Multifamily amenity trends are moving from having a specific feature or equipment to how the whole building is designed and laid out. No longer is the hot tub the height of amenities at a property. Instead, mixed-use rooms that can be used as office cubbies during the day, and meeting spots for boardgames or movie watching in the evening, are the new norm. Many successful properties are marketing their use of space over the equipment that they may have, and it seems to be working.
Are Hot Tubs Relics?
Many properties still find that a pool allows them to differentiate themselves from the others in the neighborhood. With the need to maximize living space and the availability of smaller pieces of land upon which to build, that feature is becoming harder and harder to pull off.
Many residents these days would rather have a communal meeting space than an unused sauna. Fitness centers are still important, but making them indoor/outdoor or multi-use spaces helps make the most of communal areas, especially where space is limited.
By the Numbers
- Work from home full time 14%
- Work from home part time 41%
- Want to Work from Home at least 3 days a week 58%
According to the Pew Research Center
Apartments or Hotels?
The amenities that are becoming more necessary for your property look like those of a hotel. Large, inviting lobbies with places to sit and drink a cup of coffee or have a meeting is now the norm. Fitness centers with classes are in high demand. The conference room has been replaced with a community kitchen or eatery experience.
Like hotel guests, multifamily tenants are looking for controlled access in their buildings. Keycards that work for the main doors and their apartments, or the amenities through the building are important. Security cameras and smart locks are also an important part of the equation. Everyone enjoys a good vacation, and tenants will notice when their prospective home gives them some of those same feelings.
Not every property can afford a concierge in the lobby, but many can give a similar feel with package management facilities and locations in the buildings where people can set up their own experiences.
WFH is Here to Stay
As in many hotels, having space to work is not a luxury anymore. It is a necessity. Yes, someone could work in their private residence, but the new trend is to give them a few tables and a quiet place for a phone call.
Many buildings are finding the space to create coworking locations and charging a small fee for the tenants to use them. Many residents are willing to add to pay more to feel like they can enjoy the social aspects of working when they are really working from home.
Also don’t forget that WFH means good Wi-Fi. Many newer properties are attracting tenants with universal Wi-Fi that is available throughout the property, giving tenants the freedom to work in all parts of the property.
These same spaces can be used at night for the after-work get-together for the community and their guests. These multiuse facilities allow prospective residents to see the room as a blank canvas that they can use as they please.
Prospective Residents Have Options
Whether a hidden door speakeasy room like a new building in Seattle, WA or a co-working facility at a reused property in Boston, the use of space in the common areas is becoming critically important to entice residents to join your community or, more importantly, to keep the ones that you already have.
It is the space that is important and not the equipment that costs money to maintain and monitor. Some equipment will never go away, but if space is limited, try hosting a yoga class at an outdoor trellis. Give residents the space, and they will find creative ways to use it.
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