Having happy renters will not only boost overall satisfaction but produce more revenue. In this day in age, renters expect more than decent apartments. They are also looking for community amenities. Amenities range from business centers to community spaces such as clubhouses. Still, some conveniences are more valuable than others.
Americans consider their pets part of the family. To nearly half of renters, pet-friendly properties are non-negotiable. While you might think this is a risky investment, it is the least costly change you can make compared to the revenue it will incur, especially if there are no breed restrictions. Perks like dog runs and pet washing stations are easy, inexpensive offerings dog lovers are willing to pay extra for. As a bonus, renters with pets tend to rent longer than non-pet owners.
These days people are more interested in health and wellness than ever. Having a fitness center at home fits into a busy lifestyle and cuts out renters needing gym memberships. Tenants are willing to pay a premium for top-rate fitness facilities. A fantastic way to add value to your fitness area is to include exercise classes. Other common areas like walking trails also add value to your property.
It probably does not come as a surprise that pools are sought after amenities. Providing a pool makes your community more desirable, and renters are willing to pay for the convenience. It is important to note that location plays a role in how essential pools are. It will always be profitable, but tenants in Houston might find a pool to be a deal-breaker, but those in Boston might prefer a rooftop balcony.
Knowing the target audience for your multi-family residence can make a difference in which amenities are worth more to prospective renters. All locations benefit monetarily, however by providing luxuries renters crave.
No matter the area, pet-friendly accommodations, fitness centers, and pools are investments that renters appreciate, and you will surely profit. At Marquette Management, we are dedicated to delivering premium apartments for even the most discerning tenant. For any other tips or questions, contact us.Back to all posts