Wellness: Good for RESIDENTS, Good for Business, and Good for You!
One of the biggest challenges facing the multifamily industry is the continual rise of resident expectations. As a result, housing complexes are always seeking to optimize their residents’ experience and improve satisfaction from every angle to remain attractive in a competitive market. With more people trying to stay healthy and live an active lifestyle, a well-designed on-site multifamily fitness center is one of the best ways to draw in new residents and retain current ones.
Why Are Fitness Amenities Important for Multifamily Communities?
A new or updated fitness amenity can excite and entice potential residents looking for multifamily housing, but why does this particular amenity carry so much weight? The answer is primarily twofold: achieving a balanced and healthy lifestyle is more important to people than ever before, and more and more renters check online reviews before applying to live at a new complex. Besides attracting more residents and improving resident feedback online, multifamily fitness amenities offer greater convenience to renters and increase property values.
If you’re thinking about designing a new fitness center or want to add cutting-edge amenities to an existing one, learn more about the main benefits fitness amenities provide to multifamily complexes below:
Attract more residents: As more renters become health-conscious, it’s important multifamily facilities offer ways for them to easily exercise in a high-quality environment. A recent RentCafe.com survey found that 47% of renters are interested in their apartment building having a gym, and 28% say that not having a gym is a deal breaker. By offering a fitness center at your multifamily complex, your housing units will be more attractive to nearly half of potential renters, and over a quarter of prospective residents won’t immediately write your complex off.
Improve resident feedback: Reviews on social media and various websites are an increasingly important part of the property selection process for renters. For example, an Apartments.com survey discovered that 98% of respondents read property reviews, 96% found reviews influential, and 79% said reviews were highly influential. Your fitness offerings (or lack thereof) are likely to be mentioned in online reviewsSince potential residents are putting greater trust into the feedback they see online, one way to boost positive reviews is to leave a great impression with high-quality fitness amenities.
Increase renter retention. Multifamily properties are supposed to generate passive income while sharing an incredible living space with happy tenants. It’s a win-win. However, retention rates could start dropping if you aren’t keeping your fitness amenities up-to-date. Low retention rates will leave you constantly facing turnover expenses, extra labor, and the hassle of searching for new tenants — all of which is far from passive. This low retention can also impact the sense of community at your facility, leading to even more turnover. Conversely, adding a fitness facility to your multifamily property can save you the time, money, and hassle by increasing both satisfaction and retention of tenants.
Greater convenience for renters: Focus on health, wellness, and overall fitness is a growing trend. While people want to exercise, heading to the gym can disrupt their day’s schedule. A fitness center at your multifamily complex offers residents greater convenience, as they can pop in for a quick workout without having to take the time to commute to the gym. This increased convenience can translate to higher resident satisfaction and appeal to prospective renters.
Increase your property value and rent prices: When you operate multifamily buildings, you know how important it is to keep your property value high. A well-designed and fully stocked fitness center can increase the value of your property, helping you earn more money if you later sell the complex. Besides improving your property value, many potential renters will likely pay more for a multifamily unit featuring a state-of-the-art fitness center.
Choose Advantage Sport & Fitness for Multifamily Fitness Amenities and Services
At Advantage Sport & Fitness (ASF), we know the value of fitness amenities and services for those in the multifamily industry. As a result, we offer various fitness services and products tailored to our multifamily clients. When you need to build a new fitness center or retrofit an existing one, you can turn to us for multifamily gym facility design services. Alongside designing centers, we offer a wide selection of exercise products, fitness equipment delivery and installation services, and repairs and preventative maintenance.
Learn more about our multifamily fitness amenities today. If you’re ready to get started, contact our team of fitness amenity design experts to schedule a complimentary site visit and consultation.
