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5 Multifamily Amenities that Promise ROI—Part I

March 24, 2016 Elizabeth Francisco
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Amenities come in all shapes and sizes; they provide great value for residents and demonstrate attention to their needs. Over the years, trends for amenities have changed significantly and will continue to do so as new resident cohorts enter the apartment industry. The challenge is discerning which amenities are merely trends and which will produce long-lasting ROI for each property.

In preparing this list, we spoke with several developers who reminded us that not all amenities today require square footage or large capital investments. Let’s take a look at what’s working in today’s multifamily market:

 

Dog Amenities

In our blog about Dog-Friendly Amenities, we highlighted the addition of dog grooming rooms, parks, and events catered to dog-owners. For example, Related Companies is catering to pet owners with an amenity center they call Dog City, which they’ve expanded to four of their property locations across New York. At Dog City, residents and their pampered pets enjoy professional grooming, daycare services, indoor exercise facilities, dog-only pools, and even doggie yoga.

In an urban setting, space is one of the most limited and valuable assets, but creative solutions are constantly being introduced. We’re seeing the rise of vendors who are making it easy to integrate pet amenities. Vendors such as Dog-On-It Parks and PetEdge provide expansive product lines for dog parks and dog grooming stations. Their products allow anyone to create a dog-friendly environment without making costly, permanent changes. Amenities like these don’t have to sacrifice large amounts of square footage at the property level, and they can even provide an ongoing stream of income when services are provided at a cost. Setting aside small- to medium-sized spaces, such as on top of parking garages, provides an affordable and versatile solution.

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Dog-On-It Parks: Colonial Grand Apartments

 

Just as the pet-friendly facilities have an impact on a resident’s living choices, pet retail, such as grooming products and pet accessories, provides an opportunity for additional revenue. Positive feedback at the property level is showing developers that residents place great value on these types pet amenities—something to keep in mind as man’s best friend becomes increasingly present in the multifamily world.

 

Service Amenities

As resident lifestyles become more fast-paced, basic errands such as dry-cleaning, grocery shopping, and home maintenance can become a pain point. We’re seeing more properties provide creative solutions in the form of service amenities.

Dry-cleaning providers like Bizziebox offer a unique and technology-oriented solution for multifamily properties—an opportunity to turn a pain point into an amenity. Bizziebox has no overhead, construction or maintenance fees. It requires minimal space and can even utilize unoccupied areas such as parking garages. Residents simply locate the nearest set of lockers and drop off their laundry and dry cleaning. Once their clothes are ready, they receive a text with a secure code and locker number for pick-up at their convenience. For property managers, convenience amenities such as this are an asset they can leverage throughout the leasing process.

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iOS app and digital lockers from bizziebox

 

Other examples of service amenities include valet trash services and grocery delivery services, such as Instacart. Residents are more connected than ever and property managers are feeling pressure to adapt. We expect to see more of these tech-driven service amenities, given they continue to provide meaningful benefits to residents and give property managers a competitive advantage.

Click here to continue reading: 5 Multifamily Amenities that Promise ROI — Part II


 

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