An apartment or condo is not just a home anymore. It's where residents meet a community of neighbors in search of mutual connection. This means that whether you like it or not, even the best amenities alone won't give you a leg up over your multifamily management competitors who are staying ahead of the curve.
In the past few years the multifamily living sector became more competitive than ever. With property managers going above and beyond trying to increase their tenant retention rates, every modern building is now full of the latest smart technology, BBQ stations, and dog parks. But in 2023 even the latest and greatest in amenities just aren't enough because your competitor will simply get a better version next year.
Mega Supply Pro has been working with real estate developers for over a decade supplying top of the line fixtures and finishes, but what we've learned is that resident experiences and engagement matters just as much as fancy appliances and gorgeous flooring.
The logic there is that the relationships residents build with each other and with your team have a strong attraction factor than inanimate objects. This is not to say you should replace your EV charging stations with a hammock garden; both are useful, but the hammock garden facilitates the interpersonal connection and builds the community more efficiently than the charging stations. Ideally you should have both.
Below are some examples of experience amenities that contribute to resident engagement and nurturing the feeling of community at your properties:
• Consider allocating a space for an art studio and inviting local artists to hold classes, talks, exhibits, etc. Sipping on wine during a drawing class is great for making friends, and cocktail art appreciation evenings facilitate conversations that grow into relationships. Residents can showcase their masterpieces on the walls of the studio, or even in the lobby.
• Don't cut corners in the gym. Especially in the work from home era, easy access to physical exercise goes deep with people. If your gym is spacious and inviting – it will automatically become a strong social aspect of the community. As an added bonus – rotating climbing walls are a thing now.
Note that the Peloton era may be coming to an end, especially for commercial environments, such as multifamily housing. Instead look into Echelon equipment – their connected machines and smart fitness mirrors are a huge hit with residents.
• Smart everything. You may have to pay more, but it's one of those investments that guarantees a solid return over time due to the added convenience. After using smart locks, lights, outlets, doorbells, Sonos speakers, etc. switching back to the analog equivalents feels like a huge downgrade, which will help your tenant retention.
• Few amenties add as much value to your building as coworking spaces. Preferably with printers, and filled with natural light and plants. A package room is an additional bonus your residents will adore.
• Pet amenties are an easy bribe for residents with doggos. You can go beyond a dog run with a groomer, washing stations, and pet daycare services.
• Other popular social amenities include blow dry bars, movie theaters, massage rooms, yoga/pilates spaces, juice bars, climate controlled wine cellars, libraries, and car washes. We've seen buildings with waterfall meditations rooms, fruit orchards, tanning beds, poker rooms, and other dedicated gaming spaces.
We understand that the above list could be overwhelming for a team with a limited number of resources. For those developers or property managers who want to provide their residents with a stellar communal experience but don't have the manpower to keep up with multiple channels of social engagement, there are concierge vendors, such as Cobu and Spruce, who will a lot of it for you.
Of course it's natural for such premier social experiences to be matched by commensurate personal amenities throughout the building, as well as in each unit. Starting with heated bathroom floors and towel warmers, and ending with excellent appliances and finishes – Mega Supply Pro will put together custom materials and finish packages for any budget and any project size. These will be sourced and delivered on your project's schedule, with no headaches or logistical surprises.
For more info, please fill out our contact form or send an email to contact@megasupplypro.com.