What more can I say about Peloton? It is “the Netflix of fitness” according to one market analyst. Peloton Spin Machines are “the best cardio machines in the world,” according to Men’s Health.
For years Peloton’s business thrived from supplying fitness equipment to community workout rooms. Apartment communities would offer Peloton bikes at a fair membership fee ($20 to $40 a month).
Today, the company is gearing up for a significant transition. Before going public in late September 2019, Peloton had an important major announcement. They would stop the sales of commercial products to focus on personal gear.
About two years ago, Peloton shook the industry with its futuristic bikes. These bikes came with programmable software, social media connectivity, and touchscreens. Peloton bikes had everything attractive to Millenials.
What do apartment operators think of Peloton’s latest business decision?
A perplexed Chad Christian, the Regional Manager (Avenue5), had this to say, “These bikes are greatly popular among our residents. My fitness centers have a bike or two, and I get constant requests to add more.”
“When we acquired one (Peloton bike), one resident fell in love with the equipment,” Julie Rossini, Property Manager, says. “When the others noticed, the bike began to get more use.”
Sarah Greenough thinks that Peloton’s decision is a move to make more money on sales.
“An apartment building has about 200 households,” Greenough says. “Those are 200 potential customers. Not a few commercial bikes in a fitness center.”
Responding to the Terrain
Clay Hicks, the President of TDC Management, inquired about Peloton’s commercial sales. He received this response fro Peloton’s Sales Representatives.
“The commercial sales team commits to placing our bikes in areas where our clients work and travel. We partner with multi-tenant office developments, corporate wellness facilities, country clubs, and hotels. Our members can stay committed to their workout routines while away from home.
Our showroom employees, commercial team, and web store no longer sell equipment to multi-family housing developments. Our decision returns the focus on our initial model, bringing top-shelf, instructor-led fitness solutions into the homes of our members. The best Peloton experience begins when our members purchase and exercise on a personal bike.”
A month before apartment community sales ended, Cristian purchased for his Avenue5 fitness room two bikes. He spent $2,750 and $2,499 on the bikes plus a monthly subscription of $55 on a commercial membership — commercial models of the bike feature a multi-user interface and a dual pedal system.
“They ‘promised’ to still service the bikes, but I learned otherwise,” Christian says. “Constantly told, ‘we no longer service multi-family bikes. Not to say that Peloton bikes are problematic, but we have to call for service at least once every month.”
What Others are Peddling
The tech industry is a dynamic and competitive battlefield. Expresso, Technogym, and Hydrorider are all competitors within the virtual cycling space. These players and the membership-based FitterClub and viable alternatives to property managers.
“At the end of the day, our industry will be fine,” Greenough says. “Technology is always evolving. Products come and go. There are many options for on-demand streaming fitness. We liked the prestige and prominence that Peloton’s brand offered, but we have to move on.
Now, residents can experience on-demand virtual fitness programs in many ways. Synchronized phone apps, virtual fitness kiosks, and commercial display panels can deliver countless hours of self-selected training sessions. These are viable alternatives to the dynamic fitness industry.
Making Corporate Fitness Accessible
Corporations are getting employees moving with on-site workout facilities and custom fitness programming that pays for itself in employee engagement and worker morale.
If you can build and create an attractive fitness space in or around your office, and schedule exercise time around your employees’ work schedules, business owners actually help make consistent and convenient exercise part of the normal workday – and very much contribute to the health and morale of your employees.
Original fitness centers with personal trainers and a slew of cardio machines had certainly made way for on-site yoga studios, compact weight stations and access to local courts.
Increase Employee Health and Morale
Despite economic challenges, the demand for on-site facility fitness opportunities is continuing to increase, according to Corporate Wellness Magazine. If you’re considering a new exercise space in your office, it probably falls directly on your company’s capital to recreate tight spaces, so budget, footage obstacles and security will contribute to the creation of your ultimate corporate wellness areas.
When regular exercise amenities enter the picture – including personal training and group fitness classes – your office exercise facility may also significantly increase worker performance and concentration with stress relief classes like yoga, tai chi and meditation programming.
Think Exercise Quality, Not Quantity
The ultimate goal is to help make working out convenient and accessible for all of your customers and residents. Design staples typically include an inviting setting, natural light and a variety of equipment options at the hub of your corporate wellness center.
10 Fitness Incentives at Work
When space is at a premium, it pays to invest in fitness perks for your employees, such as personal training and employer-paid gym memberships, while still providing the basics:
- Access to multiple running trails
- Yoga and Pilates classes
- Rock climbing wall
- Juice bars
- Healthy bistro fare
- Pool access at a local YMCA
- Weight loss competitions
- Charity walks
- Resistance bands and balls
- Company bowling leagues
Opti-Fit offers an innovative suite of consulting and project management services to deliver your vision for office-based facilities and corporate wellness operations, from concept to completion. Contact us for a free site assessment.
