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.
Maximize Revenue from Your Square Footage
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.
Two Steps to Get Started
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.
5 Fast Ideas for Amenity Optimization
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:
- Host Workshops or Classes: Consider transforming underutilized spaces into areas for workshops or classes to support learning new skills. This could be anything from a cooking class to a photography workshop, catering to diverse interests. You can bring in a community partner or even an expert resident to lead the workshop. Remember to use an Amenity Reservations tool to reserve the space you need.
- Espresso Machine: Enhance social areas with an espresso machine, encouraging residents to spend more time in communal areas while adding a touch of luxury to their daily routine.
- Meditation/Yoga Room: Instead of dedicating an entire space for meditation and yoga, you can set specific hours in a multipurpose room to provide a sanctuary for residents looking to relax.
- Guest Fitness Instructors: Bringing in fitness instructors for yoga, pilates, or HIIT classes can be a huge draw. This not only utilizes existing gym space effectively but also aligns with health and fitness goals.
- Remote Work Spaces: As with a meditation or yoga room, consider allocating certain hours of a multipurpose room to provide a space for residents to work. This creates a dedicated environment for productivity within the shared space and can help residents maintain a healthy work-life balance.
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!
Partner with BuildingLink
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When you’re ready to run your community better, smarter, and faster, book your BuildingLink demo today.