If you’re a property manager or building owner, then you already know the importance of keeping your tenants happy. Their experience living at your multifamily property can be the determining factor in your success. The challenge then, and quite frankly the question you should be asking yourself is – what amenities and/or services could you provide in order to improve your tenant’s satisfaction?
With today’s fast-paced environment, and green conscious generation it’s important to understand what your tenant’s “must-haves” are, and how you can ultimately cater to those needs. Upgrading your property can not only mean tenants are willing to pay more, but certain amenities can also increase community interaction and involvement. Studies have shown that by developing a greater sense of community and increasing social engagement, your tenant retention improves as well.
Amenities that Can Improve Tenant Satisfaction
Bike lockers with rental options – As the shift to green energy continues, cycling has been at the forefront increasing in popularity among renters. The need to save precious unit space has increased the demand for bike lockers/storage areas where tenants can store their bicycles in a convenient safe place. Even more enticing, is the use of bike sharing programs where tenants can essentially rent bikes from the property and use for the occasional weekend rider or avid cyclist.
There are many ways to approach your bike storage amenity, from having an indoor bike storage facility where tenants have a secure, covered area to store and rent bikes, to in-unit wall mounts where tenants can hang their bikes to keep them up and out of the way. You really have many options in how you approach implementing this amenity into your multifamily property.
Community gardens – Another great way to increase tenant satisfaction as well as retention is to incorporate communal gardens where tenants have the space to grow their own fruits, vegetables, herbs, and flowers. This allows your tenants to contribute and share in something they all worked together on, and increases the sense of community you’ve been shooting for. Not to mention, it’s environmentally friendly (kudos), and can help attract new, Eco-friendly renters.
If you’re loving the idea of a community garden and are ready to add it to your amenity wish list, there are a few things to consider in order to get the ball rolling. You’ll have to take into account the location, water and electricity accessibility, design elements, as well as some building codes. However, we’re certain the ROI will be well worth it in the long run.
Fitness center with complimentary fitness programs – By far one of the best ways to keep your tenants happy is with a fitness center that offers complimentary fitness programs. According to the 2015 NMHC/Kingsley Apartment Resident Preference Survey, “eighty-two percent of renters consider community fitness centers one of their top five community amenities.” Even more interesting, is that 56% of renters surveyed were “extremely interested” in complimentary fitness programs at their multifamily community.
If your existing fitness center needs some TLC, or you’re looking for a complete overhaul, you have many options at your disposal that can help give you the fitness center that’s right for your tenants. From adding an extra layer of technology to your fitness center, to adding perks like juice bars or a sauna. You really can’t go wrong once you start offering complimentary fitness courses where your tenants can come together and enjoy their experiences at your multifamily property.
Ready to get started on your next multifamily amenity?
If you’re ready to improve your tenant’s satisfaction and start building a multifamily community you can be proud of, we’d be happy to consult with you in regards to the best options to take and provide you with a preliminary estimate. All of the options listed above are just a few examples of ways to add value to your multifamily property. Give us a call to chat more about how else we can help generate ROI for your multifamily community with our design and build strategies.