The great “amenity decision” is on the minds of most of today’s multifamily owners. Which amenities will attract residents? Which will provide the best return on investment?
While these questions are important, it’s also important to first determine a property’s current and target renter demographic. This means understanding which amenities renters are expecting, which services to provide and prioritize and how to best secure ROI through them.
Western National Property Management specializes in attracting and retaining renters to boost the bottom line for multifamily owners—with 179 communities and 24,801 units, catering to new and long-time renters is a must-have quality and a fine-tuned capability. Below are strategies our firm uses to achieve strong results.
Multifamily property managers are aware all renters have expectations for their prospective living situation. Whether this includes laundry services or security systems depends heavily on the generation or community to which a renter belongs.
For example, millennial first-time renters will anticipate common areas, in-house laundry systems, easy food delivery and online rent payments. Baby boomers are more likely to expect high-tech security and smart appliances in their individual units. Generationally, millennials represent nearly half of all new renters, and apartment communities are increasingly implementing online options to meet the demands of this demographic.
Successful and efficient managers see the opportunity in installing renter-specific amenities.