Renters are looking for amenities that they actually have use for
Going Retro: Reconsidering Multifamily Amenities
In recent years, apartment amenities have been extravagant and elaborate. Luxury properties, specifically, have seen a rise in features ranging from screening rooms to golf simulators, crystal lagoons, and podcast recording studios.
But experts tell Connect CRE that this trend could be changing.
“As the cost of living continues to rise, residents are placing greater value on amenities that bring convenience and utility to their everyday lives,” according to Jonathan Treble, founder and CEO of WithMe, a multifamily amenity solutions company. Golf simulators and cold plunges can be a lot of fun. “They don’t necessarily simplify or improve day-to-day living for most residents,” Treble added.
Along those lines, “the basic needs that renters are looking for are the amenities that they’re using day to day and have actual use for,” added Lucy Harrison, a multifamily interior designer with SouthPark Interiors.
Back to the Beginning
WithMe recently surveyed over 2,000 multifamily residents on features they like to see in their apartment complexes. While fitness centers came in on top, 25% of those asked put lobby-based coffee stations firmly in second place. Treble explained that these results support tenant desires for more practical features that help enhance and improve everyday routines.
Other in-demand features are printers and printing stations. “Most residents prefer not to deal with the hassle or expense of owning and maintaining a printer,” Treble said. “The convenience of walking downstairs to quickly print a document, without the need to troubleshoot an “error” notification on the machine or the expense of buying ink, offers convenience and helps save costs.”
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Harrison noted that additional amenities, including an on-site co-working space, are in demand these days. “Outdoor space is another huge one,” she said. “After COVID, there’s been a huge need to spend more time outdoors.” Additional amenity basics include dog parks, grooming stations and package delivery systems.
Even as the demand for practical, time-saving and cost-saving apartment features increases, the yoga studios and fitness centers aren’t going away. Harris pointed out that health and wellness are important to most residents. Additionally, fitness chain memberships can be pricey.
“Again, these are essentials that align with residents’ daily habits and lifestyle preferences,” Treble pointed out. “These everyday conveniences simplify routines and enhance overall satisfaction.”
Apartment Feature Findings
Treble advised landlords, building owners and property managers to consider what residents want when determining extras and add-ons to properties. Resist the temptation to invest in trend-driven amenities. These might look great in theory, but in reality, they might not deliver meaningful value to tenants.
“Consider prioritizing practical amenities that simplify life, encourage community engagement, and that will see consistent use,” Treble said. Adding useful features, including co-working spaces, self-serve coffee stations, printers and others, can help improve residents’ experiences. “This can boost retention while creating a living environment that residents are proud to call home,” Treble said.
Harrison agreed, adding that focusing on flexible spaces also lends itself to different uses. “This allows the developer to stay up-to-date with the trends while not locking in on amenities that might not outlast the renters’ interests,” she said.
Source: ConnectCRE
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