Top Amenities for Today’s Renters: What Multifamily Property Owners Should Consider

Multifamily properties with the latest amenities are becoming the primary reason for signing and renewing leases. Everyone needs a living space with the best amenities. But how would you know which ones are worth the investment?

Gone are the days when basic amenities like laundry rooms and common pools were sufficient. Today, the residents have higher expectations for convenience, luxury, and socialization. Although location and pricing are still the key factors, amenities are becoming an important aspect for the existing and new residents.

In this blog, we will discuss what amenities the residents are looking for and which ones are important and on the top of the list.

What are Apartment Amenities?

Apartment amenities are some non-essential features or services offered to the residents of a multifamily property. Some common services are pools, gyms, laundry rooms, playgrounds, and dog parks. Due to these amenities, the market value of the property increases or decreases.

But, it is neither necessary nor possible to include each amenity in the residential properties. While deciding on multifamily amenities, you must consider the preferences, behaviors, and demographics of the residents in the targeted area. 

Are the Amenities Free to Use?

It is different for all the multifamily properties and apartments. In some residential areas, amenities are free (included in the rent), whereas, in others, it is charged as an amenity fee. You can charge amenity fees monthly or annually. 

If a building does not charge an amenity fee, the rent charges might be higher than other properties. In case you are planning to charge an amenity fee, keep the rental rates competitive with other resident buildings. If you charge a higher rent or amenity fee, the prospects might choose a different building. 

What are the Types of Apartment Amenities?

Amenities in apartments can be categorized into two main types, where each serves a distinct purpose in enhancing the living experience of the residents.

1. Community Amenities

Community amenities are those which are shared among all the residents of the property. For convenience and easy access, it is located in the communal spaces. 

In most of the properties, these amenities are only accessible to the residents and their guests. 

Some of the community amenities are listed below:

1. Gyms
2. Swimming pool
3. Rooftop garden
4. Media rooms
5. Assigned parking
6. Bike storage areas
7. Laundry rooms
8. Package locker room
9. Online rent payment, etc.

2. In-Unit Amenities

In-unit amenities are meant for a specific apartment and are accessible to the people residing in that unit.

These amenities are the add-ons in an apartment for a more comfortable living space. With more in-unit amenities, you can charge more for the property.

Here is the list of some in-unit amenities:

1. In-unit laundry
2. Centralized air conditioners
3. Dishwashers
4. Fireplaces
5. Smart thermostats

Best Apartment Amenities for Residents

When you offer the top apartment amenities to your residents, it will not differentiate your property from others but will ensure more prospective residents.

Most of the residents choose the properties with safety and convenience. So, it is better to offer the amenities which ensure these categories. 

Here is a list of top amenities for the residents:

1. Outdoor Space

With the new trend of remote working, many residents are spending more time at home. So, they seek outdoor spaces in their own residential space to relax. 

Some desirable outdoor amenities could be:

1. Outdoor kitchens with grill tables
2. Rooftop decks with lounge chairs
3. Gardens
4. Playgrounds

2. Smart Locks

Smart Locks are everybody’s need for a keyless entry experience. You can upgrade the experience of residents by eliminating the option of physical keys (available for those who need them).

Every resident might have an experience of forgetting or losing the keys, leaving them locked out. By installing smart locks, you can authorize them to lock and unlock the doors smartly through a mobile app. These smart locks can be installed for community amenities also.

Some reasons why residents prefer smart locks:

1. They don’t need to carry the physical keys.
2. They will never get locked out.
3. Nowadays, many smart locks come with digital keys. The residents can share the digital access codes with their visitors also.

3. Smart Thermostats

A smart thermostat is a good example of a creative solution. With this, you can control the temperature of your apartment even when you are not home.

Residents prefer to have smart thermostats because:

1. It reduces energy consumption and saves money.
2. It authorizes residents to maintain a temperature for pets, kids, or elders when they are not at home.
3. It lets the residents turn on the AC or heating before they reach home.
4. It can be controlled from any smart device.

4. Pet Amenities

The rate of pet ownership nowadays has increased more than ever before. So, by offering pet amenities in a property, you can attract more residents.

Some common pet amenities are:

1. Dog park
2. Pet washing stations
3. Pet attendant services

5. Smart Access Control

Adding smart access control to the property is an effective way to offer luxury to the residents. 

Regardless of the demographics, lifestyles, or community types, all residents want a simple way for themselves and their visitors to enter the property. By installing a smart access control system, you can ensure both convenience and security at your property.

You can consider a smart access control system with the following features:

1. Smartphone-based video intercom: By installing a smart video intercom at the entrance, residents can easily unlock the door from a smart device. They do not require physical keys. Also, they can grant permissions to the visitors on their own, ensuring security.
2. Keypads: The residents want easy access to the shared spaces also. With smart keypads, residents are authorized to access just with a PIN.

6. Package Delivery System

Today, almost everyone prefers online shopping. All the residents want 24/7 access to their online packages. 

For the convenience of residents as well as staff, you can invest in a tech-powered package delivery system. It will reduce the hassle of package deliveries, organizing parcels, and delivering them to residents.

You can offer a package locker or package room to make online deliveries easy. Here are some features of a package room:

1. It ensures that the couriers can complete deliveries with easy access to the property.
2. It prevents package theft and missing deliveries.
3. It authorizes residents to pick up their packages at any convenient time.
4. It sends an automatic notification when a package is received.

7. Parking and Transportation

When a resident gets convenient parking and transportation, they are likely to refer other residents. An amenity like reserved parking is a necessity for suburban residents.

Along with this, there are some other transportation amenities also, that will appeal to prospective residents. These amenities are:

1. Reserved resident parking
2. Visitor parking
3. Bike storage
4. Car-sharing or bike-sharing programs
5. Designated rideshare pick-up areas

8. Coworking Space

As WFH is today’s trend, it is important to serve the residents who are working remotely. You can offer them a coworking space as an amenity. 

Here are some points to consider while arranging a coworking space on the property:

1. Add more desks for single persons and their independent work, but prefer including some larger tables also.
2. Include some armchairs and sofas.
3. Offer free Wi-Fi
4. Arrange a coffee station.
5. Offer office essentials, printer, paper, pens, etc.
6. Arrange a desk reservation system for proper seating arrangement.

Arrange the Top Amenities for Residents with BFPM

If you are planning to offer the top amenities to your existing and prospective residents, BFPM will assist you. Our expert property managers will provide you with the latest market trends so that you can choose the amenities for your property. 

We at BFPM will help you know your prospects by studying the demographics, resident interests, and behavior. You can rely on us for the best amenity options. We can also help you in creating these amenity spaces. 

Feel free to reach us for any assistance related to multifamily property management.