Today’s multifamily residents require basic functionality, and operators should focus on those features in the current market. When pet-friendly communities add amenities like dog parks and pet-wash stations, it can make a significant difference.
In the race to create more attractive communities than their competitors, apartment owners and operators sometimes have to compete on creativity.
Incorporating previously unknown amenities and features into a home is certainly a temptation. Despite its initial impact, that approach may not be effective in the long run.
It may appear sophisticated to have a theater room on the floor, but in reality, residents will use it once and check it off their list of things to do. Coworking spaces and other amenities that cater to the work-from-home resident would be better suited for investment when a property is performing upgrades.
A coworking space, for instance, is more functional than a novelty amenity like an onsite arcade, but it will ultimately drive resident retention more than those that have novelty appeal. When contemplating renovating or improving multifamily properties, operators should focus on basics and functionality in the current marketplace.
Owners and operators must be extremely strategic with upgrades because of the expense involved; they have to ensure that they will move the needle in the right direction.
From a value-proposition standpoint, the following four upgrades are most likely to work:
- Keep your outdoor spaces clean
Clean outdoor environments are one of the most compelling attractions for residents, even though they might seem basic.
A well-manicured courtyard and upgraded features at the pool area will enhance the appeal of properties, making them more desirable to prospective residents.
In pet-friendly communities, adding pet spaces like dog parks and pet-wash stations can make a big difference, but operators must also incorporate pet-waste stations to ensure residents cooperate in keeping the area clean.
- The security features have been upgraded.
The most important thing for residents is to feel safe at a property.
Online reviews may skew the community’s image if they don’t believe they are.
There are many ways to enhance security without breaking the bank. To enhance the community’s security, it could be installed with cameras, LED lighting and damage-resistant gates and fences to provide a bright nighttime environment.
For brighter nighttime lighting, LED lighting is not out of reach.
- The third resource is a list of things you can do to make your life easier
Residents today don’t want to jump through hoops to schedule a tour, sign a lease, pay rent, or request service.
It is important for operators to provide a smooth process for their customers, especially in an increasingly digital environment.
Apartment properties can augment their digital footprint by offering tech-savvy ways to navigate the leasing process as part of capital improvements, which are traditionally thought of as common-area upgrades and upgraded apartment features. Residents can access one-click rent payments and quick-hit maintenance requests through resident portals, which enable virtual tours, contactless leasing, and innovative resident portals.
- A community’s needs are different from another’s
Considering community improvements can seem like an easy task. It’s important to remember that what works for one property might not necessarily work for another.
It is therefore important for operators to take into account the location, demographics, type of community, and any other potential factors that might influence the type of upgrades residents desire.
Summary
As the multifamily sector faces price challenges related to materials, labor, and insurance, operators may benefit greatly from returning to fundamentals. It is important to refrain from high-priced upgrades that might have cosmetic value but are unlikely to yield a return on investment.
Operators and owners can ensure that their improvements provide a return on investment by concentrating on the basics and functionality.
