Does your multifamily asset have the right amenity mix for the best results?
Elevating Multi-Family Properties
As the real estate market continues to diversify, developers, owners, and investors in multi-family properties are seeking innovative ways to enhance their portfolios and attract discerning tenants. The integration of thoughtfully chosen amenities — ranging from in-unit luxuries to expansive community features — plays a crucial role in differentiating properties in a competitive landscape, boosting return on investment (ROI), and solidifying a compelling brand image.
On behalf of a client, Brett Hunsaker and I, were asked to survey experts in the multi-family world about their take on amenities for multifamily properties.
Understanding the Demographic: The Foundation of Strategic Amenity Integration
Before delving into specific amenities, it’s essential to anchor decisions in a deep understanding of the property’s demographic profile. Each amenity should align with the lifestyle, expectations, and preferences of the current and target tenant base, whether they are young professionals, families, or elderly residents.
Brett Hunsaker and I reach out to contacts in the multifamily industry — developers, owners, management firms, and consultants — to understand what amenities are trending? Following are the areas of concentration in our survey.
Community Amenities: Social and Recreational Engagement
Community amenities that foster interaction and provide recreational opportunities are vital in creating a vibrant living environment.
Outdoor Amenities: Expanding Living Spaces
The design of outdoor spaces is especially critical in today’s era of remote work and increased homebound activities.
In-Unit Amenities: Enhanced Personal Living Spaces
In-unit amenities should provide comfort, convenience, and a touch of modernity, allowing for an upmarket rental positioning.
Service Amenities: Simplifying Daily Life
Consider incorporating various concierge type services to further enhance convenience for residents.
Parking and Transportation: Meeting Modern Needs
A well-thought-out parking and transportation plan is vital for convenience and accessibility.
Enhancing ROI and Brand Image Through Strategic Amenities
Investing in these amenities not only satisfies current tenant demands but also positions a property as a leader in a crowded market. This strategic approach leads to increased tenant retention, the ability to command higher rents, and an enhanced overall brand image. Properties that are seen as thought leaders in providing high-quality living experiences naturally attract more potential tenants and retain existing ones longer, thereby stabilizing income streams and reducing turnover costs.
Below is a summary list of the findings from our survey. We hope sharing the results will spark ideas to better enable you to serve, retain and amplify the resident experience. For the complete list of amenities submitted see the attachment below.
Multi-Family Amenities Summary of Survey Results
COMMUNITY AMENITIES
Indoor Socialization Areas
Establishments like a media library, reading rooms, and diverse game rooms (featuring billiards, ping-pong, darts, and modern gaming stations) serve as central hubs for entertainment and interaction among residents.
Gourmet Kitchens and Classes
Offering indoor gourmet kitchens along with cooking classes taught by professional chefs can turn an ordinary meal prep into a community event.
Health and Wellness Facilities
Modern gyms equipped with trending fitness apparatus like Peloton bikes, yoga, and stretch classes, along with the availability of personal trainers, cater to health-conscious residents.
Specialized Rooms
A theater room for movie screenings, community wine cellars, and coffee/juice bars enhance the everyday experience by adding a touch of luxury and convenience.
Practical Additions
Features like a cyber café, a well-stocked sundry shop, and upgraded laundry rooms are not just conveniences but necessities that enrich the daily lives of tenants.
Co-Working Space
Workspace, desks, Wi-Fi, office essentials (printer, paper, pens, etc.), laptop stations, in-person and virtual meeting rooms, can offer residents the opportunity to leave their homes to avoid distractions and also a potentially long commute.
Pet Services
Many residences enjoy pampering their pets. Services and areas such as a dog park, pet water fountain, washing stations, attendant and grooming services afford loving owners with options to keep their beloved pets healthy and happy.
OUTDOOR AMENITIES
Leisure and Cooking
Outdoor kitchens, swimming pools with a resort-like deck, and rooftop lounges extend the living space beyond the four walls of an apartment.
Active and Family Areas
Playgrounds, outdoor fitness parks, gardens for community gardening, and sports courts (including bocce ball, pickleball, and a putting green) cater to families and active adults alike.
Relaxation Zones
Fire pit areas, outdoor movie screens, and comfortable seating arrangements invite relaxation and social gatherings under the stars.
IN-UNIT AMENITIES
High-End Appliances and Fixtures
State-of-the-art kitchen appliances, designer bathrooms, smart thermostats, and in-unit laundry facilities are essential for a high-quality living experience.
Technological Enhancements
Smart locks and advanced climate control systems offer ease and efficiency, aligning with the growing demand for smart home features.
SERVICE AMENITIES
Package Delivery Solutions
A secure, tech-powered package delivery system with 24/7 access to parcels reduces hassle for both residents and staff.
Cleaning and Repair Services
On-site services like dry cleaning, shoe repair, and tech support for personal electronics ensure that residents have more time to enjoy their home environment without worrying about everyday chores.
PARKING AND TRANSPORTATION
Comprehensive Parking Solutions
Reserved spaces, ample visitor parking, designated areas for rideshare pickups, and EV charging stations.
Micro Mobility and Car Services
Facilities for bikes, scooters, and car rentals, along with regular car maintenance services, reflect an understanding of modern urban mobility.
In conclusion, by carefully selecting and integrating a range of both essential and luxury amenities tailored to the demographic and local community characteristics, multi-family property stakeholders can significantly enhance both the desirability and functionality of their offerings. This thoughtful approach ensures properties are not just seen as places to live but as homes that enrich, facilitate, and inspire a higher quality of life, thereby maximizing both ROI and tenant satisfaction.