Multifamily data shows that amenities have a large impact on attracting tenants and increasing occupancy rates. While we’ve all known this for a while, many apartment complexes are hung up on outdated and often unnecessarily expensive amenities to draw in new tenants. However, oftentimes these areas go unused. Instead, use multifamily data to learn which amenities tenants in your area desire and need.
Use Multifamily Data to Discover Which Amenities are in High Demand
How do you know which amenities renters want? Multifamily data can help you determine what your competitors are doing. Take a look at their occupancy rates and available amenities. This can help you gauge what is important to the renters you’re trying to attract. Your multifamily data reports include information on occupancy rates, prices by floor plans, and other data that can become invaluable when determining which amenities draw in tenants. Therefore, start with multifamily data research before determining amenities your apartment complex will offer.
Considering Your Tenants’ Needs
In addition to looking at multifamily data reports, you also need to consider what renters want and need. For example, busy tenants might not use on-site dog parks and gyms, but they will love amenities that reduce chores. Consider partnering with a dog walking company or a maid service to offer these amenities to your tenants. This may increase your occupancy rates and your property’s income.
Another hot amenity property management data suggests many tenants want is package management. More and more people are ordering items online and having them shipped to their apartments. Knowing that their packages are secure and that they can conveniently pick up their items can easily attract more tenants to your property. For example, many apartment communities are adding package lockers to their list of available amenities.
Additionally, if you haven’t already taken the tech approach to communicating with your renters, now may be the time. More and more people are looking for quick, easy access to information on their smart phones. Consider having a website or mobile application where your tenants can check for updates, pay rent, reserve amenities, and receive package notifications. This can help make communication easy, which is at the forefront of many renters’ minds, and will likely continue to be in the future. Therefore, step into your prospective tenants’ shoes to see what would make your life easier living in your apartment complex.
At ApartmentData.com, we offer innovative solutions for all your multifamily data research needs. Our team contacts every property in our database monthly to provide the latest rental market data. We offer custom reports and can even help you with marketing your properties. Call us today at (800) 595-8730 to learn more and request a demo of our services. We are here to serve you!