Certain amenities are almost de rigueur in today’s multifamily communities
Factors Driving Modern Multifamily Amenity Decisions
Deciding which amenities to include in modern apartment buildings continues to grow in importance for multifamily developers and owners. Amenities essentially elevate multifamily properties from mere housing to socializing hubs where residents can find benefits from wellness to entertainment to hobbies and personal connections. Amenities tack on additional sums to the monthly rent renters fork over. But they may save them more in the long-run by allowing them to avoid out-of-building membership costs.
Certain amenities are almost de rigueur in today’s multifamily communities. These may include any or all of the following: State-of-the-art fitness centers, Pilates studios, co-working lounges, private conference rooms, pet-washing stations and dog parks, rooftop pools and decks, grilling stations and community gardens. Less common but increasing in prevalence are such amenities as cold plunges, recording studios, podcast rooms, maker spaces and direct private access to transit stations.
The starting point for decisions regarding amenities is the question of how to optimize each community’s market appeal and long-range value, as seen through the lens of evolving resident expectations and lifestyle trends, says Laura Khouri, president and chief operating officer of Western National Property Management. Based in Irvine, Calif., the company manages more than 160 multifamily properties in two states.
Metrics sought
This strategy is informed by resident feedback and market analysis. “Within stabilized and mature communities, periodic resident surveys are conducted to understand evolving lifestyle needs, amenity preferences and service expectations,” Khouri says. Surveys optimize the likelihood reinvestment in properties will reflect priorities residents hold dearest. They enable apartment community managers to direct funds toward those enhancements likely to be most impactful in sustaining the property’s market position.
Anecdotal feedback is as prized as survey findings. Property management teams are encouraged to converse with residents to gain their off-the-cuff thoughts about the value of different amenities, Khouri says. Such discussions often uncover resident sentiments about equipment deemed outmoded, unrealized expectations and inconvenient access.
“By weaving residents’ stories into strategic planning, management ensures community enhancements truly resonate with end users,” Khouri says. “This human-first mindset fosters long-term retention and empowers teams to create environments where residents are heard and valued.”
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Unique demographics
When it comes to designing amenities, it’s helpful for property management companies to do all they can to put themselves in their residents’ shoes. So says Andrew Levison, partner and chief investment officer of The Dermot Company, a New York City-based real estate investment and management company that owns and/or operates more than 7,500 units across 20 properties.
All renters prize flexibility, convenience and location, he observes. But beyond those universal desires, gaining a grasp of their more specific needs, wants and preferences can help management pinpoint the types of programming and spaces that will be most valued by current and future residents. “Resort-style amenities have become more mainstream over the past 10 to 20 years, and the size of the spaces set aside for amenities has grown as well,” Levison says. He notes an enormous, leading-edge gym can be an impressive addition to an apartment community. But fitness classes customized to the preferences of building residents are also important, because they can help residents avoid the additional costs membership in a health club would inflict.
Of similar importance is the desire to select amenities that help create community within apartment communities, Levison said.
Helping forge connections between neighbors can convince residents to lease for another year, refer friends and neighbors to the properties or simply foster a positive resident-management rapport.
“We believe actively engaging our residents through unique programming adds value at all our properties,” he adds. “Our long-term residents in New York City often express that, in a city that offers so many options in terms of where to live and spend time, it’s the sense of community that ultimately makes the difference.”
Source: Forbes.com
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