When the year is coming to an end, property managers usually take some time to consider what went well, what may be improved, what changed, and what seems to remain constant. After putting all of these insights together, a strategy for the future year to advance, surpass and expand starts to take place.
Based on those findings, we have highlighted the possible amenities residents look for in a community complex. One of them is 2-way video intercoms. However, every property manager needs to know their tenants.Â
Property managers should first develop their strategy by taking into account the demographics of their renters. This is because elders would have distinct interests from young professionals or expanding families. In particular, the older age is more likely to favor living in a neighborhood with greater safety amenities, while the new generation is more inclined to search for conveniences. Additionally, the Generation Z group is on the rise in the rental market, and with their population increasing, it’s a good strategy to pay attention to long-term investments.
Before investing in amenity upgrades, property managers should take their renters’ incomes into account. This is because residents of luxurious communities are more attracted to a distinct set of amenities than lower-income residents. The best amenity for the latter group is cheaper rent.
Furthermore, the location of the property influences many specific amenities. For example, providing parking in areas with a shortage of parking space would boost the leasing of apartments much more than in places where students prefer to take shared rides or other modes of transportation.
Amenities that residents look for:
- Smart access control. A popular technological feature is a keyless entry. With this amenity, residents are relieved of the stress of having their keys outdoors or remembering where they have placed them.
Moreover, depending on the kind of access control system implemented in the neighborhood, it enhances the safety of the property. The most expensive ones have video intercoms that are connected to tenants’ smartphones, allowing them to open the door using a smartphone application on their device, even from a remote. - Digital thermostats. Smart thermostats are among the most popularly desired items of technology. It is crucial to have control over your home’s temperature and to keep it comfortable for you to be in. It is much more convenient to do this from a distance, and the idea that these gadgets can be operated using a smartphone increases the satisfaction of potential residents. Furthermore, this technology lowers utility expenses for both residents and property managers.
- Flexible workspaces. A significant percentage of tenants have been permitted to work from home occasionally or permanently. This change in working habits is perhaps the most significant adjustment made to the workplace and apartment layout, and it is likely to last for the near future.
Since many tenants will need a home office in their apartment, the rental agents may want to think about making the smaller rooms in larger units available as private offices. However, other tenants may prefer to work from a place other than their residences.
There should also be several bigger tables for individuals who need to work together to complete their tasks. It would be nice if there was a coffee shop and some refreshments. To be a comprehensive workspace, there have to be certain sections with quiet corners for people who need to join online meetings or make phone calls.
- Outdoor areas. Residents demand a residence that provides what was previously divided into different places now more than ever. Workspaces have already been discussed; however, tenants also appreciate outdoor space. Additionally, it has a close connection to the work-from-home style of life.
The design and purposes of outdoor space can vary a lot. More private individuals will choose spaces with patios, balconies, or even gardens. Some might appreciate shared outdoor areas such as playgrounds for kids and neighborhood gardens, rooftop decks, patios, and swimming pools. - Pet park/areas. Any kind of pet park is a typical community amenity. Unfortunately, many of these “pet parks” might be managed places with limited space. Recent research has demonstrated how highly people cherish their pets on a personal level. Depending on how the leasing procedure appears to their small friend, your potential tenants may move the process either forward or backward. Take tips from other pet playgrounds in the neighborhood! You can alter the environment completely by making a few improvements.
- Parking spaces, commuter zones. In this day and age, when many people work remotely and conduct their shopping online, folks continue to travel. Others depend on driving since it is essential for their everyday routine, while some simply enjoy driving. They both require a safe parking space, which is something they have in common. Moreover, several additional spaces for visitors. Those without personal vehicles are also present. As a result, when they are searching for a unit to rent, designated ridesharing pick-up locations will attract their attention.
