Anyone who owns or manages a multifamily property understands how crucial it is to maintain high occupancy rates. With so much competition out there, it can be challenging to set your property apart from the rest. That is where amenities come into play.
Adding to or upgrading existing amenities is often overlooked. Many multifamily asset owners focus solely on the units, with the impression that renovating the units themselves will yield a higher occupancy rate and ROI.
Competition from new construction as well as upgraded existing properties should be the driving force for asset owners to consider investing bringing their community to the next level.
- First Impression –The first thing(s) a potential resident typically sees when visiting the community is the clubhouse and leasing office. By upgrading them, as well as the surrounding area, you are creating a great first impression, which plays heavily into the decision-making process. It is recommended to strategically place the model units in a location that will allow the potential resident to see all there is to offer amenity-wise. Paint the picture for them.
- Keeping Wellness in Mind – Promote residents’ wellness via remodeled fitness centers, swimming pools, yoga parks, open greenspaces, and walking trails. These updates are very attractive for all generations.
- Man’s Best Friend – It is one thing to be a pet-friendly community. By adding simple and relatively inexpensive amenities such as a dog park or dog wash stations, you will prevail with the pet lovers.
- Socialization – The creation of outdoor living spaces and kitchens, yard games, and swimming pools all foster socialization – something residents look for when choosing their next home.
By remodeling the clubhouse and leasing office at some of our previous projects such as Residences at The Domain, Legacy at Acworth, Halsey Flats, the Davis SoCo, Port Royale, and City Park, the asset owners were able to enjoy the benefits of an increase in rent and occupancy.