Staying competitive in the current rental market means constantly updating and improving your property’s amenities—and in most cases, doing so while your budget stays static. Sound impossible? It’s not! Read on for easy ways to improve the amenities your property offers that will deliver the highest return on investment while staying on budget.
Transform Your Common Areas
Turn the communal spaces in your building into areas your residents want to spend time in. Sprucing up spaces like the lobby, a lounge or a business center give residents a space where they can socialize that doesn’t require that they leave the building. And while new furniture and/or lighting will require an initial investment, it can pay off big. Bright and inviting common areas will impress prospective residents who work from home or spend time there during the day, increasing your chances of enticing them into signing a lease.
Make Your Property Pet-Friendly
Up to 70% of renters share their apartment with a furry friend, and these renters are willing to pay more for properties that provide amenities that consider their pets. This can be something as small and simple as keeping a bowl of dog treats at the front desk or as large as transforming an outdoor space into an on-site dog park. For renters who have pets, how welcoming and attentive their building is to their animals can often play a larger role in their leasing decision-making than their own thoughts on the property. If your property provides services for pets, the percentage of pet owners who renew their leases will instantly go up.
Dress Up Your Gym Space
It’s true that large exercise machines can be pricey, but equipment like free weights, resistance bands and exercise balls can offer more (and less expensive) options for residents interested in pursuing fitness. If your property doesn’t have a fitness center, has a small one, or updating your equipment isn’t an option, partnering with a company like Power For Life Fitness can boost your fitness offerings without requiring an investment in new equipment. Group exercise classes can be held in meeting rooms, vacant apartments or community spaces, with all necessary equipment provided by Power For Life Fitness. What’s more, options like classes and personal training will likely yield even more interest from residents than some new cardio machines.
Interested in learning more? Click here to contact P4LF today.