In addition to mainstream fitness, there’s a surging demand for wellness amenities. Spaces designated for yoga and meditation cater to a growing segment of the population that focuses on holistic health. These serene, calming spaces offer a respite from the bustling world outside. And for those who seek relaxation after a tiring day or a grueling workout, saunas can provide the perfect detoxifying experience.

Related article

12 Common Kitchen Layout Mistakes to Avoid

If you intend to stay in your home, but your kitchen doesn’t fit your lifestyle and add enjoyment to the time you spend there, it’s time for a renovation. Updating a kitchen takes a lot of planning, and it’s easy to overlook some crucial things—especially in the layout. Here’s a list of common kitchen layout mistakes and how to avoid them.

2. Pet-Friendly Features

Pets have become integral members of many families. As such, multifamily properties that cater to their furry residents have an undeniable edge in the market. On-site pet spas and grooming stations are no longer an extravagant frill but a sought-after feature. Pet owners value hassle-free grooming services within their residential complex.

But cleanliness is just one aspect. Pets, particularly dogs, need their daily dose of play and exercise. Designated pet play areas, equipped with agility equipment and safety measures, can be a haven for pets and a meeting point for their owners, fostering community interaction.

However, while pet-friendly amenities can significantly enhance a property’s appeal, property managers must have well-defined pet policies. This ensures all two-legged and four-legged residents’ safety, comfort and well-being. Consider factors like breed restrictions, pet size limits and additional security deposits.

3. Smart Home Technology

In today’s digital age, it’s becoming increasingly evident that homes need to be more than just spaces to live in: they should be intelligent, interactive and intuitive. Renters are looking for smart home integrations that make life easier and more efficient.

Voice-activated systems stand at the forefront of this revolution. These systems can integrate various functions, from playing songs to locking doors. Such integrations offer convenience and provide a level of safety previously unmatched when connected with security features. Imagine the serenity of knowing a simple voice command can secure your home.

But the brilliance of smart home technology doesn’t end there. Automated temperature and lighting control systems can tailor indoor environments to the exact preferences of residents. Adjusting ambient conditions based on the time of day or outside weather can significantly elevate the living experience while promoting energy efficiency.

Moreover, as e-commerce continues to grow, smart locks and package delivery solutions have become indispensable. Gone are the days of missed deliveries or concerns over leaving parcels unattended. With integrated smart systems, residents can grant temporary access to couriers or receive notifications upon package arrival, ensuring convenience and security.

Related article

10 Smart Ways to Make and Save Money with Your Rental Property

Some landlords find that after all the expenses, their income isn’t enough to generate a positive cash flow. Instead of a goose that lays golden eggs, they end up with an ordinary, squawking bird whose feed costs more per month than a daily omelet. Don’t let that happen to you…

4. Closet Systems for Optimal Organization

Maximizing space is a perennial challenge in multifamily housing. Just as the right window treatments can make a room seem larger and brighter, innovative closet systems can transform how space is perceived and utilized. Modular systems have grown in popularity due to their flexibility. These allow residents to tailor storage solutions to their unique needs, ensuring efficient use of space.

Lighting plays a pivotal role in closet systems. Efficient lighting design ensures that every item is visible and makes closets seem more spacious and welcoming.

For property owners, offering such closet systems can lead to increased retention rates. Residents who have customized their spaces are more likely to renew leases, recognizing the value of a home tailored to their needs.

5. Communal Spaces and Social Events

The essence of multifamily living extends beyond individual units. Communal spaces and social events in a multifamily setup act as a magnet, drawing residents together and fostering a sense of community.

Hosting regular social events can be a game-changer. From cooking classes to DIY workshops, such activities enrich the living experience and help forge solid neighborly bonds. These connections can be instrumental in reducing turnover as residents become invested in the community.

Moreover, in an era marked by remote work and study, dedicated spaces for these purposes are not just desirable but essential. Spaces infused with ergonomic design, high-speed internet and quiet zones can make working or studying from home a breeze.

