Homeownership isn’t on the radar of many Millennials and Gen Z’ers, thanks to the sky-high housing market and a shaky economic outlook. Instead, younger generations seem perfectly content with renting — but price and availability aren’t their only priorities.
In top cities and urban areas, amenity wars are trending. Developers and building owners are upping the renting game to attract tenants by including more than just a place to lay your head at night.
Exactly which amenities are gaining the most traction among younger renters? Here’s a brief round-up of what the total package looks like in today’s rental market:
It’s a headache for the front office to take in hundreds of packages each day, and even more of a headache to deliver them to your residents. A package logging app can remove much of the struggle for you and your tenants by receiving packages and alerting tenants at scale. They’ll always know where their packages are, and you get a credibility boost in the process.
A lack of outdoor space has always been a downside of apartment living, but rooftop gardens and fire pits are changing this. These are a great way to foster community while giving tenants an escape from their apartment without having to go far.
Fitness studios will always be a welcomed amenity, largely because it eliminates the need for an expensive gym membership. But younger tenants prefer more than just a treadmill and a weight bench. Peloton bicycles, saunas, steam rooms, and yoga studios are highly sought after.
Younger generations are more likely to work remotely or freelance, which means they don’t have access to typical office amenities. Business centers with printers, copiers, and other equipment are in high demand for this very reason.
Who says rentals have to be builder’s grade everything? Tile backsplashes, farmhouse sinks, bars, and classy lighting are aesthetically pleasing and offer a modern vibe.
Some apartments have started offering light weekly cleaning services for their tenants at no cost. A professional cleaning company comes in to tidy up the unit, which is like the equivalent to a hotel maid service.
Urban areas are becoming more dog-friendly in many ways, including how they live in apartments. Some apartments will arrange for a groomer to come and treat your pet to a spa day, so you don’t have to juggle pet carriers. Others offer an on-site pet washing station so you can give your four-legged friend a refresh whenever you need.
Need a sitter, housekeeping, personal chef, or an Uber? Just call down to the concierge service and let them handle the details. Apartment living is becoming more like hotel living, and tenants are taking advantage.
Property managers are no stranger to creating community events, but in an amenity war, these events are stepping up dramatically. We’re talking live music, cooking demonstrations or classes, guest lecturers, anything that gets people engaged.
Pools are no longer enough to offer in terms of amenities, which is why building owners are taking the pool to new heights. Swimming with a view is a high priority for many renters, along with canopies that provide shade and keep out the elements.
From small hors d'oeuvres to complete breakfast service, amenities that cater to appetites are ideal for younger generations. Many Millennials and Gen Z’ers admit to not having basic cooking skills, so this ensures that no one goes hungry.
It’s easy to choose sides in the amenity war, especially in the face of something bold, new, and unique. Developers and building owners are sparing no expense or creativity to turn their residences into a place where people want to be.
But what really wins the amenity war is focusing on the amenities that people truly want, not just things that are nice to have or make you look cutting edge. Though uniqueness might attract tenants, necessity and usefulness will be what makes them stay.
From the above list, the package logging app and other delivery services are ones that will provide value over the long haul. Online shopping isn’t a passing fad, and as your package intake continues to grow, so will your need to better log, organize, and distribute packages to their rightful owners.