If that new multifamily property being built isn’t keeping up with communal amenity trends, chances are that building will have a harder time finding residents than an existing building that does.
In fact, 82 percent of renters said they were “interested” or “very interested” in a fitness center as a community amenity in their apartment building, according to a recent survey from The National Multifamily Housing Council and Kingsley Associates. The survey gauged the interest in specific communal amenities of approximately 120,000 renters at 3,280 apartment communities nationwide.
In response to the growing demand for onsite fitness centers, property management companies have been increasing both the size of their buildings’ gyms as well as the number of offerings included. The NMHC survey shows that buildings can charge up to an extra $40.77 per month for such an amenity.
Other top communal amenities include:
- Parking – 94% interested
- Pool – 83% interested
- Recycling – 80% interested
- Secured Community Access – 80% intereste
- Additional Storage Space Outside of Unit – 72% interested
- Package Delivery Room/Holding Area – 72% interested
- Community Wi-Fi – 61% interested
- Business Center – 47% interested
In response to these new market demands, developers and property management companies have doubled the size of space dedicated to amenities in their buildings, from 5,000 to 10,000 square feet on average, according to MultiFamilyExecutive.
Not only is the space dedicated to communal amenities changing, the ways in which properties are planned is changing too, driven in large part by the expectations of Millennials. Community spaces are now thought of differently compared to 10 or 15 years ago. For example, MultiFamilyExecutive has shown that amenities like volleyball courts and clubhouses have fallen out of fashion, in turn replaced by dog parks and new smart home technologies.
Similar to most other industries, the property management industry is undergoing a great deal of change. And as more young adults begin renting, their tastes and preferences will continue to drive that change.