Purpose: To provide facility managers with insights on popular amenities that may help retain tenants.
Why should a property manager invest in unique apartment amenities?
Does it really matter if a complex has updated facilities?
What are some examples of well thought out tenant amenities?
From rooftop lounges and pet services to tech-based thermostats and locks, tenant amenities just keep getting better and better. So, property managers around the country have been searching for ways to step up their game.
Here, we’ll discuss ways that you could potentially increase the value of your property by investing in updated amenities. Not only can you reduce tenant turnover by making these improvements, but you might also gain more loyal renters.
Smart Technology — A Smart Decision
In today’s technology-centered world, it’s essential to stay up-to-date with new trends. Tenants desire to live in a space that supports their tech needs. And this expectation for a high-tech home isn’t only to keep up with industry trends, it also creates a more seamless renter experience that could benefit both the tenant and property manager.
1. Smart controls and building automation systems. Smart controls for locks give tenants the luxury of entering their home without having to worry about whether they carried their keys up to the fourth floor of the apartment building or not. Plus, smart controls for HVAC systems allow residents to adjust their thermostats from any location.
These tech advancements are attractive to buyers, especially after property managers explain that tenants can reduce the costs of their utilities through building automation systems.
2. Energy Saving Appliances. Energy saving appliances are attractive to potential renters and current tenants. Property managers can demonstrate their commitment to the property via accommodations like this, plus energy saving appliances can also help tenants reduce their utility bills.
It’s not all about the money though. Modern day renters desire an energy efficient space because they care about the environment. Property management groups might consider the simple addition of offering recycling services or stations for tenants that are going green.
3. Smart car charging stations. New tech improvements are being made in homes and on the streets. Consider taking an inventory of how many smart cars are being parked at your facility. Not having the option to charge a smart car may be a deal breaker for some residents.
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Renters Like Convenience
1. Consider utilizing an app — or some other online platform to manage rent payments, leasing agreements, maintenance requests, package notifications, and facility news all in one place! Tenants will appreciate the convenience of this service, and your property management team will stay organized and connected.
2. Wifi. Wifi — and specifically, good wifi — is essential to the modern day renter. Tenants don’t want to be inconvenienced to go to a local library or coffee shop to write early morning work emails or to watch their favorite show on their laptops. Be sure to include fast and reliable wifi as an amenity to your tenants.
3. In-unit washer and dryer. Once again, convenience is key. If you’re able to, accommodate tenant needs by setting up laundry machines, or by allowing tenants the option to install in-unit washers and dryers.
Make It A Home, Not Just A House
1. Focus on community. A key factor in making a renter feel at home is to create community centered events (like group fitness classes, morning yoga, wine night, or trivia) and gathering spaces (possibly rooftop lounges, pools, or TV and game rooms). Although these amenities might not be the sellout feature for every tenant, they can definitely help to foster a sense of belonging, which can retain tenant commitment to the property.
2. Pet-friendly. A home is welcoming to all family members, and many renters consider their dog Max or cat Missy to be part of the family. Consider accommodating tenants and their pets with a pet-friendly facility. Yes, this means allowing pets on the property, but you can go above-and-beyond by installing a pet washing station or various doggy waste disposal bag dispensers throughout the property grounds.
What new tenant amenities do you hope to add to your facility?
These days, property managers are paying big attention to tenant amenities in order to set their facility apart from others. As a property manager, you may want to consider what the benefit of updated amenities could mean for your building and your tenants.
If you’re hoping to create lasting tenants and extra revenue from apartment amenities, be sure to keep these facility upgrades in mind.