Even multifamily apartment complexes in high-demand areas generally experience lots of competition. Indeed, these complexes often offer similar rental rates, apartment sizes, and standard amenities. Savvy property managers can consider offering valuable and less-common amenities to stand out from the crowd of cookie-cutter apartments. Valuable amenities mean a complex doesn’t have to compete by price and may even have a chance to earn extra revenue.
How Can Property Managers Decide Which New Amenities Offer Value to Renters?
Many apartment complexes offer standard amenities like high-speed internet access, a microwave oven, and a fitness center or clubhouse. No property managers will want to add amenities that most of their prospective market will find attractive and valuable enough to set them apart.
According to Redfin, most rental units include these basics:
- Dishwasher, garbage disposal, oven, stove, and microwave
- HVAC and a washer and dryer (at least on-premises)
- Closet or other storage space
How can property managers uncover additional amenities that will help keep existing renters loyal and attract new tenants? Surveying current tenants about which offers they would find attractive enough to motivate them to renew their lease provides a good starting place. After all, the people who already rent from you should provide an excellent same of your target market. Otherwise, you might survey the general demand of renters who live in the area and satisfy other requirements.
Stand Out With These Popular Amenities
The ButterflyMX blog listed these premium amenities to help make apartment complexes memorable in the minds of prospective and current tenants.
Shared outdoor areas can give the property a resort-like feel. Many employees work remotely these days, and they will enjoy access to an outdoor space that’s almost as accessible as a backyard. Some outdoor amenities to consider include a BBQ and picnic area, a playground, and a dog park.
Smart locks offer extra security and convenience to tenants. Many enjoy them because they no longer worry about forgetting their keys and getting locked out. Also, some smart locks let residents set temporary passwords to admit guests or repair people. Digital locks also make excellent additions to common areas, like fitness rooms.
Typically, tenants must pay their electric bills. They’ll appreciate an apartment feature that helps them keep their homes more comfortable while saving money. An investment in smart thermostats also makes sense for property managers. For instance, the managers can remotely control the temperature in vacant units and have a valuable amenity to show off to prospects.
The best choice of transportation amenities depends on the property’s location and clientele. For instance, some apartment complexes near universities, other large institutions, or a public transit hub offer a free shuttle service. More people might have cars in suburban or rural areas, and they may appreciate reserved parking spots and separate visitor parking. Having bicycles to check out and bike storage available can benefit tenants in bikeable or walkable areas.
According to the Humane Society, over 70 percent of tenants have pets. Many apartment complexes allow pets, and some also charge extra pet rent. More pet owners have dogs than any other type of pet, and those dogs will need a place to walk. Thus, setting aside an area for a dog run and providing doggie bags offer a valuable incentive.
Other Considerations About New Apartment Amenities
Remember that some amenities, like a stove, generally come included in the regular rent. Complexes can also charge an additional fee for premium amenities that some tenants may not care to pay for, like access to a 24/7 gym. On the other hand, complexes that offer premium amenities without charging an additional fee may have a chance to increase their monthly rates to cover them. Either way, new amenities can benefit apartment complexes by attracting high-quality tenants and generating more revenue.