Updated: Jan 9, 2021
The war on tenant amenities is on. Every property owner tries to attract the tenants to their property and many are offering more and more amenities in order to stay ahead of the game. Or in the game…
Currently, Baby boomers and Millennials are shaping our economy, especially when it comes to real estate. With over 75 million (and growing!) Millennials in the United States, they are now the largest demographic group. For housing, Millennials are not only looking for an apartment; they are looking for the experience, the community, a place to call “home.” Home is not only a kitchen, bathroom, bedroom and walls, it’s a place for them to interact with others and to stay in a place that allows them to maintain an active and healthy lifestyle. Many times, there is no need to provide a high-end renovated apartment to attract good tenants; all you need is a high-end experience. Here are some relatively easy ideas that can help apartment owners enhance the value of their property and make their property more attractive to future tenants.
Idea #1 – Shared Office Space
With more and more people, and especially Millennials, working from home as freelancers, small business owners or remote employees, the shared office space market is booming. Many pay as much as $500 to over a $1,000 a month to share an office or an open space with others. An easy implementation would be to carve out some space in the club and set aside some tables with free Wi-Fi, and even a coffee machine (the last two are present in most clubs), and Boom! You have a shared office space in your apartment building. Apartment owners can offer this “service” for no extra cost. That will attract many tenants who would prefer to live in a building that provides them a free working space. This is one of the most interesting and easy ideas to implement and will set those apartment buildings apart from the competition.
Idea #2 – Yoga Room
In the United States and around the world, yoga’s popularity is surging. According to a study, around 36 million Americans are practicing some form of yoga. How convenient would it be to have a yoga room in your apartment building?! Simply allocate one room for tenants to be able to bring their mats and conduct their yoga practices.
Idea # 3 - Bike Storage
Millennials are not all about technology, they also love to get out in nature and explore on their bikes. Carrying a bike to the 2nd or 3rd floor is a hassle, and so is storing a bike in an apartment. By adding a room or storage area for tenants to house and secure their bikes will make life so much simpler for tenants.
Idea # 4 - Package Room
Amazon’s popularity continues to spike. According to a recent study, more than half of the households in America are subscribed to Amazon Prime. Here is the problem: Many tenants need to go to the Leasing Office to get their packages. The other problem: They can only go during business hours, which is often their own working hours. By adding a small room to your complex for packages that is available 24/7 for tenants you are abolishing that headache.
Idea #5 - Backyards/Pet Yards
Many tenants are willing to pay for a small fenced-in yard on ground-floor units for man’s best friend (or any other pet) to roam around in. This is an easy task to complete because the unit does not need to be vacant to complete this and it only takes a day or two to complete. In the markets that I am active in, tenants pay $75 - $100 premium per month for an apartment with a pet yard. The cost of building the yard is less than a $1,000, which makes it an almost no-brainer value add addition.
To conclude, these five simple ideas will attract more attention and tenants to your property. Not only do these ideas make like simpler for your tenants, but also for the property owner. By partaking in these slight upgrades you are decreasing competition and increasing property value. Happy tenants (including four-legged ones!) makes for a happy owner.
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About the author
Ellie is the founder of Blue Lake Capital, a real estate company specializes is multifamily investing throughout the United States. She is also the host of a weekly podcast called "That REllie Happened?! Unbelievable Real Estate Stories with Ellie", a podcast that brings the true stories behind the deals, from the most successful real estate investors around the globe. Ellie started her career as a commercial real estate lawyer, leading real estate transactions for one of Israel’s leading development companies. Later, as a property manager for Israel’s largest energy company, she oversaw properties worth over $100,000,000. Additionally, Ellie is an experienced entrepreneur who helped build and scale companies by improving their business operations. She holds a Masters in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can read more about Blue Lake Capital at www.bluelake-capital.com and learn more about Ellie at www.ellieperlman.com