People’s initial apartment search factors frequently come down to the number of bedrooms and monthly rent. However, as the research proceeds, people will look for the information that is crucial to them, their families, or their roommates. This could relate to the unit’s proximity to public transportation, or the type of household appliances available. At the next stage of the search, there will also be a list of apartment amenities, which are also highly significant and may be deal-breakers. Apartment amenities are extras that make living in an apartment simpler, more fun, or more effective. There are some additions that a building might provide that make it more appealing than alternatives that might be equivalent in size, cost, or quality. These are not necessities like running water or heat in the winter that you should have everywhere.
Why Renters and Owners Value Apartment Amenities?
Prioritize the amenities that are most important to your lifestyle when searching for an apartment. Think about the things that will make living in this new location (for months or perhaps years) more enjoyable and the things that aren’t worth the additional rent or facility costs. A gym in the building would be a huge benefit to you if you enjoy working out.
The managers, developers, and landlords of buildings need to determine which facilities will provide the best return on investment. Only if it attracts families with reliable incomes (and long-term leases) into the building, for instance, is on-site childcare a wise investment. Other amenities, like a pool, require a considerable initial outlay for construction and continuous care, but they could be worthwhile if they keep the building full and tenants or condo owners satisfied.
Features vs. Amenities
Amenities are extra facilities or perks within a building or property that will enhance the quality of life for residents. While having a stove in an apartment is a fundamental convenience, having an event area with a catering kitchen that can accommodate large gatherings would be a feature.
What Is an Amenity Fee?
While some amenities are included in the rent, at some buildings, residents are required to pay an amenity fee in addition to the rent in order to use the amenities, such as a rooftop or gym.
Parking and Transportation Amenities
The majority of people will give transportation choices serious consideration when selecting a new apartment. Even while it’s convenient to know that the home is close to a bus or metro station, it would only be useful for commuters. Facilities like on-site garages, sheltered parking, or designated parking places are far more alluring to people who own cars. For bikers, bike storage may be a welcome facility.
Technology
Many technological comforts are valued as amenities, such like online alternatives for renting, paying rent, and requesting maintenance.
Laundry Facilities
Does the apartment have a common laundry room, or possibly a laundry or dry cleaning facility on premises? You should research your building’s laundry choices if you don’t have in-unit laundry because it’s a must (if any).
Building Amenities
Depending on their lifestyle, people will highly value elevator access, a doorman, or a designated (and secure) package room to varied degrees.
All of these things will cost more, perhaps in the form of more rent than you’d pay for a similar apartment in another building, but if you have a baby who requires a stroller, you’ll need an elevator. Paying a premium rent or charge to reside in a building with a doorman, security cameras, a security guard, or gated access may be worthwhile if you live alone or are concerned about safety. Composting on-site, a recycling facility, or doorstep recycling collection are examples of additional building amenities.
Public Amenities
Residents are made to feel more at home (and relaxed) in a building by amenities like a playground or community center, an on-site gym or fitness center, and swimming pools.
Amenities make living in a building better, whether they include a communal outdoor grilling area for cookouts, a multipurpose room that can be reserved for gatherings and meetings, or a library and media room that can be utilized for studying or working from home.
Smart Lock
Physical keys might become extinct soon! Since they enable keyless entry, smart locks are extremely popular. Nobody enjoys being locked out.
Every apartment occupant has felt the frustration of being locked out of their unit or building after forgetting or missing their key. You will give tenants the ability to lock and unlock their doors with their cellphones by installing smart locks on all unit doors. On the doors leading to shared amenity spaces, you can also install smart locks.
How To Pick The Appropriate Amenities
Analyzing the demographics of your multifamily building’s tenants is the best way to decide which facilities to add. Are the majority of inhabitants in your building elderly couples or young singles? Families expanding or lone college students? A resident’s preferences for amenities depend on their demographics. When in doubt, remember that the largest age group in America is the millennial generation. Naturally, don’t disregard other racial and ethnic groupings. This is particularly true if your resort attracts visitors of various ages. The income levels of residents also matter, especially when it comes to the facilities of luxury apartments.
Takeaways
- When deciding the amenities to provide, take into account the demographics of your neighborhood and the location of your home.
- Keep in mind that amenities by themselves won’t satisfy residents. Additionally, you must check that the amenities are all in excellent functioning order.
- Property technology improves convenience and security, making it one of the most profitable features you can install in your building.
- You will surpass the competition, decrease vacancies, and boost tenant retention rates the sooner you use modern devices in your home and rental units.