How do you design a Multifamily property that attracts renters, signs leases, and minimizes vacancies? Leave no detail overlooked when you include the following apartment amenities.
Next to Everything
Location and convenience play a central role in a renter's decision when shopping around several Multifamily properties. The ability to walk or bike to public transportation stops/terminals, stores, and restaurants is a renter's dream come true.
Push the envelope. Consider making your Multifamily a mixed use development that brings convenience to the renter's door. What if tenants could go downstairs and in 30 seconds be at:
- A 24-hour grocery store
- A fully equipped gym
- A boutique coffee shop
- Plentiful co-working spaces
A Happy, Healthy Place
Renters find tremendous value when a Multifamily property provides ample health and wellness amenities, such as:
- An onsite fitness center with locker and steam rooms (also read: no gym membership required)
- An in-unit spa bathroom with a Roman tub to unwind in after a hectic day
- An onsite swimming pool surrounded with resort-style lounge chairs
- A meditation room for spiritual retreat and renewal
- Access to biking and walking trails
“People want to feel like they can live in a place that’s really pampering and integrates their lifestyle of whole wellness.”
- Zoe Weiner, Journalist for Well+Good
Push the envelope. Show renters you are serious about prioritizing wellness by earning WELL certification for your Multifamily property from the International WELL Building Institute.
Free to Move Around... the Unit
Paul Daneshrad, CEO of StarPoint Properties in Los Angeles, says that breaking down walls to create an open floor plan is one Multifamily property renovation that yields good ROI. Open floor plans give the illusion of spaciousness and brightness, even when a unit has a small footprint like you would find in a micro-unit. Living spaces become more flexible and functional for renters when they can:
- Entertain guests from a kitchen that opens up to the seating area
- Keep an eye on little ones from nearly any spot in the common areas
- Change the function of a room as desired—like the great room that turns into a guest bedroom or home office
Push the envelope. Help renters make the most out of limited living space by introducing movable walls. Enabling renters to explore endless layout configurations makes your property memorable and unique.
According to the Harvard University's Joint Center for Housing Studies 2017 report:
- "Over the next ten years, aging of the Baby Boomers and Millennials will drive growth in renter households."
- "[Older] adults are likely to live alone."
Be ready to accommodate the needs of aging-in-place renters by ensuring that units are ADA compliant and accessible.
Push the envelope. Don't compromise on the looks of ADA-compliant or assistive products, particularly in a unit's biggest selling features: the kitchen and bathroom(s).
The Symmons Origins® Tub/Shower/Hand Shower System features 36" grab bar for the one-mode hand shower, both of which are ADA compliant.
The Duro® Toilet Paper Holder with Assist Bar supports up to 250 lbs while complementing other Duro fixtures and accessories in the bathroom.
No Place Like Home
When your Multifamily is one stop in an itinerary of apartment building tours, how will you make sure your property stands out in potential renters' minds? Don't follow suit with other properties and their sterile, unwelcoming white walls. Also, keep in mind that many renters can afford to buy a house but choose to rent for the sake of flexibility and convenience. As such, renters want the look and feel of their own home: upgraded fixtures, high-end finishes, and thoughtful design.
"[We focus] on improving kitchens, which are usually right off the entrances of its rental units,' so visually they have a dramatic impact and set the stage for the entire apartment.'"
- Forrest White, Director of Asset Engineering, Alliance Residential
The Symmons® Sereno® Single Handle Pull-Down Kitchen Faucet satisfies a renter's champagne taste for high-end fixtures.
Push the envelope. Command top dollar when you offer different "tiers" of luxury units. Do so by distinguishing unit types from one another. For example, you can work with a custom plumbing partner, like Symmons Design Studio™ to outfit your units with fixtures that stand out in increasing degrees while still maintaining a unified design throughout the property.
Move-in Ready. Seriously.
There's nothing renters find more frustrating than to have to call building maintenance to report problems in their unit, especially upon move-in. Ensure a positive customer experience and minimize your maintenance costs by selecting fixtures that are built to last and designed to stand out. When a unit looks well maintained and kept up with, it shows well (as in, taken off the market).
Is your Multifamily property up for a renovation? According to Multifamily Executive,
"Property owners say it’s reasonable to expect renovation dollars to generate rent bumps anywhere from 10 percent to 30 percent."
However, be wise in how you allocate your renovation budget. Multifamily Executive has a few cost-effective and time-efficient recommendations for kitchen and bathroom renovations:
- "Something as simple as a curved shower bar makes for significantly improved resident comfort at very low cost.
- "Faucet and handle finishes are much less expensive than brand-new appliances and can really spruce up the look of the bath and kitchen."
In sum, renters appreciate when a Multifamily property delivers a curated experience that caters to their lifestyle and values. Excited to rally your team around building or renovating a soon-to-be award-winning Multifamily? Gather inspiration from our guide, Creative Solutions for Multifamily Design Challenges.