Rising rents raise the bar on amenities

To stay competitive, multifamily housing aims high with comforts and conveniences.

Multi-family rent rates are moving upward (that’s the good news), and so are renter expectations. As an owner/developer of multifamily housing in La Crosse, WI, or Rochester, MN, you are likely aware that rents have been moving in your favor recently. But as the monthly obligation renters face every month increases, it’s perhaps unsurprising that their expectations are rising in tandem.

So, how can you stay competitive as more multifamily properties hit the market with premium amenities? Here are some ideas to consider in your next commercial build or remodel.

Amenities that command attention attract and retain tenants

The amenities renters value are always changing, and these days, tenants are looking for premium amenities that add to their comfort, convenience, and quality of life. Here are some of the amenities we’re seeing that are helping owner/developers remain competitive in our multifamily housing market.

1. Coworking spaces that are thoughtfully designed.

 The remote workforce is here to stay, whether your tenants are full-time remote, hybrid, or entrepreneurs. Today’s remote worker has practical needs that are a must for multifamily housing. To rise above the competition, it’s helpful to sweeten the remote workspaces at your properties. Today’s nonnegotiable basics include desks, chairs, tables and lightning-fast Wi-Fi.

To differentiate yourself and make your property one that remote workers will seek out, you’ll want to explore true coworking amenities. This might include on-demand printing and scanning technology, event spaces, and private sound-proof booths for phone calls and podcast recording.

Want to go the extra mile? Consider an on-location cafe and coffee bar, comfortable workstations, secure access, quality lighting, package handling, outdoor working spaces, childcare services, and fitness amenities for this group. In-house professional services providing legal advice, marketing, or accounting support may also be valued. Keep in mind that the wish list of remote workers is likely to overlap with your in-office tenants.

2. Functional outdoor spaces that expand a tenant’s living area.

The days when a fixed charcoal grill and a picnic table were enough to delight are long gone. These days, tenant wish lists include outdoor spaces that are fun and functional, essentially expanding their living space.

When designing your multifamily housing property, you’ll want to consider incorporating a rooftop lounge that gives boutique vibes (bonus: gorgeous spaces can draw attention on social media, essentially beefing up your marketing exposure). Outdoor kitchens that are fully functional and spaces that are thoughtfully designed and aesthetically pleasing will compel your tenants to make the most of this extension of their multifamily housing experience.

Incorporating programming that builds a sense of community can push this over the top. Think cooking classes, movies, game nights, and group exercise or meditation. If you’re considering family-friendly options, parks and playgrounds, community gardens and pet parks all have their target market, and choosing which to incorporate depends on the demographic you wish to attract most.

3. High-quality fitness centers.

On-location fitness facilities with a full slate of offerings, from exercise machines to pools to classes and personal trainers, will resonate both with the remote workforce and in-office professionals, as well as families.

Don’t think for a minute you can attract tenants with out-of-date equipment or cheap exercise gear. Today’s tenants know and prefer modern machines with the latest smart technology, features, and even virtual fitness classes. Keeping the spaces clean and ready to use is also essential; anything less will serve up a space that no one wants to work out in, much less live with.

4. Vibrant, innovative communal areas.

Creating a place that feels like home requires fostering a sense of community. So, it may be time to take a hard look at the social spaces within your properties and consider an upgrade. Tenants these days appreciate attractive coffee lounges and cozy clubhouses. For the environmentally-conscious tenants, you may want to consider energy-efficient solutions, a robust recycling program, and charging stations for electric vehicles.

Is it time to upgrade your multifamily housing amenities?

Adding desirable amenities to your existing multifamily housing development or designing a new multifamily housing build starts with having the right team of experienced professionals on your side. With the design and build model of construction, our experts can help you make the most of the time, space, and budget you have to offer amenities that will wow now and for years to come. Together, we can help you remodel or build new to inspire the next class of tenants with innovative amenities that set you apart from the competition.