Does your community offer the types of amenities that tenants are looking for?
The rental market continues to grow more competitive, and attracting and retaining high-quality tenants requires more than just offering a well-maintained rental home. Tenants are increasingly looking for communities that provide a sense of belonging, convenience, and lifestyle enhancement. These are qualities that go beyond the walls of where they live. Yes, they want an attractive space and a home that delivers all of the comfort and potential possible. But, community and community amenities are becoming increasingly important.
What does this mean for you, as a rental property owner?
It means that property owners and managers have to invest in community amenities that cater to the evolving preferences of renters.
Understanding that is one thing. Delivering it can be a challenge.
For starters, with so many possible amenities to choose from, how can property owners determine which ones truly resonate with their target market?
What features do tenants value most, and how can these additions boost both tenant satisfaction and the long-term success of a rental property?
Our experience managing rental properties in the Piedmont Triad market, including Winston-Salem, Greensboro, and High Point, can provide you with a few ideas. We will explore the key amenities that make rental communities stand out, from fitness centers and co-working spaces to pet-friendly features and outdoor gathering spots.
By understanding what tenants value and prioritizing the right amenities, property owners can create spaces that not only attract prospective renters but also create a strong sense of community, ultimately leading to higher tenant retention and better investment returns.
Quick Overview:
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High Speed Internet
Community-wide internet is an amenity that quickly gets the attention of prospective tenants.
When it comes to in-unit internet services, you have two choices:
- You can leave tenants to make their own decisions and set up their own internet service. This may be beneficial to residents who have their own specific needs when it comes to online access. Someone working remotely, for example, will need more bandwidth than someone who simply needs an internet connection to scroll social media and watch an occasional Netflix series.
- You can provide internet services throughout the entire community, including inside of private homes. This can be especially beneficial when you also offer smart home technology. Tenants need immediate internet services when they have keyless entry systems that are controlled by app, for example, or if there are smart thermostats in place. Offering internet services as an included amenity will provide ease for tenants. It might otherwise take days or even weeks to get their internet squared away.
Whatever you decide to do with the internet and private homes, make sure you’re providing a secure and reliable connection throughout your community. This is increasingly important to modern tenants, who want to stream, shop, and communicate online from anywhere and everywhere.
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An Argument for Community-Wide Connectivity Providing community-wide internet can be an incredibly attractive and valuable amenity for tenants, especially in a world where connectivity is essential for both work and leisure. Offering high-speed, reliable internet across the entire property can save tenants the hassle of setting up individual connections, reduce the uncertainty of varying internet speeds, and ensure they always have access to fast and consistent service. This is particularly appealing in today’s remote and hybrid work environments, where seamless connectivity is crucial. Furthermore, community-wide internet promotes a sense of shared convenience and can differentiate a property in a competitive market, making it a desirable feature for tech-savvy renters or anyone seeking to streamline their daily lives. Ultimately, it’s a service that can elevate the overall tenant experience and contribute to long-term retention. |
Think about the internet you’re currently providing and what it would cost to bring the service to the entire community. You’ll find this is a great way to set your rental properties apart from others on the market.
Fitness and Wellness Centers
Providing a fitness center is a great way to attract tenants. Anyone who can save on a pricey gym membership will be attracted to a building or a community that offers a free workout space, especially one that’s secure, private, and available 24 hours a day.
We’re inviting rental property owners in Winston-Salem and the surrounding areas to think beyond a basic fitness center. Instead, consider wellness amenities.
A small room with a few machines is not very impressive.
But, a wellness center that has state-of-the-art strength training and cardio machines as well as space for yoga, aerobics, and stretching is even better.
A well-designed fitness and wellness center can be a game-changer for rental property owners looking to stand out in a competitive market, increase tenant satisfaction, and reduce vacancy rates and turnover.
