The “Live, Work, Play” mantra is inspiring developments across the country. Apartment complexes that were once merely a place to sleep have become a beehive activity doubling as office space and recreational halcyons.
Amenities have become the name of the game.
Fitness centers, swimming pools, and pet parks are no longer brochure-worthy amenities- tenants expect them. As tenant expectations heighten and the Value-Add competition stiffens, apartment owners looking to compete in the amenities arms race are looking to high-tech conveniences. High tech conveniences that pay a premium that is.
Over the past two years, Multifamily Executive has featured a vast array of cutting edge amenities that are poised to be the “next big thing”. After careful consideration of price point, sustainability, and ROI, SVN’s Multifamily Experts have narrowed down our top 3 trends to watch:
Laundry service? Look no further than Bizzie Box. It requires minimal space and can even utilize unoccupied areas such as parking garages. Residents simply locate the nearest set of lockers, drop off their laundry and dry cleaning. Once their clothes are ready, they receive a text with a secure code and locker number to pick up at their convenience. Bizzie Box has no overhead, construction costs or maintenance fees.
The sheer volume of daily package deliveries has led some apartment complexes to opt out of accepting packages altogether. Luxer One provides an innovative package delivery solution. The system consists of digitally-interactive lockers that notify residents when they receive a package. Using a custom code, residents have 24/7 access to their lockers for convenient pick-up.
With the rising popularity of Uber amongst millennials, coupled with the lack of available parking in urban cores, offering Uber concessions can be an ideal solution to limited parking in metro areas, as well as an effective marketing tool for leasing.
The sparkle in these amenities isn’t just in the latest and greatest in technology, but in the concrete return on investment. While fitness centers, swimming pools, and pet parks are instrumental in attracting prospective tenants, the return on investment isn’t quantifiable. However, each of these cutting edge, new to market amenities provides apartment owners with additional income that can increase their bottom line by “kickbacks” from these companies.
While these amenities are definitely forward thinking for most complexes in secondary and tertiary markets, the ingenuity and secure ROI make them no brainers for luxury apartment complexes in Top 100 markets and highly desirable for those on the cusp of innovation.