By Jonathan Treble, WithMe
As a multifamily property manager, owner, or developer, selecting amenities that benefit your residents and staff while not hurting the bottom line is an ongoing balancing act. The amenities decision can’t be taken lightly—the wrong offerings are wasted expenses, while the right ones elevate the resident experience and the community’s perceived — and real — value.
Maximizing Value for Residents and Staff
To create a desirable living environment, it’s essential to focus on amenities that bring convenience and a touch of luxury. Wireless printing services and high-quality coffee makers are prime examples. Despite the prevalence of digital solutions, the demand for occasional printing remains strong, making it a crucial amenity. Let’s face it, few people want to own their own printers, especially renters. Similarly, with a significant portion of the population enjoying coffee daily, offering a premium coffee experience can significantly enhance resident satisfaction.
But the value proposition of amenities isn’t just about delighting residents. The best offerings also streamline operations for on-site teams. A turnkey printing program, for instance, eliminates countless hours of troubleshooting technology issues or keeping track of ink and paper inventory. Self-service coffee solutions allow staff to focus on other priorities instead of restocking and cleaning up after traditional coffee bars. By eliminating these to-dos, property managers can spend more time building relationships with current and prospective residents.
Weighing the Return on Investment
To ensure amenities are truly beneficial, it’s vital to measure their usage and impact. Automated usage reports provided by vendors offer valuable insights into how often these services are utilized. When such reports are unavailable, property managers can request data on an ad hoc basis to evaluate the effectiveness of their amenities. Financially, certain amenities consistently demonstrate a positive return on investment. For instance, well-managed technological amenities can be cost-effective.
Another key strategy is collecting resident feedback through surveys. By understanding which amenities are most appreciated and identifying potential areas for improvement, managers can make informed decisions about future investments. This approach not only helps enhance current offerings but also guides the introduction of new, high-value amenities.
Adapting to Future Trends
As hybrid and fully remote work models continue, amenities that promote productivity will be essential in meeting residents’ evolving needs. According to Upwork, 22% of the American workforce will be remote by 2025, representing an 87% increase from pre-pandemic levels.
Residents increasingly expect their communities to support their work-from-home lifestyles with tech-enabled amenities such as high-speed internet, dedicated coworking spaces, and smart home devices.
Furthermore, the demand for flexible living spaces and community-focused environments is on the rise. A survey by the National Multifamily Housing Council (NMHC) found that 56% of renters consider smart home technology an important feature in their apartments. Properties that invest in these technologies not only enhance resident satisfaction but also attract a tech savvy demographic willing to pay a premium for such conveniences.
Selecting the right amenities involves making strategic decisions that enhance the living experience while improving operational efficiency and ensuring financial returns. By focusing on both resident satisfaction and data-driven management, property managers can create desirable communities. Embracing future trends and continuously adapting to feedback will keep properties competitive and ready to meet the demands of modern living.
Jonathan Treble is founder and CEO of WithMe.
By eliminating these to-dos, property managers can spend more time building relationships with current and prospective residents. backrooms game