Apartment Amenities that Sell: Back to the Basics

Just as much as you hear what sells in multifamily, behind closed doors apartment leaders are scratching their heads about the next frontier of amenities. Resident and pet pleasures and perks are sliced, diced and stewed in board rooms just about every day. As it is, many rental housing communities are already loaded to the gills with leisure experiences and the latest push-button creature comforts in what’s haled by many as the war on amenities. Balconies with views, food storage, cold splash pools, doggie daycare and spas and massage therapy are some of the many incentives that developers offer to boost retention, new leases and rents. It’s become such a part of the vernacular, outstretching the tennis and basketball courts of the 1980s, that industry analysts are mining data in troves to determine what features are deals or duds through amenity valuations. Watch Now:  Amenity Valuation – Are You Getting It Right? A few years ago the student housing industry fired the splash felt ‘round the industry with sexy lazy rivers and rock climbing. But it didn’t last long. These days, student housing leaders realize that some multi-million-dollar investments in big amenities may be going a little overboard, even if the parents are footing the bill for rent. Industry leaders said at conference in Austin, Texas, that students would much rather have a quiet place to study. The latest findings in the National Multifamily Housing Council/Kingsley survey on most popular resident amenities suggests the multifamily industry may want to dial it a back a bit and go with a more basic approach. The top three amenities are air-conditioning, high speed internet and good cell phone reception. Watch Now:  Amenity Valuation – Are You Getting It Right? Right balance of amenities like hitting a moving target Sharon Hatfield, who is president of property management operations at CF Real Estate Services, said realizing the right balance of...