What Amenities Renters Want & How to Gain A Competitive Advantage
As the rental market becomes increasingly competitive, property managers need to provide attractive amenities to attract and retain residents. But what exactly are the amenities that renters want? And how can operators and property staff gain a competitive advantage by providing these amenities? In this blog post, we will explore the most popular amenities that renters are looking for, and how operators and property staff can stay ahead of the competition by offering them.
What Amenities do Renters Want?
Traditionally, apartment amenities have been subject to the community style amenity that promote new physical spaces outside of their unit. In addition, as smart apartment solutions have become more robust and common, renters are increasingly more interested in digital based amenities. For the sake of this blog, we’ll separate these two amenity types into Smart Apartment Amenities and Community Apartment Amenities.
Smart Apartment Amenities
Smart apartment amenities are becoming increasingly popular among renters. These are amenities that utilize technology to improve the living experience. Some popular smart apartment amenities include:
- Smart thermostats: These allow residents to control the temperature of their apartment remotely, and create schedules around their A/C and heat usage to match their living and work lifestyle.
- Smart access control: These allow tenants to unlock and lock their apartment remotely using their smartphone. Some smart access control features also include guest access opportunities or self guided tours for potential residents. In some instances, smart access control apps also allow control for lights, leak detection…etc.
Community Apartment Amenities
Community apartment amenities are amenities that are shared by all residents in a building. According to Multi Housing News, some of the more popular community amenities include:
- Flexible Work Spaces: In some cases, remote work has become more popular than in-office work. Flexible work spaces around an apartment community can be important for residents to have a fresh environment outside of their unit.
- Pet Amenities: Dogs and cats are just as common and important as roommates, and residents need more space for their furry friends to run around…and do their doggy business.
- Outdoor spaces: Outdoor spaces such as courtyards or rooftops are becoming increasingly popular among renters.
What Amenities do Most Apartment Complexes Have?
While smart apartment and community apartment amenities are becoming increasingly popular, there are still some amenities that are considered standard in most apartment complexes. These include:
- Laundry facilities: While some renters may prefer in-unit laundry machines, many apartment complexes still offer laundry facilities on-site.
- Parking: Residents will typically expect a parking space, whether it is a designated spot or a parking lot.
- On-site management: Renters want to feel secure in their building, and having an on-site manager can provide peace of mind.
How Can Apartment Amenities Help to Gain a Competitive Advantage?
Providing attractive amenities, like the ones mentioned above, can give operators and property management a competitive advantage in the rental market by:
- Attracting residents: The better amenities, the merrier…or something like that. Having extra desirable amenities will consistently naturally attract new renters.
- Retaining residents: More that likely the same amenities that brought new residents to your apartment in the first place, are the same ones that will retain renters for the long run.
- Improving resident satisfaction: By providing amenities that residents want and will use, property management can improve resident satisfaction, leading to better reviews and more referrals.
- Staying competitive: Finally, providing amenities can help property management stay competitive in the rental market, as residents will choose apartment communities with better amenities over those without.
In conclusion, providing desirable amenities can give operators and property management a competitive advantage in the rental market. By offering smart apartment amenities and community apartment amenities, renters will be drawn to sign new leases, and stick around long term with higher resident satisfaction.As the rental market continues to evolve, it is important for property management to stay on top of the latest trends in apartment amenities and provide the amenities that renters want.