It’s that time of year when property managers take time to reflect on the year that is about to end – what has worked, what can be improved, what has changed and what seems evergreen. Putting all these conclusions together, a plan takes shape for the year ahead to improve, excel, and grow.
We’ve also thought, and in this article we’re highlighting the amenities that drive renters to sign a lease. But first…
Do you know your landlord?
sure, renter is too broad a term, so property managers should base their strategy primarily on theirs tenant demographics. Because seniors are interested in different conveniences than young professionals or growing families. The former group in particular will be more inclined to live in a community that offers improved safety facilities, while the younger generations are likely to seek facilities designed to make their lives easier. Additionally, the Gen Z cohort is making a big splash in the rental market, and as their numbers grow, it’s a good idea to keep an eye on long-term investments.
Property managers should also consider theirs the income of the tenants before investing in amenity upgrades, as residents of luxury communities are attracted to different traits than lower-income residents. For the latter category, the best amenity is actually a lower rent.
Finally, that Property location triggers a set of specific conveniences – for example, in areas where parking is scarce, offering parking helps rent the apartments much faster than in an area with students who prefer to use ride-sharing or other modes of transportation.
Here are some of the amenities that top the list of renters’ preferences.
A significant number of tenants have been granted the ability to work from home in a hybrid pattern or on a permanent basis. This shift in working lifestyle is probably the sharpest change applied to both work environment and home design and is likely to continue for the foreseeable future.
Thus, a significant number of tenants will want a home office in their apartment – in which case landlords may consider offering the smaller spaces in larger units as private offices – but other tenants may want to work outside of their apartment.
This workspace close to home requires desks with sturdy chairs and lamps (daylight is a delight) and a secured private Wi-Fi network. Also, several larger tables for those who need to work together to get work done. A coffee bar and some refreshments will do everyone good. A full workspace requires some areas with private corners for those who need to join virtual conferences or take calls.
Finally, although the era of the printer is long gone, there are still those who use it every now and then. So you might as well add a printer and some office supplies like pens and paper. One more thing: to avoid overcrowding, a booking platform is an elegant solution.
Now more than ever, residents want a home that offers what was spread across multiple locations a few years ago. We’ve already mentioned workspaces; Outdoor space is another priority for renters. And it’s also closely related to the work-from-home lifestyle.
The outdoor space can take many forms and have different functions. More private residents are looking for private balconies or terraces or even their own small gardens. Others may prefer shared outdoor spaces like community gardens, rooftop decks, outdoor kitchens, pools with cabanas, and, for those with children, playgrounds.
Of all things tech, smart thermostats are one of the most sought after. The ability to control the temperature at home and make the room sufficiently warm or cool is of great importance. Even more desirable is the ability to do this remotely, and these devices can be operated via the smartphone, further increasing the convenience of future residents. Not to mention, this technology helps both residents and property managers save on running costs (if they choose to install it in all units).
Intelligent access control
Keyless entry is another popular tech convenience. With this benefit, residents no longer need to keep track of where they put their keys or carry them around outdoors.
In addition, it strengthens property security depending on the type of access control system installed in the community. The high-end models include a video intercom that connects to residents’ smartphones – allowing them to open the door via a mobile app on their devices, even remotely. The common rooms of the community can also be secured via PIN-protected keyboards.
E-commerce was already popular, but the pandemic knocked it off the charts. Everyone buys everything online these days. In other words, parcel rooms and lockers in shared flats are no longer an option.
Where possible, rooms should be large enough to store items as large as mattresses and equipped to accommodate cold storage for meal deliveries or groceries. It is also important that couriers have access to the property to deliver packages. Another feature that will impress residents is the automation of notifications to let them know when they’ve received a package.
Equipment for pets
Ah, pets. Our furry companions have been our best friends for ages, but our relationships with them grew even stronger and closer during the period of social distancing during the pandemic. No wonder their needs are at the top of tenants’ priority lists when looking for rental properties.
The most popular pet amenities are dog parks, pet wash stations, and pet concierge services. Any one or a combination of these services increases the appeal of the community that offers them.
parking and transportation
This one never goes out of style. People travel, even today when many are working from home and shopping online. Some love to drive while for others driving is vital as their daily itinerary requires it. What these two groups have in common is the need for a secure parking space. And some extra places for their visitors.
Others like to mix business with pleasure, so they prefer to get on their bikes to ride around. That means they need space back in the community to store their bikes and fix and wash them when needed.
There are also those who do not have their own car. Designated carpooling opportunities will therefore catch the eye when looking for a rental apartment.