As Fresno’s home prices continue to surge—Zillow rates the market as “very hot”— newcomers and residents are looking for high-quality apartments for rent. If your community is looking a little bit, well, last century, now may be the time to spruce it up.
As a top Fresno property management company, we have our finger on the pulse of the latest property management trends in apartments for rent. Here are seven features that renters are looking for that will position your property well to attract and retain high-quality residents.
Abundant Common Areas
This is a trend we’ve seen in hotels, which are expanding their lobby and restaurant space to accommodate travelers who want to be in the mix rather than confined to their rooms. Apartments for rent can offer the same type of collaborative social and workspaces. Consider adding resort-like amenities like fire pits, BBQ and picnic areas, upscale pool and hot tub facilities and outdoor spaces with TVs.
And if you’re worried about upkeep, remember that a high-quality property management company will help keep your grounds and common areas shining.
Modern Wellness Spaces
Take a look at the footprint of your property—if a large space is being taken up by a tennis court, your apartments for rent might scream “Welcome to the ’80s.” Today fewer people play tennis, and true aficionados will likely join a tennis club. To make your amenities appeal to the most potential residents possible, consider redeploying that space by filling it with grass and converting it to a community garden, volleyball court or even a dog park.
An Upscale Gym
If you’re just offering a token fitness facility, you’re missing out on a huge selling point. Instead, make it convenient for your residents to get their workout in onsite with a variety of high-quality equipment offerings, such as weights, bands, mats, treadmills and bikes. And then go a step further and make space for yoga, spin and other classes.
Adequate Technology Infrastructure
Cut the cord, literally. Your residents are likely not interested in a traditional satellite or cable TV package, given that most people consume entertainment via streaming devices on their phones or laptops. Coupled with the rise in remote work, what they need is a high-speed internet connection that lets them seamlessly use as many screens as they please. In fact, the 2020 NMHC / Kingsley Apartment Resident Preferences Report finds that nearly half of consumers say they would not rent a place without it.
Providing high-speed internet also alleviates the pain point involved in hooking up cable when residents arrive; these services are available immediately upon move-in, compared with the delay and hassle of waiting for the “cable guy.”
And while we’re talking technology, check to make sure you have enough outlets available in the units. Don’t make residents charge their devices using the bathroom plugs.
Convenient Package Centers/Lockers
Forget the old mail room of the past. As consumers increasingly turn to ecommerce for all their needs and wants, offices are overflowing with packages. Implementing a separate package room frees up time and space for office staff to handle other management tasks—but more importantly, provides convenience to residents who can retrieve their shipments after hours or on the schedule that suits them. In fact, the preferences report found that 84% of residents were interested in secure, self-service 24/7 package access, with three-quarters of them citing lockers as an appealing amenity.
Wide Demographic Appeal
Today’s renters are no longer just young 20-somethings starting their lives. As Baby Boomers downsize, they are bringing their sophisticated taste and ample dollars to the rental market. The good news is that this demographic is largely active and technologically capable, so the majority of your offerings will cater to this market as well. Just take care to make sure your marketing materials and online presence include images and messages that speak to diversity in order to catch their attention.
A Multi-functional App
You’ve heard the phrase a million times, “There’s an app for that.” Well, if your apartments for rent don’t have a dedicated app, you’re missing out. Any consumer would agree that the more tasks they can accomplish on their smartphone, the better. According to the report cited above, nearly 65% of renters preferred to submit maintenance requests and 58% preferred paying rent via an app. Consider including functions like apartment search, rent payment, work order placement, facilities reservation and more so your residents and prospective residents can take care of their tasks on the go on their preferred device.
Looking for a property management company that can help you identify the latest trends in apartments for rent and put them into place? Contact Manco Abbott today to find out about the services we provide to make both your life and your residents’ lives easier and more convenient.
