Fitness centers ranks second top priority for renters in a mass study. Are your main amenities meeting the grade for renters expectations?
A multifamily property is only as good as its amenities. If those don’t appeal to prospective renters, you could be losing out on new and renewed leases alike. A recent survey by the National Multifamily Housing Council and Kinsley Associates shows that fitness centers are the second most important feature that residents look for in an apartment or condo. The residents polled indicated that they would be willing to spend an additional $40 on their rental fees just to have access to a top-notch fitness center. Other well-ranking amenities include parking, pool and secured community access.
It’s important to deliver many of the best features of a local community gym right in the rental community. These encourage longer stays on the property and increase the value and return on investment for the landlord.
What do top fitness amenities look like at a multifamily community?
Most residents value the basics: cardio equipment, free weights and assisted weight equipment. Be selective with your commercial exercise equipment so you can meet your renters at their fitness level. Beginners often start with the standard cardio equipment to build their stamina. The more advanced fitness enthusiasts will gravitate toward opportunities to compete against their personal resistance and fitness best. Remember to leave adequate space for yoga, stretching and other free weight movements.
Smaller fitness center spaces can still deliver all these expectations when executed with smart design. There are many space-saving equipment options that meet ADA requirements for space and disability access. If you would like help selecting equipment or planning out your fitness space, Advanced Exercise has representatives in many hot rental communities across the states, including Texas, California and Colorado.
How Should I Plan to Expand My Multifamily Property’s Fitness Space?
Plan to expand your commercial rental property’s fitness space three years in advance. Allow yourself the opportunity to save a percentage of all income and revenue toward community space updates or expansions. According to the Theresa Bradley-Banta Real Estate Consultancy, you should plan to at least paint the common areas every three years. You will also need to consider doing improvements with your replacement reserves, as well as your expense growth reserves. They also provide a great tool to split up your revenues into reserves for ongoing impact and improvements to your property.
At Advanced Exercise, we realize that many multifamily properties are reassessing their budgets for property upgrades and expansions. We invite you to talk with our commercial fitness equipment distributors to get a feel for what your renters are expecting. We can also help you figure out how much to allot for your future renovation plans. We are skilled in equipment selection, installation and site design to help improve your overall return on investment for your property. We would love to help make a difference in attracting and maintaining long-term renters for your rental community!