The term “tenant amenities” is used most often in conjunction with large apartment communities – but this need not be the case. Landlords and property managers should always be thinking of ways to integrate amenities into smaller multifamily assets with units numbering around 150.
Sure, an additional swimming pool might not make much sense. Adding a large movie room might not be practical, either. There are still several ways for landlords and property managers to invest in amenities that will keep residents happy. Moreover, as we all know, happy residents = less turnover and a higher return on your investment.
Here are six multifamily amenities that go a long way without breaking the bank.
Millennials grew up during a time when walk-in closets denoted social status, and they’ve developed the spending habits to go along with filling these spaces. However, anyone who has lived in an apartment can relate – closet space is often hard to come by! This is especially true if you live in a small apartment. To make things easier for residents, consider turning an underutilized area into storage units. There are many ways to go about doing this. For instance, you could clean out a garage and turn that into storage units. Alternatively, you could install storage units in an oversized hallway. Companies like Betoco sell portable, prefabricated storage units in a range of sizes and styles.
Related to the point above, people are shopping online more than ever before. Property management is often burdened by having to sign for every UPS delivery—not a very efficient use of time! Companies like Luxer One offer independent package lockers that can be easily installed at your property. Deliveries are made directly to the lockers and residents pick up packages at their convenience. It’s a win-win: tenants don’t need to worry about being home to sign for their deliveries, and property managers aren’t saddled with the responsibility. “Luxer One has allowed my staff to spend less time trying to wrangle package deliveries and more time focusing on the needs of residents,” explains one property manager who’s integrated package lockers into her building.
Renters today are incredibly tech savvy. Increasingly, they’re looking (and willing to pay a premium) for units that come equipped with technology-enabled devices. This could mean using smart locks to enable keyless entry into the building and/or unit front door or installing devices like Nest to control HVAC systems. These are small but modern luxuries that will set your property apart from the others.
According to the U.S. Census Bureau, the number of people who bike to work has increased by 60 Percent over the past decade. Trying to get a bicycle in and out of a small apartment is no easy feat. Make it a little easier for tenants by providing a bike rack (like the hanging wall mounts pictures above), so they can stash their bike safely without trying to get it up the stairs and through the doorway everyday. A well-located bike rack (ideally, one that is covered or otherwise protected from the elements, is an essential amenity to add to lure residents in.
Outdoor Washing Stations
There are so many ways residents can take advantage of an outdoor washing station. Some may use it to wash their cars. Others may hose down their bicycles. Also, others, still, may use the washing station to give Fido a good scrub. Whatever the case may be, an outdoor washing station is a terrific amenity to offer residents at little cost to the owner — concerned about tenants making a mess? There are several products to help keep outdoor washing stations tidy. For instance, Forever Stainless Steel sells two products – Bathtubs for Pets and Bathtubs for Bicycles – that help limit splashing and allow dirt, pebbles and other objects to fall through a debris-catching grate.
Valet Trash and Recycling Services
Appeal to environmentally-conscious residents by offering valet trash and recycling services in the building. In our experience, many residents want to recycle more than they currently do. There’s no easy way for residents to recycle. Landlords and property managers might consider adding an equally-large recycling bin to the property or offer to enlist a company that collects recyclables right from tenants’ doors.
NationalDoorstep.com provides turn-key valet trash and recycling services from the residents’ doorstep. We offer a two-stream garbage sorting system. Standard 13-gallon kitchen bags have general waste, and bright blue bags contain recycling. After removing those bags, we sort recycling onsite at the community on behalf of the resident. Furthermore, we have all the collateral to educate residents.
As you can see, there are many ways for landlords and property managers to integrate amenities into smaller apartments communities. Best yet, these don’t require spending a fortune. The majority of these amenities are low-cost additions that will add value to a property and help lure (and keep) residents who may have otherwise moved to a larger apartment community for the amenities they tend to offer.