Whether you own multi-family properties or manage them and you want to attract more renters, or you’re a renter yourself and you want the best-of-the-best, amenities are key. Renters love amenities, and it can be make-or-break when it comes to making a rental decision.
So, what are the top amenities right now that attract renters and in particular, Millennial renters?
Convenience can be such as simple thing to provide apartment renters, yet it’s often overlooked. Convenience can be especially valuable in urban settings, and it’s something busy young professionals really appreciate.
Convenience is a broad term, and it can mean a lot of things, but ultimately it’s all about making life easier for residents through services and amenities. For example, property managers might consider offering convenient trash pick-up service so that renters can simply leave their trash outside their door and it will be taken care of.
Full concierge services in addition to trash pick-up are a great offering, as is access to shared car services, and even electric car-charging services.
According to research cited by The Washington Post, Millennials love their pets. Three-fourths of Americans in their 30s have dogs, and 51 percent have cats. Millennials are much more likely than previous generations to be pet owners, and it’s something they take seriously.
Pet-friendly amenities extend beyond just allowing renters to have pets. Specific amenities geared toward pet-owners include onsite dog parks, dog washing stations, and even dog walking services. Some high-end apartments boast full pet spas and pet sitting services available on-demand as well.
Showing potential renters that you aren’t just dog-friendly but that you embrace having dogs and other pets on the property can be a deciding factor as they’re narrowing down the communities they’ll live in.
An increasing number of people in the United States work remotely some or all of the time. Renters who are working remotely may want a dedicated workspace within their community where they can go if they want a change of scenery or need access to certain work-related amenities.
A workspace can include computers and printers, as well as desks or tables. Including a coffee and snack bar within the workspace can be great as well.
Many people who work remotely from home will need places to have meetings, and if this is available in their rental property, they’re going to value it.
Renters and especially Millennial renters have grown up accustomed to the idea of walk-in closets. It was a feature most of the houses in the 90s, and early 2000s featured. While urban apartment rentals may not necessarily have massive walk-in closets, adding some additional storage space on the property for renters can be a valuable amenity from the perspective of renters.
Areas for Socializing
According to the National Apartment Association, renters want a unique combination. They want to be alone, but with the option of socializing in their rental community. What this means is that of course people want privacy when it comes to their actual apartment, but they want places where they have the option of socializing with other renters if they choose.
Many rental communities are working on ways to promote socializing between residents, and this is especially true when a lot of people in a community work from home and don’t get a lot of social interaction otherwise.
Social amenities can include a movie room or a wine room, a fitness space, or outdoor areas with barbecue facilities. Also, regardless of facilities, apartment communities that have social events and activities can be a favorite among renters.
While there are certain amenities Millennials and younger renters do appreciate more than others, there are also some that experts say have become very outdated. For example, tanning beds and tennis courts are two outdated amenities according to the National Apartment Association. A lot of communities are working on turning outdated amenities into something with more modern appeal.
Also, the old standard fitness center layout and style isn’t necessarily preferred anymore. Instead, renters are looking for fitness spaces that are primarily yoga or cycling studios, or fitness areas where the community regularly holds classes and group exercise events for renters.
If you can capture convenience, socializing and pet-friendly in your amenities you’re more likely to attract renters, and if you are a renter yourself, these may be some of the primary things you’re considering in your apartment search whether in the city or the suburbs.