Niche Amenities

Improving resident retention

By Yardi Blog Staff on Apr 25, 2013 in News | 1 Comment

While there is no failproof strategy for retaining residents, there are certain features that have a great impact on renewals, mostly related to the property’s ability to respond to the residents’ needs. When prospects are first introduced to a community, they are more likely to consider things like location, rental rates and curb appeal. Once they become residents, their attention shifts to the service level, the security and quality of the living environment, as well as management’s performance.

Along with the availability of an online platform for paying rent or submitting/tracking maintenance requests and the onsite presence of responsive office staff, niche amenities are a key driver of resident satisfaction.

Simple Innovation

Amidst a series of distinctive features aimed at enhancing the renting experience, biking facilities could be a deal breaker for those looking to commit to healthier, more sustainable lifestyles.

As a result of the growing bike culture and the benefits associated to this alternate form of transportation that’s both affordable and green, major urban cores around the country have started developing or expanding cycling infrastructure, with cities like Boston, Chicago or San Francisco boasting impressive biking networks, numerous municipal bike racks and protected bike lanes, as well as solid bike sharing programs. The Chicago Streets for Cycling Plan 2020 calls for a 645-mile network of biking facilities to be in place by 2020 to provide a bicycle accommodation within half-mile of every Chicagoan. Even New York City is interested in providing New Yorkers with an additional transportation option for getting around the city. Dubbed Citi Bike, New York’s bike sharing system is scheduled to launch in May 2013, offering 10,000 bikes in 600 stations that will be available for use 24 hours a day, 365 days a year.

Taking the idea of bicycle sharing one step further, a Massachusetts startup called Zagster partnered with several property-management companies around the country, including Related properties, to offer residents a unique service in the form of easy-to-use bike-sharing and -rental systems. By providing a convenient, low cost alternative to bike and car ownership, the company strives to make access to bikes a coveted building amenity and efficient resident retention tool.

The procedure is rather simple: residents sign up for the program on their computers or smartphones and receive a text with a code which they use to unlock the bike. The users are then free to take it out for a ride, cruise around town and lock it up wherever they want over the course of their day. And the most exciting part – you don’t need to look for a docking station near the grocery store. Zagster gives you the freedom to take your bike wherever you like.

Formerly known as CityRide, Zagster partnered with Related to promote the bike sharing concept and introduce multifamily residents to a healthier way of life. Whether for utilitarian or recreational purposes, riding a bicycle may translate into a reduced carbon footprint and improved personal health, reduced traffic congestion, better quality of life, as well as several economic rewards. Many of Related’s Simply Better properties are equipped with Zagster bikes, a model refined via input from Related Management.

“In 2011 we were developing the Simply Better brand, and we wanted to offer a unique set of amenities from what typical apartments provide, something that really helped define us,” Michael Herrington, vice president at Related Management, told Multi-Housing News. “We came up with a series of attributes for our residents, and one of those was a wellness aspect. That is where the concept of a bike share originated.”

“Our Boston location at One Back Bay which is part of the Related Rentals brand—ultra luxury if you will—has been remarkably successful when it comes to the bikes,” Herrington added.

Continuing on its expansion plans, Zagster is expected to enter the New York market as a distinct amenity of Related’s luxury properties in the Big Apple.

Adopting a Holistic Approach 

The visual appeal of an apartment community can also play a significant role in holding onto residents. Anticipating the short term accommodation needs of their clients in transition, many property managers started working with rental furniture companies to deliver complete renting solutions.

In addition to providing temporary residential furniture, seasonal vacation furnishings and commercial office furniture, Chicago-based Brook Furniture Rental offers comprehensive “ready to rent” programs which basically allows renters to move right in after signing the lease.

Brook Furniture Rental and Yardi client McCaffery Interests won a CAMME award at the 20th Annual Chicagoland Apartment Marketing and Management Excellence (CAMME) Awards for a joint project consisting of a web based video that demonstrated how to best stage your guest suites and models.

Brook Furniture Rental’s Kim Ashley and The Home Stage Chicago’s Steffanie Danby explain how they met the unique challenges that come with home staging at the Lofts at Roosevelt Collection, one of McCaffery’s finest mixed-use developments located in Chicago’s South Loop neighborhood. The luxurious community comprises more than 340 airy, modern residential lofts situated above 400,000 square feet of future retail and restaurant space. Residents here are pampered with complimentary massage sessions and pilates classes, 24 hour security and maintenance, indoor parking and state-of-the-art cinematic experience at the at the 16-screen Showplace ICON Movie Theatre.