Your building doesn’t have to be constructed in the past five years to be modern and engaging with residents and perspective residents. Modern spaces at your property will help you stay competitive in a changing landscape.
Take advantage of existing space by adding furniture and WiFi to your roof, where residents will be able to congregate with their friends. Doing the same to existing lobby space will allow people to mingle with neighbors, increasing that elusive community feel.
Working remotely is easier than ever now that most people have their own devices, but it’s still a good idea to have a place for things like printers and power sources to charge devices. (In a Gallup survey of 15,000 employed Americans, 43% said they spent some time working from home.)
Some properties have created mixed-use spaces such as coffee shops with tables and chairs, allowing people to get work done but also providing quick access to a nice space. With the square footage of apartments shrinking, it’s important to help residents feel at home in your building by providing extra space that can be utilized for many different needs — a home away from home if you will!
Gyms aren’t just for weights and treadmills anymore, people (especially 18-29 year olds) are committed to group workouts like yoga, spin, and cycle. Consider partnerships with nearby studios to have instructors come on-property for weekly classes.
If you don’t have studios nearby, some services and equipment, such as Fitness On Demand, Wellbeats, or Peloton, allow you to stream high-quality fitness classes. Using gym space for this type of custom activity garners a rent premium (look to page 12 & 13) people are more than willing to pay!
The Package Deal
Jonathan Miller, president of Miller Samuel, a real estate appraisal firm, said, “The perception is that it’s an à la carte thing: ‘If I have a gym and I add a community room it adds X percent to the value, and if I add a sauna it adds Y percent.’ But it doesn’t work that way. It’s more of a package.”
Want to learn more about getting that “Wow” factor at your property? Head over here!