For a large demographic of renters, amenities are everything; offering out-of-the-box amenities that renters love will ensure your properties stay competitive, and greatly help with resident retention.
Residencies who want to supply the amenities that will attract Gen Y renters (who make up 56% of the renter pool) need to start taking cues from the hospitality industry, and offer amenities that are luxury, or niche to ensure they are competitive within the market.
If your properties have standard amenities and you’re looking for unique and creative ways to ensure your residents love living in your properties, this list will help.
For multifamily units in the city, a bike garage or storage place can be an excellent amenity to add value. A green living trend and high-traffic cities mean that many renters prefer to commute via bike, and since they take up a relatively small space, converting a previously unused area into a storage area for bicycles can be a wise move. Not only will your residents thank you, but it serves to advertise your commitment to environmentally-friendly living.
For added eco-friendliness and to lighten the load on tenants’ utility bills, consider installing smart controls for your HVAC system. Simple programmable devices can also add value if you’re not willing to spring for the expense of a wifi-enabled system yet. These modern luxuries will be sure to entice renters who are looking for added convenience, green-living options, and lower bills.
For an amenity that both promotes community within your property as well as sustainable living, consider creating a resident garden that all tenants can utilize. All participants can benefit from the garden’s bounty and working together with their neighbors to tend to the garden will create friendships that may not have existed otherwise. To ensure the garden is well cared for, appoint a few green-thumbs within your units to oversee the area, or hire a gardener to tend to any garden maintenance that the residents may have missed. Seasonally, host a resident BBQ where tenants can share the fresh veggies and fruit they have helped grow.
Offering free drinks in your community space every evening or weekly on Friday nights will be an amenity that everyone (over 21) will enjoy. The offering doesn’t have to be fancy; simply providing a low-maintenance keg or a few large bottles of wine for residents to enjoy while chatting with their neighbors can provide a great atmosphere and encourage community in a relaxed setting. Be certain to check with any state or local laws regarding free alcohol distribution before serving; some areas prohibit free drinks and only allow tasting.
More and more consumers are ordering online, and with delivery services like Amazon Prime, you can expect that packages will be regularly received at your properties. Savvy landlords who have residencies without doormen are looking into other ways to ensure package security for their residents. Opting to purchase package lockers can be a perfect solution that your renters will greatly appreciate, and that means one other reason to stay when their renewal is on the table.
Extended Household Amenities:
Make your rentals more than pet-friendly, make them pet-welcoming. Ensure that your rentals attract the best kinds of pet owners and help them take care of man’s best friend by offering a doggie wash station and dog-friendly recreation areas. Consider working with a local groomer who can come once a month so furry friends can enjoy in-house grooming appointments.
For a multi-family unit that seems to house a lot of young families, providing a recreation room for toddlers and young children to play in will be a coveted amenity among young families in the area. While sunshine may allow children to enjoy outdoor parks or playsets on or nearby your property, providing a toddler room ensures that parents have a place for their young children to play–regardless of heat waves or inclement weather. Include foam playground equipment, a reading nook, and a resting area for parents to sit while children play.
If you have an unused unit, set it aside for a short-term rental just for your tenants to use when they are expecting guests for a few days. Charging a fee ensures you are still making money off of the space, and guests will have the added benefit of allowing extended family to visit without facing the inconveniences of a hotel. Not only will your tenants appreciate the added amenity, you can avoid issues regarding tenants allowing friends and family to stay within their own unit longer than permissible.
Before Jumping In:
Niche amenities can be the icing on the cake for the right demographic, however what works for one neighborhood may not be ideal for another. It is important to evaluate your location and the market in your area in conjunction with your current tenants’ needs and wants. Before committing to a specific amenity send out a resident survey to see which would be most welcomed and which would be underappreciated.
Do you have any experience with these out-of the box amenities at your rental property? Let us know n the comments!