According to the US Census Bureau, apartment rentals are at a 50 year high with young adults doing a majority of the renting. To attract the highest quality tenants, multi-family properties need to offer amenities that people will pay up for. Here are the top five amenities for 2019 that have the best return on investment (ROI).
Fitness remains the top apartment amenity. Since it is one of the most popular amenities out there, it also has one of the largest ROIs. The National Apartment Association has reported that 46% of tenants are willing to pay more to live in a building that includes fitness facilities.
The rent premium on a fitness center averages between $67 and $11; with a median cost of $28,000 to install. These numbers are going to be affected by the size of the property, where the property is located, and the type of equipment purchased.
That aside, CEOs of large apartment developments have reported installing whole Pelton bike rooms to bare bones cross fit studios. A popular and inexpensive add-on to a fitness area is a chill-out area, like meditation rooms or yoga studios. If that was not enough one CEO claims to be testing dog treadmills in one building.
Pets, Pets, Pets!
People love their pets, and they are looking for pet-focused amenities. These amenities include dog parks, grooming areas, walking trails, daycare, pet spas, and training services. The median cost to install a pet-friendly area is $7,000.
Installing highly sought after pet-friendly areas will allow you to increase your pet fees and charge additional pet rent. Some buildings charge up to a $500 nonrefundable fee for pets in addition to a $50 per month pet rent.
The 2017 Virtual Vocations Year-End Report says that approximately 25% of the US telecommutes at least some of the time. People in these positions desire Multi-family properties that offer working space to telecommuters. Many people find working outside of their home to be distraction free whether that be at the office or a temporary office.
There are no reliable figures for ROI, but with the increase in shared work spaces such as WeWork the return on the median cost of $13,500 to install an office space should be worth the effort. Something like this could even be put into a basement since no windows are required.
Package delivery lockers are a big thing that new tenants are asking for. People love their Amazon deliveries. A package locker can cost between $10,000 and $20,000 to have installed.
There is very little upkeep and comes with a rent premium between $10 and $40. Some locker services offer free lockers for a monthly fee.
Outdoor Community Living
A recent aprtments.com survey listed this as one of the top new amenities for multi-family residences. There is some dispute on the overall ROI when compared to the increase in insurance rates and the cost to install. Your ROI for a project like this will depend on the size of your property and where you are installing the amenity.
People are looking for areas to share gardens, BBQs, gaze at the city lights, or have a fire with neighbors. Something like this can be as simple or luxurious as you want to make it.
If you are looking to beef up your amenity spaces to attract more high-quality tenants start with your number one amenity space, your gym. Opti-fit can help you determine what new equipment to bring in, the possibility of creating more outdoor exercise space for people and their pets, and work within your budget and timeframe. Check out the Opti-fit website or email us at firstname.lastname@example.org to find out more.
Couples Who Exercise Together
Get strong and confident and engage with a partner, friend or family member by celebrating a special Valentine’s Day this year.
At the gym, you might try hot yoga and Body Pump classes together, or make a pact with your significant other to experiment with a new sport or exercise workshop once a month – and always together. Studies show, after all, that romantic couples that exercise together are generally happier in the relationship and more attracted to their partner.
At home, fit couples might set up cardio circuit training stations with weights and a treadmill or a stationary bike. Interestingly, research also shows that if you improve your own workout consistency, your sweetheart is 50 percent more likely to do the same. (That is a surefire recipe for a happier love life.)
Smart Workouts for Valentine’s Day
When you exercise, the release of endorphins, those feel-good hormones or feelings of pleasure that you release (in your brain) may create the perfect chemical mix for a vibrant and enriching love life.
Firm Up and Maintain Exercise Motivation
– Take a golf or ski lesson from a pro
– Hire a personal trainer for two for one month of workouts
– Convert your dirty garage into a dreamy home gym
– Start a detox and diet together to support your exercise efforts
How to Make Exercising Together a Higher Priority
Set up a new home gym together for Valentine’s Day or take a wild fitness class at the new gym in town. Opti-Fit Fitness Systems can help brainstorm and create the ultimate fitness space for your school or college, or a residential fitness center.
Ask about our free fitness facility assessment and 3-dimensional gym renderings for your customized fitness space. We’ll make it your happiest Valentine’s Day ever.
Although a great fitness center can help attract and retain residents, a number of multifamily property owners who have invested large sums to install fitness centers are frustrated to see them underutilized. One major development trend nationwide is an emphasis on building community, whether it be through communal spaces, on-site events or a multifunctional app with a communication platform. At the same time, group fitness classes like CrossFit, SoulCycle and yoga continue to grow their devoted bases. Savvy multifamily property managers have begun to realize that merging the two can fill their gyms. These are the top five things property managers can do to foster a sense of community.
1. Incorporate Networked Fitness Equipment
Networked fitness equipment leverages technology to integrate group classes, personal training, contests and more. Opti-Fit partners with Matrix, which has a platform with a social feed that allows members to collectively motivate and congratulate each other on meeting milestones. It can promote gym awareness, engagement and social connections. The platform can capture data from fitness trackers and smart equipment, or import fitness logs from other sites so individuals are spared manual data re-entry. Through the app, members can get guest passes, push notifications, and class and gym schedules.
2. Provide Equipment That Promotes Group Training
One of the surest ways to activate and mobilize a fitness center is to provide equipment that allows for group and class-based training, such as the customized TRX Studio Line, indoor group cycles and yoga mats. Property managers can schedule and tailor group workouts to have broad appeal and cater to all ages, interests and abilities. This can mean regularly offering beginner or introductory classes while varying the intensity, modality and targeted muscle groups of workouts. Keeping track of attendance and distributing surveys to residents can help programmers determine members’ favorite teachers and styles. Classes beamed to TVs with virtual instructors are becoming increasingly popular, especially where real trainers are in short supply. A subscription to online classes can be a cost-effective way to incorporate group fitness, though participants may not get the same level of individualized attention.
3. Employ A Wellness Director
Fitness directors are responsible for ascertaining residents’ workout preferences and designing a suitable schedule of classes. They can also help with gym upkeep and ensure it continues to meet residents’ needs. This director’s salary can be passed along to residents in the form of an incremental rent bump.
4. Offer On-Site Personal Training
Working with an on-site trainer is convenient for residents and great for beginners and people with injuries or other limitations. Trainers can help people lift with proper form, learn new exercises to do independently, create a weekly exercise regimen and, when appropriate, provide nutritional support.
5. Sponsor Contests For Residents
Healthy competition is one of the best ways to make fitness engaging and fun. Equipment like Expresso Bikes use mounted screens to offer an immersive experience, display a live leaderboard and give bikers access to a number of challenges. Wellness directors can host pushup, pull-up, plank or even hula-hoop competitions to spark people’s competitive drives. They can also simulate a “Walk Across America” race series with treadmills, or a leg-burning “climb the Empire State Building” with climbers. They can open the contest to an entire market to attract new tenants. They can also charge a nominal entry fee and donate the proceeds to a local charity.