The Value in Bringing Residents Together
Digested from Multi-Housing News
Even if building new community space is impossible, there are small changes you can make to increase revenue.
In an era of big pricy amenities, it is easy to feel like it is hard to compete if you operate a smaller apartment.
But if you know what to focus on, you can offer services that your residents want.
Citing NAA’s Amenity Survey, Multi-Housing News’ Meeghan Fuhr says “half of the top 10 amenities added or upgraded from 2014 to 2016 involve bringing people together, and community-wide amenities garnered higher average rent increases compared to upgrades at the individual unit level.”
But for smaller communities, knocking down an apartment unit and building a gym may not make much of an impact. You are losing rentable space and adding upkeep costs.
“You need to consider how often the amenity space will be cleaned and who will be responsible for the upkeep,” Fuhr writes. “If you don’t have an onsite staff, will you be willing to stop what you’re doing in the middle of the day or night and vacuum, replace printer ink, fix a broken machine and so on?”
Fuhr suggests allowing pets and offering complimentary services, such as Wi-Fi.
“Even if you increase rents to offset the costs, residents would likely still be paying less than they would if they each had to get their own individual setup,” Fuhr writes. “Cable is another similar example.”