The Study of Human Movement
We’ve been a source of commercial strength equipment and top-of-the-line cardio equipment for decades. We specialize in applying our practical knowledge of human movement based on the science of the body’s biomechanics to provide effective solutions to meet every fitness – and business – need you may have.
We are always excited for the chance to help you design a gym or upgrade your current facility’s equipment with professional commercial strength equipment and strength tools targeting functional fitness, such as medicine balls, balance boards and much more.
Functional fitness interest kicks in with aging: Our bodies naturally lose muscle and flexibility, which in turn can impair the ability to live life to its fullest. Simple tasks such as carrying groceries or putting away dishes can become taxing.
Many studies show that functional strength exercises mimic everyday movements and tend to focus on targeting multiple muscles groups at once, as well as maximizing core strength.
Equipment Design: Action in Motion
Here are a few biomechanical concerns that crop up when strength or cardio equipment manufacturers produce new commercial fitness machines:
– Properly positions your back and muscles to engage your muscle groups through full range of motion
– Avoids compression of muscles or joints
– Maintains balanced and controlled friction bilaterally (on both sides) of strength equipment
– Increases resistance levels in minute increments for progression and safety
– Adjusts to accommodate a wide range of sizes, shapes, body types and fitness levels
– Provides a heavy-enough load to accommodate your biggest and strongest members or clients
Over the last 20 years, Opti-fit experts and design staff have partnered with thousands of customers in dozens of cities to plan and design commercial spaces, and supply and maintain fitness equipment all over the United States. We’d love to hear your story!
Contact us for a FREE design consultation or facility assessment.
Pools and Gyms are Mandatory!
Breakthrough research on Today’s Renters and research released by Freddie Mac Multifamily finds growing segments of the population — Baby Boomers and Generation Xers in particular — showing much less interest in owning a home.
The survey finds half (50 percent) of Baby Boomers currently renting do not anticipate buying a home in the future, up eight points from 2016.
The latest “Profile of Today’s Renter” reveals that affordability remains the dominant factor driving renter behavior.
Multi-Family Rental Research:
50% Baby Boomers currently renting do not anticipate buying a home in the future
Of that 50 percent, 35 percent have no interest in owning
15 percent say they cannot afford to own but have some interest
19% of Gen Xers (aged 38-52) study respondents lacked interest in home homeownership
Read the whole Renters Report from Freddie Mac.
Rental satisfaction continues to run high across the country. A significant and growing majority of renters – 66 percent – are satisfied with the overall rental experience.
“America’s renters overwhelmingly see renting as more affordable and the right choice for them – right now,” said study author David Brickman, Executive Vice President and Head of Freddie Mac Multifamily groups.
Renting becomes a much more attractive option when the top three apartment amenities are met:
- Residential gym
To retain tenants, attract high quality consumers and connect communities, provide your tenants, clients and customers with well-branded well-designed fitness centers with the perfect wide array of amenities.
Keep Up With Demands for Wellness
The National Multifamily Housing Council and Kingsley Associates last year surveyed approximately 120,000 renters at 3,280 apartment communities nationwide to gauge their interest in specific communal amenities. While on-site parking is everyone’s first request, these wellness and safety offerings are common demands:
83% want a pool on property
82% request a well-equipped fitness center
80% demand safe security access
67% want community Wi-Fi
47% look for a business center
If locations are more or less the same between competing properties, wellness and fitness amenities have a big impact in competitive rent pricing as well as tenant satisfaction.
The National Apartment Association (NAA) is the leading voice for the rental housing industry and a trusted partner and advocate committed to serving 160 affiliates, 75,000 member companies and the 9.25 million rental housing units globally
By far, the most upgraded community-wide amenity since 2014 has been the multi-family fitness center. Recent research finds that 46 percent of tenants are willing to pay a premium for complexes that have group fitness classes – in addition to on-site gyms. Top-notch, customized exercise equipment can vastly improve tenant interactions and a sense of community in your multi-family apartment or condo complex. Having a friendly, uncluttered neighborhood fitness center is also priceless for municipal relations.
As you’ve probably recognized, the modern family fitness center has changed dramatically over the last 25 years – and an ancient, drab ill-equipped multi-family exercise space is a serious obstacle to any apartment complex’s appeal. Tenants can head next door.
Signs of a Healthy Residential Fitness Center
You choose the best equipment
For branding and safety, the need for high-quality commercial exercise equipment is mandatory. By using easily recognized, top-of-the-line equipment, multi-family groups differentiate themselves from competing apartment units.
You know your budget but aim high.
Installation costs for a multi-family fitness centers vary greatly, depending on the type and amount of fitness equipment you need, square footage, budget goals and multiple design factors.
You say it on social media
Follow or re-Tweet your favorite fitness instructors or trainers, enter contests at the gym and “Comment” on social channels to offer encouragement. For example, Opti-Fit partners with the equipment company Matrix Fitness, which has a fun social media platform that allows members to motivate and congratulate each other on meeting exercise milestones. Opti-Fit design teams can help conceptualize your fitness space or dream wellness center with 2D and 3D imaging technology. Click here for a free demonstration.