Lastly, the value of open-air spaces should be emphasized more. Be it a rooftop garden for yoga sessions or a backyard nook for barbeques, these spaces cater to the innate human desire to connect with nature. Offering residents opportunities for outdoor activities or simply a breath of fresh air can significantly enhance the allure of a multifamily property.

Related article

9 Important Rules to Be a Successful Landlord

Deciding to own and manage rental properties is not something to take lightly. Once you’ve taken a serious look at the reality of rental ownership, you might be excited to get started or decide to take another path. If you’re still thinking that it’s a workable plan, here’re 9 rules to live by…

6. On-Site Services

In a fast-paced world where convenience is paramount, on-site services in multifamily housing are not just amenities but necessities. For residents, the ease of having services right at their doorstep can make all the difference in choosing a property.

Given the exponential growth of online shopping, package reception and delivery lockers have become more relevant than ever. These lockers ensure that residents never miss a delivery again. They also offer the security of knowing packages are stored safely without the risk of theft or damage.

On-site maintenance and repair services are another massive draw. Quick and easy access to skilled personnel can save residents time and stress when a faucet leaks or an appliance malfunctions.

Often seen in luxury settings, concierge services are slowly making their way into more multifamily communities. A concierge can help with everything from dinner reservations to event planning, ensuring residents feel pampered and taken care of. For property managers, this translates to higher resident satisfaction and retention rates.

7. Security Enhancements

The importance of security in multifamily housing cannot be overstated. In today’s world, residents need to know their home is safe.

Video surveillance is no longer optional. With advanced systems, property managers can monitor communal areas and perimeters, ensuring residents’ safety. Coupled with 24/7 security personnel, this ensures that threats are identified and mitigated promptly.

Smart entry systems and dedicated resident apps provide an added layer of protection. With features like remote door unlocking or guest access control, residents have more control over their living environment. Plus, these systems can offer insights into entry and exit patterns.

Moreover, having robust emergency protocols and infrastructure in place — from fire evacuation plans to safe zones — can instill confidence in residents, who will know they are prepared for emergencies.

Related article

Duplex or Multifamily Home as Your Real Estate Investment?

In this article, we’ll discuss the Pros and Cons of buying and renting out multifamily housing. This strategy has excellent potential depending on your time, assets and investment goals. Let’s get started with the basics of property ownership and becoming a landlord…

8. Transportation Amenities

Mobility is a crucial consideration for many renters. As such, transportation amenities can significantly enhance a property’s appeal.

On-site bike storage and repair stations cater to eco-conscious and health-focused residents. These facilities offer convenience and demonstrate a property’s commitment to sustainable living.

As the world shifts towards electric vehicles (EVs), having on-site EV charging stations can be a game-changer. This appeals to EV owners and forward-thinking residents who might consider transitioning to electric cars in the future.

Lastly, partnerships with local transit, in the form of discounts or dedicated shuttles, can make daily commutes or city outings more convenient. This adds value to the residents’ daily lives and positions the property as a connectivity hub, making it more appealing to potential renters.

Conclusion

While the initial costs of high-quality amenities may seem steep, your investment can pay substantial dividends in attracting and retaining residents. Quality amenities can ensure your property remains relevant, competitive and in demand for years.

There’s an undeniable connection between resident satisfaction, retention and amenities. Residents don’t just rent a space; they invest in a lifestyle. When properties offer amenities that resonate with their daily needs and desires, they enhance the living experience and forge a stronger bond between the resident and the property.

As lifestyles evolve and technology advances, we might see a rise in green and sustainable amenities, further integration of smart technology or even amenities we have yet to imagine. However, the core principle will remain unchanged: To stand out and thrive in the multifamily market, you will need to understand, anticipate and fulfill your residents’ needs and desires through thoughtfully curated amenities.

Related article

What You Should Know When Consider Buying a Twin Home

While Twin home and Duplex are often used interchangeably, these two styles of housing are similar in many ways, there are some striking differences. We’ll briefly outline the differences and then discuss some advantages and possible disadvantages of owning a twin home…