Residential and Commercial Properties are Competing for the Happiest Tenants
Office buildings and apartments in the 1950s are a far cry from the spaces today, and for good reason – property managers and owners are competing with other buildings to make their space the property of the future, and make tenants happy.
Residential buildings are constantly changing and being updated. One way property managers and landlords are updating their properties is through amenities.
- Do you want a pool? Do you want to be able to have pets? What about a gym and a yoga instructor? Little things like creating space for food trucks make tenants happy and increase foot traffic outside of the building. Some of the above amenities are being offered with little cost to managers and owners. These are just some examples of enhanced amenities property managers and landlords have been placing into buildings in order to keep their tenants and make them happy!
- One enhancement owners and managers should focus on improving is in-unit laundry. Finding an apartment with in-unit laundry is like winning the jackpot – everyone wants it but it is not as common as you think: only 13% of all properties offer in-unit laundry machines. By updating in-unit laundry you could give your tenants a high-demand amenity and make your property stand out from the rest.
Apartment and Amenity expert Chris Salviati from Apartment List, has done his research to give you all the facts needed on amenities broken down into metropolitan areas (an area with a densely populated core and its surrounding areas) and cities.
- NYC is the 2nd most expensive city to reside in: on average a two bedroom apartment costs $2,470
- City tenants are more likely to compromise on amenities in order to live in a more affordable building, whereas renters outside of the NY area have a higher demand for amenities.
- The tenants of 59 out of the 70 metros Apartment List analyzed are likely to have a difficult time finding all the amenities they want
- More national stats: 56% of renters in the apartment market say they want air conditioning, while 39% of buildings offer it. 55% of renters say they want parking, and only 46% of buildings offer parking.
- Want to know more and see what the amenities are like in your area? Visit Chris Salviati’s article using this link!
The same goes for…
Commercial buildings are switching their focus to amenities as well. From offices to lobbies, things are becoming more friendly for all tenants and their employees.
- Owners are starting to make lobbies more appealing by adding coffee shops and chairs, creating more of a community. Adding amenities to commercial buildings drives traffic to the area as well as increases the value of the buildings. By increasing traffic to buildings the owners have potential for more tenants, and the potential to make more money in the long run. Here at our building in NYC, we have yoga classes and even ice cream socials with the whole building!
- Millennials, who now make up the biggest part of the workforce, want to work in inspiring and unique offices. Flexible spaces (open floor plans, multiple spaces for employees to work in different areas, being able to work from home etc.) are on high demand right now in order to meet the needs of employees. Having a space where employees are comfortable and free to work all over the office increases productivity and happiness.
- 42% – nearly half! – of millennials say they would leave an employer if their technology is not up to standard. In a world of constantly evolving technology, keeping up is an important standard where many businesses can’t afford to slip up.
- Poor office design is the reason employees are not engaged during the work day. Poorly designed offices do not encourage employee interaction by not having the floor plans to do so. Comfortable offices can increase employee productivity by 20%, like flexible spaces where employees are free to roam through the day.
What improvements are you making to help your properties and increase your tenant satisfaction levels?