PRIVATE REPORT LABEL MARKET
The Endurance of the Super Amenity
FEATURED IN
One pain point that has been on the forefront of our multifamily clients’ minds over the last year is amenity occupancy and programming. We know things are changing, and while we have projects in development and construction, changing on the fly gets costly, and changing the wrong things can be costly too, so understanding what is to be expected within the shared community spaces of our properties is vital moving forward.
Prior to the pandemic, amenities were all about shared spaces, being together, creating social interaction. Amenities were the active pulse points of the communities. We’ve heard a bit of buzz about indoor amenities being a thing of the past. While we wholly support the need for outdoor connection and open spaces, eliminating indoor amenities seems too reactionary, and frankly impossible, in areas where climate does not allow people to be outside year-round. A recent study done by Assurant showed that the most important feature for residents in 2021 is larger living spaces because they are adapting to more time spent at home.
“Prior to the pandemic, amenities were all about shared spaces, being together, creating social interaction. Amenities were the active pulse points of the communities.”Photo Info: Skyline Falls Church, VA
““Super Amenities”, spaces that add unique activities and support a broad range of lifestyles. Spaces like recording studios, art studios, bowling allies, virtual reality lounges, maker spaces and demonstration kitchens can all allow for social interaction in our new state of extra caution.”
This was a change from before when lower-density areas or communities were more important. This tells us that people are wanting to spread out in their living space, which we consider amenities as an extension of that, not necessarily spend more time outside. Extra care will be needed to make these indoor spaces possible by creating more indoor/outdoor connections, improving air circulation, incorporating biophilic design, and strategic space planning.
All that being said, we are very much still focusing on indoor amenities, and specifically “Super Amenities”, spaces that add unique activities and support a broad range of lifestyles. Spaces like recording studios, art studios, bowling allies, virtual reality lounges, maker spaces and demonstration kitchens can all allow for social interaction in our new state of extra caution. It’s important to note that middle market properties will be the most sought after, so being strategic about the unique amenities to offer while not pricing rent out of attainability will be a key factor.
Photo Info: Ten01 At the Lake Tempe, AZ Skyline Falls Church, VA Sakura Los Angeles, CA
In our previous article where we spoke of the idea of the “third place”, the easiest way to decide what amenities will be important to your consumer is to look at the surrounding neighborhood to supplement key features that are lacking, or to consider the shared living spaces as extensions of the units and offer something residents can’t get in the same way behind their unit doors. Depending on the market and its eagerness to bounce back from lock downs, supplementing the local neighborhoods may be more successful when tenants are unwilling, or unable to leave the property. Communities have a responsibility, but also a huge asset to be able to instill trust and comfort for a tenant that does not feel that same comfort in completely public places. That holds true without the pandemic as well. Knowing that, we should feel confident in not eliminating indoor amenity offerings, but strategically giving them the thoughtfulness that they need to be an asset to both the property and the resident.
“we should feel confident in not eliminating indoor amenity offerings, but strategically giving them the thoughtfulness that they need to be an asset to both the property and the resident.”Photo Info: Skyline Falls Church, VA
