Fitness is a massive, growing industry. And these days, there’s a reason that boutique fitness studios who only offer group fitness classes are rapidly expanding across the country: They make money. As of 2016, high-end boutique fitness studios made up 35% of the $25.8 billion fitness market, with classes costing between $20 and $40 per class and monthly unlimited passes costing significantly more than a membership at a standard studio. Fitness enthusiasts, a population that has also been growing consistently over the last decade, are becoming more and more concerned with keeping up with the latest trends in exercise, constantly searching for the one that will give them the results the crave. And the place they are mostly likely to find these? A group fitness class or a one-on-one training session.
By turning part of the fitness space in your residential property—a separate studio with a door, an open area inside the fitness center, or even an empty meeting room or public space—into an area that hosts group fitness classes through a company like Power for Life Fitness, you can redirect all the revenue that gyms and studios are making off of classes into your property. But instead of charging per class or per month as gyms do, a practice that makes gym-goers acutely aware of the investment they are making and increases the stress of making it worthwhile, you can make money in more subtle ways. Charging a one-time amenity fee will increase your revenue per unit, yet still provide the opportunity to advertise free group fitness classes for your residents.
If your property offers free group fitness classes and wellness events, plus affordable personal training and nutrition counseling, these amenities can justify a rent increase—and even a minor one can yield a large increase in revenue. For example, if your building has 100 units and 90% of the apartments are full, increasing every unit’s rent by $20 will earn the property an additional $21,600 a year. What’s more, if your residents don’t have to shell out hundreds of dollars a month for fitness classes, they will be more disposed to pay more in rent, and likely more willing to tolerate rent increases, upping retention.
Interested in learning more about how adding fitness classes and other wellness services can earn your property more money? Contact Power for Life Fitness today!