August 1, 2018
4 Minute Read
There was a time when pools, fitness facilities and Internet access were used as selling points to attract new residents. Now, they are considered standard multifamily housing must-haves. Simply put: The modern-day renter expects more from their apartment-living experience.
The millennial and baby boomer cohorts are dominating the rental market with their desire for low-maintenance, high-amenity living. While they are content with smaller spaces, they look to offset square footage with features that add comfort, convenience and community — and they’re willing to shop around.
From tech trends to earth-friendly options, property owners are stepping up to the challenge and offering leading-edge amenities that renters find hard to resist. Here are six hot, new trends that are giving some communities a competitive edge.
As home ownership rates decrease, apartment living — and long-term renting — increases. Renters want the kind of high-amenity lifestyle that hotels or resorts offer, where services are convenient, customizable and just a tap or phone call away.
These and other time-saving services not only attract and retain renters, they can enhance the residents’ experience and foster a sense of community.
Open workspaces aren’t just for start-ups or employee-centric companies anymore. Renters want spaces where they can work and entertain close to home — and they’re willing to sacrifice space in their unit for on-site communal areas. A 2017 study of more than 100,000 units across 35 states from the National Apartment Association found that five of the top 10 amenities added or upgraded since 2014 were ones designed for renters to gather: clubhouses, common areas for socializing, swimming pools, outdoor kitchens and play areas.
Providing high-speed internet is just the tip of the iceberg when trying to woo tech-hungry renters, especially millennials: If you want to grab their interest, embracing smart home technology is the way to go.
Most renters (60 percent) use a smartphone in their search for a home, so after they sign the lease, why not enhance their resident experience with technology they already use? Apartments that are prewired with smart home technology allow residents to control things like lights, thermostats, doorbells and locks from their smartphone. But there’s an opportunity to provide renters with even more value: cameras connected via Wi-Fi for security or to keep an eye on their furry family members and voice-controlled devices like Google Home or Amazon Alexa to submit maintenance requests or hear property-related news.
Tech start-up IOTAS designs smart home systems that are now in use at communities across the country, including Grant Park Village in Portland, OR. Their system enables residents to not only control their apartment technology, but it can also learn from renters’ usage and habits to provide even greater comfort.
Today’s renters expect their home to feature at least some green technology, whether that’s simply improved indoor air quality or energy-efficient appliances. As current and future community members continue to commit to a more earth-friendly lifestyle, property owners should consider supporting this trend by providing sustainable features like electric vehicle (EV) charging stations in their parking areas and eco-friendly Nest thermostats in their apartments.
Showing a commitment to environmentally friendly options — even simply offering recycling bins separate from waste bins — and an awareness of modern amenity advancements can help you attract more renters who value your green thinking.
Nearly a third of all renters (32 percent) have pets. More and more communities accept four-legged tenants, but to win over their owners you have to show that you’re dedicated to accommodating them. Indoor and outdoor pet areas, grooming stations, and full-service pet spas are just a few of the offerings designed to attract animal lovers. Some urban communities offer agility courses, rooftop areas for dog walking, pet supply storage and mudrooms to dry Bowser off when he’s wet or dirty. Other communities bring in trainers and offer exclusive social events for pet owners and their animals.
Located in the heart of downtown Seattle, Cielo is one such community that is dedicated to creating a pet-friendly experience for its animal-loving residents. Cielo’s custom-made pet amenities include an outdoor Canine Comfort Station where animals can run and play, as well as their own Laundra-Mutt, which offers a fully equipped pet wash facility.
Featured in GeekWire, Microsoft’s HoloLens headset is being used with potential residents interested in apartments that aren’t open for in-person tours as well as multifamily leasing centers working on lease-ups. With the ability to offer holographic tours of commercial buildings in progress, the headset could also enable the multifamily industry to provide virtual tours of their apartments and community spaces while still under construction — the next best thing to an actual walkthrough and a major marketing coup.
If you want your property to stay competitive and stand out among the many options renters can choose from, keeping up with the emerging trends in apartment amenities is critical. Consider these ideas in the construction phase or when you’re redesigning outdated spaces, but remember that your community doesn’t need to embrace every new opportunity that arises. Instead, take time to evaluate your current and prospective residents’ interests and lifestyles, then plan for a good balance of service and social amenities that best serve your renters and reflect the type of community you want to create.
Originally published on 4/27/2016.
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