Apartment Amenities That Your Residents Actually Want In 2021 - Invest on Main Street

Renters in the average Class A home expect on-site, on-demand concierge services such as dog walking, transportation, dry cleaning, and other amenities.

This is only one example of how the amenity game is evolving—and evolving rapidly. Today’s renters expect more from their communities than just a pool and a gym.

We’ll look at what facilities tenants genuinely want and how those amenities might help you retain residents in this article. We’ll also discuss how technology may be used as a modern amenity in flats.

What are apartment amenities?

Apartment amenities are optional extras that add value, luxury, and convenience to renters’ lives. A building’s or unit’s amenities are what set it apart from other units. While a kitchen sink would not be considered an amenity, in-unit laundry and a terrace would. Amenities might be in-unit, like these, or communal, meaning they are available to the entire community. Communal amenities include pools, tennis courts, and dog parks, to name a few.

Prospective residents frequently cite amenities as a reason for signing or renewing a lease. 

They also serve to distinguish one apartment complex from another, allowing owners and property managers to charge a premium for their available flats.

It’s crucial to understand that not all apartment facilities are created equal and that some are more valuable to tenants than others. Consider your target market’s behaviors, interests, and demographics when determining which facilities to offer in your multifamily property. Finding and maintaining new renters requires amenities that improve the resident experience.

What Is the Value of Amenities for Apartment Communities? 

When it comes to apartment seeking, amenities are one of the most important—if not the most important—factors.

  • 87 percent of existing multifamily renters believe amenities play a big role in their decision to rent.
  • 94 percent of those polled indicated they would or would consider paying higher rent in exchange for more onsite facilities.

Multifamily property managers and leasing agents use amenities as a marketing tool. Apartment amenities—both in-unit and communal amenities—add value to apartment complexes, allowing them to maintain and attract new residents.

How do you keep residents from leaving your building? Apartment amenities may be the answer.

The desire for connection is strong among today’s renters.

60 percent of respondents think their living space reflects their individuality, according to the NMHC/Kingsley Apartment Renter Preferences Report.

Meaning: today’s renters are looking for a place to call home. As a result, by providing amenities that represent your tenants’ interests and values, you can aid in the development of this bond and reduce the risk of turnover.

It’s crucial to keep in mind, though, that “conventional” facilities like dishwashers, washer/dryers, air conditioning, and high-speed internet are now standard. Amenities should also not be mistaken for frills; they should provide genuine value to your residents.

In-Unit vs. Community Amenities

There are two types of amenities in multifamily apartment buildings: in-unit and community facilities.

In-Unit Amenities

Everything in a single residential unit is considered in-unit amenities. A washer and dryer, a dishwasher, a patio, smart devices such as smart locks and smart lights, and more are examples of standard in-unit amenities.

Popular in-unit amenities include:

  • In-unit laundry
  • Air conditioning or central air
  • Pet-friendly units
  • Dishwashers
  • Patios and balconies
  • Fireplaces
  • Smart thermostats
  • Smart locks
  • Preferred Parking
  • Concierge Trash

Community Amenities

Community amenities are located in common spaces and are intended for shared use by all residents. A fitness facility, pool, dog park, rooftop access, and other amenities are examples of shared community amenities.

Popular building amenities include:

  • Outdoor amenities (e.g, swimming pools, dog parks, rooftop decks, gardens, patios, playgrounds, barbecues, etc.)
  • Gyms
  • Movie theaters/media rooms
  • Secured parking garages/assigned parking
  • Bike storage areas
  • Laundry facilities
  • Package rooms and package lockers
  • Online rent payment and maintenance requests

 

Amenity categories

Both in-unit and community amenities can be categorized according to the sort of service or benefit they provide. Amenities can be classified into one or more categories.

The four amenity categories are:

  1. Safety/security
  2. Convenience
  3. Luxury
  4. Wellness

When it comes to amenities, tenants appreciate anything that uses technology to make living easier. All four kinds of amenities are influenced by technology.

Incorporating technology amenities in apartment complexes in innovative ways

You might not know where to begin if you want to include technology as an apartment feature in your property.

