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Give Renters Modern Amenities to Stay Competitive

Give Renters Modern Amenities to Stay Competitive

Tenants want amenities that add perceived value to their monthly rent, but a recent National Multifamily Housing Council study has revealed an evolution of thought when it comes to what certain amenities are worth to renters. While the pool and the fitness center are still in the top five amenities your renters want, other common areas have become just as important to these potential long-term tenants.

The Top Four Things Renters Want

The most important amenity your renters want is close-in parking. Nearly 95 percent of the 120,000 resident surveyed said parking is their number-one, make-or-break issue when shopping for a new rental home. A community pool came in second on the most-desirable list, closely followed by fitness centers and gated community access.

Improve Offerings and Services to Attract the Best Tenants

It’s not enough to just have a fitness center anymore, however. Developers are consistently doubling the size of community fitness centers—and other common areas—to provide more value to renters who have come to expect it. Your prospects may be willing to pay more in rent for a property with more gym equipment, a saltwater pool, or the option of covered parking.

Ultimately, renters want amenities that are more than a bullet point on a sales brochure. They want facilities and services that are modern, clean, and that they can actually use. If space is an issue, consider reducing the size of the leasing office; you won’t need space these days for all those filing cabinets, so take advantage of that and expand the clubhouse or conference room. Today’s renters are more likely to use those facilities as they work from home, so meet that need and you’ll be a step ahead of the competition.

Think Outside the Pool

Long-term renters rank walkability high among neighborhood considerations, so if your area doesn’t offer dog parks, picnic areas, and jogging trails, consider adding those features inside your property. Unique amenities can be a selling point for years to come, and add a sense of community personality for those highly desirable long-term tenants who embrace the multifamily lifestyle. Community is the one amenity property developers and managers might not be able to create, but it’s one that common areas help encourage. When a tenant is facing the end of a lease, it’s much more tempting to stay if they’ve made friends in a connected community that feels like home.

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