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Wellness Amenities Meet the Growing Demand for Health-Conscious Living Over the past few years, wellness has emerged as a central theme in how people choose to live. With the global rise of fitness trends, including yoga, cycling, and personal training, more people are prioritizing their physical and mental health than ever before. Tenants now seek properties that align with this mindset by offering convenient, on-site fitness options. For property owners, investing in a fitness and wellness center meets this demand and demonstrates a commitment to providing tenants with the tools to lead healthier, more active lives. Renters who value fitness no longer want to spend time driving to a gym or dealing with overcrowded spaces. Having a well-equipped fitness center just steps away from their front door makes it easier to maintain their fitness routines and improves overall well-being. |
A Win for Tenant Satisfaction and Better Retention One of the most significant advantages of having a fitness and wellness center in your community is its positive impact on tenant satisfaction. When tenants feel their needs are met (and their personal goals supported) they are likely to stay in your property longer. Fitness amenities are becoming a standard for many renters. In fact, surveys show that renters who have access to quality fitness facilities are more likely to renew their leases, reducing turnover and vacancy rates. Even better, a fitness center can act as a social space that establishes a sense of community among tenants. Group fitness classes or wellness events, such as yoga sessions or health seminars, offer opportunities for residents to interact, build relationships, and feel more connected to the property. This social aspect can contribute to a strong sense of belonging, further encouraging tenants to remain long-term. |
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This is an Opportunity to Attract a Broader Tenant Pool A fitness and wellness center can also broaden the appeal of your property, attracting a diverse range of potential tenants. There’s not a single demographic that appreciates wellness amenities; this is attractive to young people and retirees, professionals and remote workers. Any tenant who is looking for a convenient way to stay active will be interested in a property that provides those tools. Offering a variety of equipment and wellness-focused features, like yoga studios, meditation rooms, or walking trails, can appeal to a range of lifestyles and preferences. |
Keeping Your Rental Community Competitive in the Piedmont Triad Market In an era of rising rental prices and increasing competition, it’s essential for property owners to provide unique amenities that give them a competitive edge. Fitness and wellness centers offer that edge by offering more than just a standard living space. They enhance the tenant experience and demonstrate that the property is invested in their health and quality of life. The appeal of on-site fitness and wellness amenities can allow property owners to justify higher rent prices. Tenants are often willing to pay for the convenience and added value these amenities provide. |
Integrating a fitness and wellness center into your rental property is an investment that can pay off in numerous ways. Not only does it align your community with the growing wellness trend, but it also contributes to tenant satisfaction, retention, and attraction. As tenants increasingly seek properties that enhance their overall well-being, offering a fitness and wellness center is one of the most effective ways to stay competitive in a crowded rental market, reduce vacancy rates, and foster long-term tenant relationships.
Consider Co-Working Spaces
As remote and hybrid work models continue to dominate the professional landscape, the demand for flexible workspaces has increased. For rental property owners looking to attract and retain high-quality tenants, offering co-working spaces or business centers within the community is a necessity, especially when you want to enhance tenant satisfaction, reduce vacancy rates, and improve retention.
- Meeting the Needs of Remote Workers
The rise of remote work has changed how people approach their jobs and their daily lives. While some businesses have called their employees back into the office in the last year, many renters are still no longer commuting to an office every day. Instead, they work from home. While home offices are convenient, they often come with distractions, lack of privacy, and limited access to professional-grade resources. For tenants who work from home or take classes online, a well-designed co-working space offers the ideal solution. It provides a quiet, professional environment with high-speed internet, ergonomic furniture, and meeting rooms; all within steps of their living space.
For property owners, this means catering to the growing need for flexible work environments. Co-working spaces can be especially appealing to tech-savvy tenants and entrepreneurs who may not have the space or resources for a dedicated office at home. Additionally, by providing these spaces, property owners can offer renters the flexibility of a hybrid lifestyle, allowing them to balance the comfort of home with the productivity of an office.
- Offering a Hub for Community and Networking
Beyond the practical benefits, co-working spaces provide a sense of community among tenants. These shared workspaces often encourage collaboration, networking, and social interaction. For renters, having access to a dynamic, professional environment just a short walk from home creates opportunities for connection and support. This is particularly valuable for freelancers, small business owners, or remote employees who may feel isolated working alone in their apartments.
