The amenities offered by an apartment community help drive rental property leasing and bring rental rates up. As consumer tastes have become more sophisticated, the demand for luxury amenities has risen, and it factors heavily into rental decisions.
In alignment with larger generationally driven trends, housing industry professionals are seeing a heightened demand for specific types of amenities. The twist? They’re not always ‘traditional’ luxuries one might think of. Time is finite, making it the ultimate luxury, and in 2019, when can give renters more time, it's a win. People expect apartment communities to cater to their needs, and more importantly, to make their lives easier, so they have more time to experience life.
There is one highly desirable amenity that’s always in demand and will never go out of style: location. Whether it’s new construction or a renovated property, a multifamily residential community located in a highly developed area close to public transport, shopping, dining, and other activities will naturally command higher rents and trend among today’s typical renter.
Communities that focus on ways to improve day-to-day life for residents are hot, hot, hot! Anytime you can save a resident something they value - whether that’s time or money, you’re going to be ahead of the pack. That’s why savvy developers are building convenience into every possible aspect of their resident experience.
From on-site concierge services that handle things from packages, dinner reservations, and even dry cleaning, to electric car-charging stations, bike storage and repair and ample parking, convenience is the name of the game. People are embracing anything that helps streamline their busy lifestyle and reduces demands on their time. Examples include:
According to a 2017 report by the National Apartment Association, community areas ranked in the top 5 most desired amenities. Community areas have always been popular amenities, and the interest in specialized areas and activities is growing every year. In just a few decades, community ‘shared’ spaces have shifted from a pool and/or hot tub and a barbecue, in favor of incredible clubhouses with fitness centers, resort-style pools, and other niche spaces. Events are also important - bring people together to cultivate their sense of community and promote camaraderie, and you’ll see reduced turnover in favor of people staying longer. What residents are looking for:
At least 60 percent of American households have pets. Dogs are by far the most popular pets, followed closely by cats. More than 40 percent of Americans aged 30-49 own dogs. With so many people considering their pets to be members of the family, it’s no surprise to see pet-specific amenities in high demand. Prospective residents are looking for:
Ranging from ordering food, to calling an Uber or streaming a rented movie, the demand for handling everyday services online or through an app continues to increase. That’s why in 2019, technology that promotes convenience will be a key amenity. Owners and property managers will need to keep pace and offer access to services and amenities, either through on-site staff or interactive platforms like Hello Alfred or Premiere Concierge. Conveniences that help streamline and reduce overhead are widely embraced by users.
Whether residents are looking for the perfect location, accessible concierge services, on-site pet amenities, interactive community events, or the latest technology platform designed to make life just a bit easier - you can bet that anything that saves time and increases the quality of life will be at the top of wish lists this coming year.
Chapin Bell, President & Chief Executive Officer of P.B. Bell, oversees all company-wide personnel, accounting, financial analysis, and support functions. Chapin is also responsible for overseeing all development and acquisition activities. Prior to joining P.B. Bell in 1993, Chapin was a commercial lending officer and vice president of National City Bank, a major regional financial institution headquartered in Cleveland, Ohio.
He is currently an active board member of the Arizona Multihousing Association; his roles at the AMA have included chairman of the board, secretary of the board, Finance Committee chairman, Government Affairs Committee chairman, AMAPAC chairman, Education and Trade Show Committee chairman, and co-chairman of the Big Hands for Little Hearts Committee.
Chapin has also worked with the Boy Scouts of America, the Cleveland Orchestra, and the United Way Agency. He has served as a member of the Board of Directors for UMOM New Day Center, a transitional/emergency shelter for homeless families, and on the Board of Directors for the Real Estate Investment Advisory Council. Chapin received his Bachelor of Science in Business Administration from the University of Arizona.
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