The new year has brought a new way of living and new standards for rental property complexes. Constant changes in technology and the impacts of coronavirus have given renters new expectations for the kinds of amenities they want to see in multifamily housing in 2021. These are the most important amenities to attract tenants and maximize monthly profits in your rental housing complexes:
Wi-Fi and Cable (but mostly Wi-Fi)
This may be old news for some property owners, but Wi-Fi is now one of the most essential housing services beyond water and electricity, and continues to grow in importance in our daily lives. In the past year, hundreds of thousands of residents have transitioned from working in an office to working from home. The most expected amenity in a modern multifamily rental is reliable, high speed Wi-Fi that is complex-wide and simple to connect to. Renters also don’t want to see additional charges for this service. If you need to charge tenants for Wi-Fi service, make this fee included in the rent. Many would say that cable is becoming obsolete, but it’s always a good idea to offer that as well.
Co-Working Area
The concept of co-working spaces has become increasingly popular in recent years, and has become essential since the start of the COVID-19 pandemic. As mentioned before, a large percentage of the population has been introduced to working remotely. Because of this, community working spaces are highly sought after when it comes to rental housing perks. Of course, your co-working space should be creatively designed to support safety and promote social distancing guidelines. Open-air spaces and air circulation devices are highly encouraged, as well as properly distanced desks. Any proper co-working lounge also has ample power outlets and a caffeine supply, whether it be a fully operational cafe, or an upscale coffeemaker.
Whether or not there is space for a co-working facility on your real estate, consider utilizing marketing to highlight the property’s remote work accommodations. Units with larger floor plans that could potentially house dedicated office spaces should be advertised as “work-from-home friendly”. This encourages potential renters to consider the apartment’s ability to offer a productive work environment.
Room Service
2020 took “eating in” to a whole new level. Now, restaurant takeout and food delivery are some of the most common ways food is consumed on a daily basis. Many residents continue to have their groceries or other errands delivered as well, making a streamlined complex-wide delivery system one of the most simple and impressive amenities of the new year. Consider a dedicated area in the lobby for food or other third-party deliveries, or a specialized security system to allow authorized third parties to deliver directly to residents’ doors. To take it a step further, there are a variety of startups and budding technologies that partner with landlords to provide room service programs and food delivery options specific to your rental building.
Rooftop and Outdoor Spaces
It’s not news that an upscale rooftop area is an attractive amenity, but now outdoor spaces have even more value. Decorate the roof of your building with a pool, seating areas, or a bar. Alternatively, creating any inviting outdoor space for tenants is beneficial. As social distancing guidelines remain intact, residents will appreciate having a space where they can socialize safely. To stand out from the competition, get creative with how you use the outdoor space on your property. Perhaps you could build a well-circulated outdoor gym complete with power fans and misters, or offer a variety of exercise classes to create a strong building-wide community.
Electric Car Charging
Electric vehicles grow in numbers every year as car companies work to offer more affordable models, and the importance of environmental sustainability becomes more apparent. Consider that owners of electric vehicles may have no choice but to rent a building with a charging station. Only one or two electric car charging stations are required to accommodate owners of electric vehicles. Additionally, this type of amenity shows other tenants or prospects that you value sustainability. Eco-friendly rentals on average get higher ratings and more bookings.
Contactless Management
It’s past time to adopt contactless property management strategies. All tenant interactions should be carried out virtually. This includes rent collection, maintenance requests, and lease renewal. Ideally, you should adopt one software or online system to keep all management data and processes in one place. Additionally, one of the most important up-and-coming rental technologies is virtual showings. Utilize 3D virtual tours and chatbots to allow prospects to see as much of the property as possible without a physical showing. Most prospects will also prefer an in-person showing, so be sure to adopt socially distanced practices for these events.
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