Lifestyle Living

Apartments for picky renters

By Anca Gagiuc on Feb 21, 2013 in News

Things are changing fast in the apartment rental world. Generation Y is pouring almost 80 million potential renters into the market, and these new tenants are a hard-to-please, tech-savvy demographic. Many multifamily properties have upgraded to keep up with the demands of these new renters, resulting in new amenities which not long ago were considered luxuries.

Catering to boutique preferences means not only that renters have an opportunity to select an apartment that will reinforce their lifestyle choices, but apartment marketers can focus on unique and creative sales pitches. Pools, fitness and business centers, tennis courts, comfortable clubhouses, and average laundry facilities won’t make you stand out – all are common these days. Access to high speed Internet, whether hard-wired into apartments or available as universal, dependable wi-fi around the property, is a must. Leading edge developers have discovered new ways to attract residents and to keep their current tenants in high spirits. A few of the concepts they’ve come up with:

Outdoor green space is close to impossible in some metro areas, but apartment complexes with a healthy development plan highlight this amenity incorporating within the property walking trails, Zen gardens, rooftop meditation oases, benches, fountains, and dog parks. The older apartment communities might not have the means to offer the modern green space perks, but the newer ones know that a well-kept garden with a grassy courtyard and tree-lined landscape can work wonders on the residents’ psyche. Some apartment complexes go as far as offering individual garden plots for the nature-loving tenants who want to grow their own flowers or vegetables.

Exuding a healthful lifestyle on property sites takes many forms. Many communities are designated smoke free zones, free of wafting second-hand smoke with no cigarettes or cigars allowed anywhere on site. Allergy and asthma suffers are likely to seek out such properties.

When it comes to physical fitness, the trend for Class A multifamily is to offer luxury gym style options, like yoga and boot camp classes, high-end cardio machines, and referrals to personal trainers who can work with clients in the on-site gym. Staying healthy also means eating right, and properties with proximity to local farmers markets, boutique groceries, and farm share delivery services can capitalize on these conveniences to lure residents.

Among the most searched apartment amenities is the easy access to public transportation. Living within walking distance of public transportation is on everyone’s radar these days, especially with the volatile oil markets and ever-rising gas prices. Some multifamily communities are finding solutions to this problem, like offering shuttles to the campus for student renters or transport to the nearest bus stop or subway station.

Biking culture is also on the rise, especially in urban settings. Smart property managers are reacting with fully equipped bike-maintenance rooms: bike stand, workbench, aprons, air pumps, tubes and lube, and complimentary consumables like gel packs and energy bars, as well as maps covering the bike trails of the city.

Gen Y renters may be delaying marriage and often preferring to live alone, but they don’t want to come home to an empty home – that’s what pets are for. A property’s pet friendliness can be a major perk. Some communities now offer pet-grooming rooms where the little family members are spoiled to their owners’ satisfaction. Other have gone so far as to partner with dog service providers, including in their offer Concierge Services for dogs – daycare, cage-free overnights, dog walking, transportation, grooming and training services and even shuttle service for pick-up and drop-off of pets. For the single, busy pet owner, it’s the perfect solution.

As a property manager, what do you foresee the next boutique amenity trend might be? If your community has already adopted a niche lifestyle marketing track, is it working to recruit and retain residents?