As the saying goes, “If you build it, they will come.” While residents may flock to a new apartment community boasting all the latest amenities, retaining residents long-term can be a challenge. Developers can help property managers bolster resident retention by developing a community that boasts the amenities most wanted by today’s renters.
In a 2012 online survey of current and prospective renters, ForRent.com identified these top amenities sought out by potential renters.
Technology
An apartment wired for technology, giving residents easy access to wireless Internet and optimal cell phone reception ranks top among the most desired amenities by today’s renter. In fact, 83 percent of respondents to the ForRent.com survey chose wireless Internet access as an interior feature they will look for when making future rental decisions.
Green Living
The “green movement” has become increasingly more popular. Renters are looking for ways to do their part to protect the environment. An apartment community that houses a recycling center for residents is another top choice. Renters are also looking for communities that provide a designated compost area along with rainwater collectors for landscape maintenance.
KWA Construction’s Taylors Farm Apartments in Dallas, Texas incorporates innovative green building designs and technologies to help residents live in a more energy efficient and sustainable environment. Residents enjoy sustainable features that allow them to save money by lowering their utility bills and participate individually and collectively in reducing overall energy consumption. Efficient water conservation was a top priority when designing this environmentally friendly community. The property’s water supply utilizes a central boiler system to ensure consistent and efficient delivery of hot water, while reducing utility bills. The use of efficient erosion controls and conservation techniques, such as rainwater harvesting, were important considerations when selecting the drought-tolerant turf and native landscaping.
Entertainment
Renters want a place to kick back and relax. Poolside kitchens, theater rooms and community game rooms are a few examples of entertainment amenities that may help attract and retain residents. Because KWA Construction understands the importance of these entertainment amenities, we were excited to bring to life the developers’ vision for the pool area at the Renaissance at NorthPark in Lubbock, Texas. The resort-style property pool features a wet deck, beach entry, arbor, fireplace, cabana, barbecue grills and an outdoor kitchen.
Fitness Center
An on-site fitness center is a must for today’s renters. Weight rooms, cardio rooms, lap pools and even walking trails throughout the community provide residents with the opportunities to focus on their physical health and fitness — without paying extra for a gym membership. Forty-three percent of respondents to the ForRent.com survey also chose community-sponsored group exercise classes as a most-wanted feature. Consider including a fitness studio room to hold group exercise classes.
Parking
According to the Rental Housing Finance Survey, about 23 percent of the 2.2 million properties surveyed offered no on-site parking. Ample parking is so essential that renters are willing to pay an extra $75-$100 per month to ensure that designated parking is available. Located directly across the street from Denton’s University of North Texas, controlled-access covered parking is certainly a premium amenity for the student residents of recently completed 33° North, who do not have to worry about losing their parking spot when they go to class.
Before building an apartment community, know what residents want and what they’re looking for. Incorporating the features and amenities renters desire most will ensure higher rates of attracting and retaining residents.
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