How to Attract Multifamily Property Renters
Apartment living for families is on the rise.
Climbing single-family home prices have pushed many families with full-time working parents and minor children into rental housing. That’s a reality they may not have chosen for themselves, and they’re looking for the silver lining. If you’ve recently acquired a multifamily development or looking to update a longtime asset, now’s your chance to shine.
If you need further convincing, more and more Class A and even Class B multifamily developments now include on-site amenities catered to the working family as the older end of the millennial demographic is beginning to have families. It’s a growing and lucrative trend.
So what types of amenities and features will attract working family tenants? The bottom line: anything that makes their lives easier, through time management, stress reduction, proximity to work and play (or school), and overall quality of life. Whether your real estate investment is Class C workforce housing or higher-end multifamily property, these factors will drive the rental property loan rates you can charge and your occupancy rates as well.
With that in mind, here’s a breakdown of the in-unit and complex-wide features beyond the standard pool-and-a-weight-room that will give your multifamily investment the edge in a competitive market.
Tech Amenities: The list could be virtually endless, but here’s a good start.
In the Complex
- Smart TVs/screens for community use in common areas
- Public transportation screens to provide residents with real-time updates
- Community app to keep residents informed sans the usual emails or posted neon flyers everywhere. This app could also manage payments and maintenance requests
In-unit smart tech packages
- Electronic door locks
- Smart thermostats
- Automated lighting
E-commerce Amenities: Everyone loves Amazon. Where are all those packages going to go? And the necessary grocery deliveries parents rely on? They have to go somewhere too. So you can provide:
- Storage lockers for packages
- Large holding rooms with keyfob entrance and security cameras for larger items
- Holding areas/lockers for cold items or dry cleaning
Security: With the proper security systems, insurance companies may offer owners a break, and you’ll have peace of mind when you need confirmation of activity on the premises.
In the complex
- Cameras throughout the buildings and exterior of the property
- Smart locks to verify traffic and help eliminate unsanctioned subletting of units
- Cameras connected to smart locks for added intel
- Smart locks that allow residents to give limited-use codes for service providers, such as the cable guy, dog groomer etc.
- Codes for their children so there’s no fear of losing a key
- Video doorbells
Lifestyle Assistance: Working families could use a hand with some of the recurring errands, and parents can’t always leave their kids at home to take care of those needs. Bring such services on-site.
- Dry-cleaning pick-up
- Mobile pet grooming
- Mobile car detailing
- On-site fitness or yoga classes
The Bottom Line
Some of these amenities may add to the cost of rehabbing or stabilizing your multifamily property, but they are worth considering if they allow you to charge more for rent or fill vacancies more quickly. So get creative with your ideas for upgrading your property, and then run the numbers to see which amenities will provide the most return on investment in your market.