Property managers with flexible space, such as common areas, clubrooms, and huge lobbies, should explore constructing shared coworking spaces modeled after WeWork, Regus, and loft space. As more employees and freelancers work remotely, demand for these workplaces will certainly rise, generating a new revenue source while also luring gig economy renters.

Another factor to consider is that smart house technologies that monitor and respond to maintenance, operations, and security issues can save property managers a lot of time and money.

How to select the right amenities

While focusing on the demands and needs of the millennial generation may make good commercial sense, don’t forget about the other demographic groups. This is especially true if your property attracts people of various ages. Are these other age groups more interested in smart appliances and security systems, or do they prefer common areas and in-unit washers/dryers? Their financial level is also important, especially when it comes to luxury amenities.

The location of the property is also important when deciding which facilities to include. According to the National Apartment Association, 60% of survey respondents would pay more per month for a designated parking spot—but only in regions where tenants had parking issues. According to the National Multifamily Housing Council, tenants in 59 of 70 large metro regions aren’t getting the facilities they want — or are living in apartments with amenities they don’t want.

The aforementioned NMHC report also includes two other surprising facts to consider:

  • Approximately 53% of renters want in-unit washers/ dryers, but only 13% of surveyed properties offer them.
  • Allowing dogs and cats is the most “oversupplied” amenity being offered in rental properties.

The Most In-Demand Apartment Amenities in 2021

The term “amenity creep” is used in the hospitality business to describe how hotels constantly upgrade and improve its perks, features, and amenities in order to obtain a competitive advantage over rival hotels. In 2021, the same will be true for multifamily communities—however, with hundreds of amenity suppliers and solutions to choose from, how will property managers decide which to prioritize?

The three most in-demand types of amenities in 2021 are:

  • Fitness & Wellness Amenities
  • Outdoor Spaces
  • Food & Drink Amenities

14 Common Types of Apartment Amenities (Plus Examples)

There are countless amenities that a multifamily community can offer its renters. For the most part, these amenities fall into 14 major groupings.

  • Arts, Learning, & Media Amenities: Art studio, library, movie theatre, recording studio
  • Cable & Streaming Amenities: Cable TV, community WiFi, high-speed internet, streaming memberships
  • Childcare Amenities: Daycare, on-site classes, playgrounds
  • Fitness & Wellness Amenities: Fitness center, pool, sauna, spa, sports courts, workout classes
  • Food & Drink Amenities: Catering, on-demand dining, on-site convenience store or bar, room service, smart food kiosks
  • Gaming Amenities: Arcade, simulated driving range, table games, video game room, VR studio
  • Laundry Amenities: Dry cleaning, laundry pickup, laundry room systems, reloadable laundry cards
  • Mailroom Management Amenities: Mailrooms, mailroom management software, package lockers
  • Home Office Amenities: Conference rooms, co-working spaces, phone booths, printing services
  • Outdoor Amenities: Cabanas, firepits, garden, patio, rooftop deck
  • Pet-Friendly Amenities: Dog park or run, pet walking services, registration & tracking software, self-service pet grooming, subscription services 
  • Property management amenities: Community portal, maintenance request system, online payment
  • Security Amenities: CCTV, door staff, guest management systems, smart access systems, video intercom systems
  • Transportation & Parking Amenities: Bike-storage room, car sharing, dedicated rideshare drop-off & pickup, parking garage or lot, smart parking systems, valet

Schedule a free strategy call with us if you’d like to learn more about Invest on Main Street or our future investment opportunity.

Receive daily 1-minute videos to help you learn to be a better investor?

Patrick Grimes

Patrick Grimes is a design engineer and CEO and Founder of Invest on Main Street, LLC. His real estate holdings include general partner ownership of a multifamily and single-family real estate portfolio valued over $146M, including 1,950+ units across the southeastern United States and Texas.

He has been active in real estate investment since 2007, including purchasing land and distressed assets, renovating them, and stabilizing them for long-term cash flow. ​To scale his real estate portfolio, Patrick moved from single-family to multifamily investing and founded Invest on Main Street, a private equity firm specializing in multifamily value-add projects in emerging markets.

Pin It on Pinterest

Share This