With renting being the primary housing option for 30% of Americans (and rising), this puts multifamily competition at an all-time high. It’s obvious that multifamily properties nationwide are stepping up their amenities game to attract tenants that are going to come and stay.
The average apartment rental vacancy in the U.S is down to 7%. That’s the lowest it’s been in nearly 50 years.
Many properties are missing the mark entirely when creating an environment that attracts long-term tenants. What often happens is an apartment building begins to resemble a small theme-park filled with luxury amenities and less like a home environment meant to meet practical needs. On the other hand, some properties aren’t going beyond the standard pool and gym trend that may have saved them from sinking 10 years ago.
Luxury Amenities That Aren’t Cutting It
The biggest difference between a luxury and lifestyle amenities can be seen in the kind of response they warrant during an apartment tour or renters review. Luxury amenities, like an onsite movie theater, often get oohs and ahhs with a heightened immediate reaction. While lifestyle amenities spark a more thoughtful reaction when guests recognize how helpful and convenient they are.
However, both are not equally inclined to incite tenants to sign a lease or renew one. With 50% of renters classified as “young adult roommates” and “starting out singles”, accessibility is prioritized over excess. Thus, an amenity like onsite additional storage will be prized over touchscreen appliances that hike up the price of rent to a lofty premium.
Here are 3 luxury amenities that renters don’t want to pay for.
Basketball Courts/Game Rooms
For residents in the 1980’s or tenants with children, a b-ball court and game room might be an exciting amenity. But don’t be shocked if you find a modern-day tenant promising not to use these facilities if you reduce their rent by $150.
Roof Decks or Lounges
A community feel is a common selling point for multifamily properties, but having a roof deck or lounge area won’t suit renters who barely use common rooms. According to NYC property investor, Micheal J Franco–that’s most tenants. Unless the neighborhood has a serious lack of outing opportunities, most tenants are leaving their homes for entertainment or staying inside to watch Netflix. Community areas are usually not worth their price tag.
The idea of sipping a hot cup of joe while enjoying the sunrise does have an allure to it. But in all reality, not many of your tenants have time for that and not many properties deliver on an adequate sized balcony. These property add-ons are one of the most expensive renovations that can be done. But if the balconies are so close together that you can share cream and sugar with your neighbor–is it really private or worth it?
The key to saving money on unnecessary amenity investments is narrowing down who your ideal renter is or creating facilities that are undeniably useful to a vast majority of people. Otherwise, you risk having amenities that feel random, causing potential tenants to think “I don’t want to pay for something I won’t use!”.
Lifestyle Amenities That Attract Long-term Tenants
Do the amenities you offer entertain or help your residents? Lifestyle amenities are often facilities and services your residents are going to seek out regardless of you offering them or not. These amenities address needs and not just wants.
Here are two underrated and overlooked amenities that address a primary need for any tenant–space!
Additional storage space remains one of the most desired amenities. When it comes to storage solutions for multifamily tenants, there are several options with the most popular being convenient, on-site storage. Even beyond providing storage on your property’s premises, having it located within the building where tenants live is an even better option.
Bradyl offers a variety of storage options to fit any property’s needs. When you install Bradyl Bins, you open the opportunity to offer for-rent storage space solutions for your condo tenants. Our storage solutions are a cut above other options on the market. Beyond traditional on-site storage, Bradyl Bins can be customized to fit the space you have available meaning that residents won’t have to venture outside their buildings to access their belongings. In addition, our storage solutions are private and secure. There’s no need to worry about prying eyes or hands when it comes to tenants’ belongings in storage. Each individual unit is secured.
Not only will providing additional on-site storage space please your tenants, but you will also see a solid ROI. Charging rent for storage to condo tenants is a great way to bring in extra revenue and satisfy your residents. The cost to install on-site storage, like those options provided by Bradyl, can be quickly recouped.
Adding a garage space for vehicles can offer a 2 for 1 amenity. Not only does it provide a secure and comfortable way to park, but with the Bradyl Box you can also furnish a unique, over-the-hood storage option.
The Bradyl Box, our over-car locker, offers a storage space that can conveniently house automotive accessories, outdoor gear, or anything tenants would typically keep in a garage. Bradyl Box is a free-standing, lockable storage unit that sits at the head of a parking space, over the hood of a parked car, allowing residents to store a large number of their belongings in a 24/7, convenient and secure location.
These modern storage units feature over 72 cubic feet of storage space right within their designated parking space and feature a convenient pre-installed keyed lock and one-handed opening with gas-strut assisted doors.
Bradyl onsite storage options are one of the few high-value amenities you can offer without having to increase rent prices, 2/3rds of your tenants crave additional storage space, and Bradyl has an average of 1% vacancy rate at the thousands of properties offering our onsite storage solutions.
Skip hit or miss amenities and opt for a sure thing with Bradyl Storage Solutions.