We understand property management
Because we are property managers
The term “tenant amenities” is most often used when discussing 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 apartments and buildings as well.
Sure, a swimming pool or a large movie screening room might not be practical. However, there are still a number of ways for landlords and property managers to invest in amenities that will keep residents happy—and as we all know, happy residents equal less turnover and greater return on your investment.
Here are 6 multifamily apartment amenities that go a long way with residents—without breaking the bank.
Small Apartment Amenities: #1
Millennials grew up in a time when walk-in closets denoted social status, and they’ve developed the spending habits to fill these spaces. However, as anyone who has lived in an apartment can attest, closet space is often hard to come by! To make things easier for tenants, consider turning an underutilized area within your property 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; or you could install storage units in an oversized hallway or lobby. Companies like Betoco sell portable, prefabricated storage units in a range of sizes and styles.
Small Apartment Amenities: #2
People are shopping online more than ever before. Building staff are often burdened with the task of signing for every UPS delivery—which isn’t an efficient use of anyone’s 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 their packages at their convenience. It’s a win-win: Tenants don’t need to worry about being home to sign for their deliveries, and staff 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 integrated package lockers into her building.
Small Apartment Amenities: #3
Today’s renters are more tech-savvy than all previous generations combined. Increasingly, they’re looking (and willing to pay a premium) for technology-enabled units. This could mean installing smart locks to enable keyless entry into the building and/or unit, or installing devices like Nest to control HVAC systems and smoke alarms. These small luxuries will go a long way in setting your property apart from others.
Small Apartment Amenities: #4
According to the U.S. Census Bureau, commuting by bike has increased by 60 percent over the past decade. However, trying to get a bicycle in and out of a small apartment is no easy feat. Make tenants’ lives a little easier by providing a bike rack for them to securely stash their bikes without trying to get them through the doorway and up the stairs every day. A well-located bike rack (ideally, one that’s protected from the elements) is an easily acquired amenity to lure residents in.
Small Apartment Amenities: #5
Outdoor Washing Stations
There are many ways that residents might take advantage of an outdoor washing station. Some may use it to wash their cars; others may hose down their bicycles; and others may give Fido a good scrub. Whatever the case may be, an outdoor washing station is a terrific amenity to offer residents at a very low cost to the owner. Concerned about tenants making a mess? There are a number of products to keep outdoor washing stations tidy. For instance, Forever Stainless Steel sells two products—Bathtubs for Pets and Bathtubs for Bicycles—that limit splashing and allow dirt, pebbles, and other objects to fall through a debris-catching grate.
Small Apartment Amenities: #6
Appeal to environmentally-conscious residents by offering recycling services in the building. In our experience, many residents want to recycle more than they currently do, but a lot of multifamily buildings only offer large dumpsters for trash. Landlords and property managers might consider adding an equally large recycling bin to the property, or offer to enlist a company that collects recyclables door-to-door.
As you can see, there are a number of ways for landlords and property managers to integrate amenities into small apartments and buildings. Better yet, these apartment amenities won’t cost a fortune; they’ll add value to your property; and they’ll lure (and keep) residents who may otherwise have chosen a large apartment community.
Liked this post? We bet you’ll like this one, too: 6 Small Apartment Amenities to Attract New Renters
Next, be sure to subscribe to the Buildium blog to stay up-to-date on industry news and the issues you care about. Click here to sign up now!