More than 50% of all rental housing stock is built before 1980 and new construction is on the rise, it’s important that property owners stay competitive by keeping their communities up to date.
Community-wide amenities garnered higher average rent increases of $77 per unit compared to $52 for unit-specific upgrades!
When was the last time you assessed the amenities at your community? Some pertinent questions you should be asking yourself are:
- What shape are the amenities in?
- Are the amenities being used by the residents?
If not, reassess the demographic of the residents to determine which amenities truly are a value add to the community.
What you can do
Take the tennis court that hasn’t been utilized in a long time and turn it into:
- A multi sports court
- Remove the court altogether and install a children’s play area
Gone are the days for the need of multiple gathering rooms in clubhouses. Pay close attention to the fitness trends and possibly turn one into a cycling studio, yoga studio, or boxing gym.
If the community in question is a family community, consider creating a kids’ activities room.
We recently renovated the open, unused second floor of the Halsey Flats clubhouse and leasing office into a beautiful resident’s lounge with a game room, full kitchen, and bar.
At the Vintage Lofts at West End we transformed two storage rooms into a gym with yoga studio and conference room.
Pet owners represent a large percentage of residents. Change the unused community laundry room into a pet washing station like we did at Bradenton Reserve in Bradenton, FL.
Greenspace is great. If you have an open area, consider enclosing it and create an off-leash dog park, like at Bridge Creek.
Unused storage closets have been retrofit into package holding areas – something residents look for in a new community.
Another route you can go is to simply ask your residents what they would like.
What amenities are you looking to update at your community? Call us today to see how we can help transform your antiquated amenity into one that is new and relevant – and will hopefully increase rental prices!