Additionally, co-working spaces can serve as a hub for events and activities. Whether it’s a casual networking gathering, a professional seminar, or an entrepreneurial workshop, such spaces can help tenants grow both personally and professionally while strengthening the community feel of the property.
- Earning a Competitive Advantage and Increased Rentability for Your Properties
In a crowded rental market, offering co-working spaces sets your property apart from others that lack this amenity. Tenants are increasingly looking for more than just a place to live; they want a comprehensive living experience. By providing the flexibility to work from home without compromising on professional needs, you’re giving renters the convenience they crave.
As remote work becomes even more normalized, including co-working spaces or business centers in rental communities is a savvy way to enhance the tenant experience. By offering tenants a professional, convenient place to work, property owners can not only increase satisfaction and retention but also attract a wider pool of renters. It’s an investment that delivers immediate value while positioning the property as forward-thinking and attuned to the needs of today’s workforce.
Package Delivery Systems and Storage
We’re in our consumer era. More specifically, we’re in our online shopping and consuming era.
Therefore, tenants are receiving more packages than ever before, and they expect convenience and security when it comes to delivery. For rental property owners, investing in a secure package delivery system or dedicated storage lockers is a strategic move that enhances tenant satisfaction, streamlines operations, and adds value to the community.
Tenants greatly appreciate having a reliable and secure place to receive packages, especially those who work long hours or travel frequently. Missed deliveries, package theft, and cluttered leasing offices can be major sources of frustration. By offering features like smart lockers, package rooms with controlled access, or integrated delivery notifications, property owners provide peace of mind and ease of access, which are two things renters consistently rank as top priorities.
From the owner’s perspective, these systems also help reduce the burden on property staff, who often spend significant time accepting and managing deliveries. Automating the process with digital notifications and secure storage means fewer interruptions for management and a more efficient workflow overall.
Prospective tenants increasingly look for communities that support their digital lifestyles, and package security is high on that list. This amenity can even contribute to lease renewals, as satisfied tenants are more likely to stay in a community where their daily routines are supported.
Parking for Residents and Their Guests
Fortunately, we’re not in a congested market like New York or San Francisco, where parking is nearly impossible to find. Parking can still be a headache, however, especially if tenants are arguing over parking spaces and whose car belongs where.
By providing plenty of visitor parking and dedicated resident parking, you ease the anxiety residents feel about where they’re going to put their cars and whether there’s enough parking to accommodate their dinner party guests.
Whether carports or garage spots, have a clear parking plan in place.
You can provide opportunities for tenants to reserve a space. This gives them control and consistency. It’s also an added amenity that could increase what you earn. Tenants may be willing to pay an extra $25 per month for their favorite parking space.
Outdoor Spaces Create a Sense of Community
Outdoor spaces are more than just attractive features in a rental neighborhood. They’re powerful tools for building a sense of community within a rental property. Whether it’s a pool, a landscaped courtyard, rooftop terrace, grilling area, or shared garden, these spaces provide tenants with natural gathering spots that encourage interaction, relaxation, and connection. We find ourselves in a modern society where many people feel increasingly isolated, and well-designed outdoor amenities offer opportunities for spontaneous conversations and shared experiences that help transform neighbors into friends.
For rental property owners, investing in outdoor common areas can lead to:
- Stronger tenant relationships
- A more welcoming atmosphere
- Better retention rates
Tenants are more likely to stay in a community where they feel connected and supported, and shared outdoor spaces naturally facilitate that. These areas can also be used for organized events such as resident barbecues, movie nights, or wellness classes, which further contribute to the social fabric of the property.
Outdoor spaces offer tenants a chance to unwind and enjoy nature without leaving home, and this is an amenity that appeals to families, pet owners, and remote workers who live in your property. When thoughtfully designed, these areas can become standout amenities that differentiate a property and increase its overall appeal.
These are some of the community amenities that we believe are worth your investment as a property owner. For a more customized list of recommendations, contact us at Capstone Realty Consultants.