Several surveys and studies have been conducted to find cost-effective amenities and those perks that keep tenants happy. The results are somewhat surprising.
Note, currently, the highest number of renters tend to be millennial, and to keep millennial tenants happy, here are twelve amenities that studies say are cost-effective and what these tenants want.
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Pet Friendly
Statistics claim that millennials make up almost 40 percent of the housing market, and 90 percent of those are renters. About half of these tenants have pets, and they want their pets to come home with them.
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Fitness Centers
Tenants look for well equipped fitness centers with treadmills, stationary bikes plus cardio, flexibility and stretching machines, as well as weight training. The major drawing point for tenants is on-site gyms and the flexibility in opening times. Have available equipment for high-intensity workouts.
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Social Areas
Tenants want social areas with comfy and convenient seating areas for friends, a fire pit, bbq grills, plus a pool to add entertainment and ambiance.
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Sports Areas
Sport-minded tenants want a place to play, and they look for tennis courts, volleyball courts, playgrounds for their children, and dog parks for their dogs.
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Media Center
A “business center” with computers and printers used to be an amenity that tenants loved, but today renters have computers and printer availability. What they want is a media center with a large screen TV and plenty of relaxing seating to watch big games and movies. Another amenity in the media center is a coffee bar where they can grab a quick latte.
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On-site Staff
Tenants rent multifamily buildings because they are convenient, and have all the necessary workmen to take care of repairs. If something breaks down where you live, tenants want a maintenance specialist who can immediately fix problems.
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Outside Storage
Apartment living space is limited, so more and more tenants are looking for an outside storage area. Parking garages often have spaces that can be secured and other buildings have small storage closets next to apartments.
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Hard Floors
An important amenity for tenants and especially if you have children, are hard floors. Carpet is nice, but hard floors give a feeling of cleanliness and are easy up-keep.
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Connectivity
Fiber Internet, WiFi, and Optimum Cell Reception are some of examples of connectivity related amenities that would attract tenants. It is important to those tenants who work at home or who use the Internet continually to have high-speed connections. Of course, free WiFi is important to millennials.
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Trash Removal
An interesting amenity that many tenants look for is frequent and easy trash removal. Some multifamily buildings offer “valet trash removal” where not only your trash is picked up at your door, but recycling is also offered at the same time.
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Community Activities
If your commercial real estate features community perks, your tenants will stay incredibly happy. Have a space for yoga classes, bring in food trucks weekly or on special days, or host tenant appreciation days.
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Bike Storage
Biking is becoming more important to millennials who are environmentally conscious and tend to bike everywhere. If you offer bike storage, tenants will flock to your buildings.
Amenities are important to all tenants, and well-thought-out amenities will keep your residents happy and less apt to move. Happy tenants equal a healthy bottom line.
