Consumer tastes are changing, and offering the right amenities is an increasingly important aspect of attracting good tenants to a multifamily property. Here are 5 must-watch trends in multifamily property amenities in the industry.
#1. Ample Bicycle Parking
Bikes1 are in, thanks to the convergence of the green trend and the increasing shift from the suburbs to the downtown. Many cities are responding to this trend by working to expand bike access, notably by mandating that multifamily buildings install more bicycle parking.
Smart property management can beat the curve by installing more high-quality parking options to make their multifamily properties friendly to bicyclists. There is a range of options available, including communal facilities and parking installed in individual residential units.
All bicycle parking should be secure, large enough to accommodate demand from the increasing numbers of cyclists, and accessible to tenants.
#2. Pet Friendly
Pet-friendliness is becoming increasingly important in today’s multifamily market, where pet owners may represent 20%-90%2 of a complex’s residents. Generation Y in particular is extremely pet-friendly.
At the very least, multifamily properties should offer grooming services3 and areas where people can take their dogs to exercise and play. Day care and walking services for dogs are more competitive features, and even pet salons, dog spas,4 veterinary care, and training are possibilities.5
#3. Multifamily Property Amenities Should Include Something for the Kids
When planning amenities for multifamily units, developers have increasingly focused on the youngest members of a family. Children’s playrooms are growing in popularity, and for families with young children they may play a significant role in the decision about where to live.
A major benefit of children’s playrooms6 for owners is that they have lower operating costs than pools, gyms, and other amenities. This, coupled with their popularity among families, makes them an excellent choice for increasing the competitiveness of a multifamily property.
#4. More Social Space
Millennial (Gen Y) tenants are increasingly7 willing to rent small units, probably because they are less likely to spend as much time in them as previous generations did. At the same time, they are drawn to common areas8 and open space.
For Gen Y, common areas are places to work and to socialize with other tenants. They expect them to be comfortable and equipped with WiFi, USB ports, and the like. In essence, they want the Starbucks experience in their buildings.
In order to accommodate the desires of their young adult tenants, multifamily properties, especially luxury buildings, are beginning to offer more and more services in the common areas.
#5. Great Fitness Centers
A good fitness center9 is an essential amenity for a multifamily unit, but owners are finding ways to put themselves ahead of the curve by tapping into the overall trend toward socializing in common areas.
Fitness centers now serve as places where tenants gather to socialize as well as improve their fitness. Owners are responding by offering classes in yoga, aerobics, cardio training and strength training. Additional features, such as rock walls, can help a fitness center stand out at the head of the pack.