The start of a new year marks a period of reflection and growth, with many focusing on improving their health and wellness. In terms of resolutions, this can look like boosting fitness and re-centering, as well as spending more quality time with loved ones and acquiring new skills.
Rather than investing in costly new amenities, which may seem like an effective way to support your resident’s goals, we’ll delve into the benefits and practical approaches to using your current amenity space more effectively this new year.
Maximizing amenity space is not just about enhancing resident satisfaction; it also plays a significant role in resident retention and boosting net operating income (NOI). Happy residents are more likely to renew their leases. By aligning your amenity offerings with their interests and lifestyle goals, you create a community that feels both supportive and personalized. This increases the perceived value of your property, making it more than just a place to live but a place to thrive. In addition, by optimizing existing spaces, you minimize new capital expenditures while potentially increasing rent premiums. Amenities that are in high demand can justify a slightly higher rent, contributing positively to your bottom line.
Understanding what your residents actually want is key to getting started. By conducting a survey, you can gain valuable insights into which amenities are most desired. This feedback then allows you to prioritize investments and modifications that will have the greatest impact and usage on your community.
From there, reviewing analytics and reports on which amenities are being used and which aren't can guide you in making informed decisions about repurposing or enhancing certain areas. This data-driven approach ensures that you're not just responding to what residents say they want, but actually responding to their usage patterns.
Your residents may want to improve their health and wellness this year, but that doesn’t mean you need to put in a state-of-the-art sauna or seven new cold plunges. Here are a list of ways you can get more value from your existing amenity space:
These ideas not only optimize your existing amenity space but also cater to a wide range of interests, enhancing the overall appeal of your property. Remember, the key is to understand your residents and optimize in a way that resonates most with them!
Trusted by HOAs, co-ops, condominiums, and multifamily properties around the globe, BuildingLink helps property managers deliver superior resident experiences while streamlining maintenance and operations. We offer tools that will simplify your record-keeping and administration, communications, maintenance, and front desk staff operations.
When you’re ready to run your community better, smarter, and faster, book your BuildingLink demo today.