One of the fastest-growing ways to increase revenue in apartments is to incorporate some commercial features, like bars, wellness centers, and pet care facilities. Today’s renters want an urban environment that’s rich in value-add amenities that make life easier. The less the consumer has to travel for what they need, the more appealing the community.
Today’s landlords are in a unique opportunity to provide this, as mixed-use development becomes more prevalent. It’s relatively easy to add features that drive revenue. In urban environments, it’s also easy to find talented individuals to staff these facilities. Here are three ways to increase revenue in apartments by monetizing popular amenities.
Three Ways to Increase Revenue in Apartments
In many cases, the ways to increase revenue in apartment complexes also support the local community. Many of these ideas require local partnerships with small business owners. Here are three options that help managers turn their apartment complexes into full-service communities.
#1: Offer dog training at onsite dog parks
Dogs are—by far—America’s favorite pet, with 60% of households owning at least one. Most savvy landlords have long accepted that being pet-friendly is a necessity to compete with other complexes and private landlords. However, there is the concern that the pets will cause damage to the complex, which is why it’s best to focus on pet amenities that minimize the risk.
Dog parks are a prime example. By providing a place to walk dogs, landlords reduce the risk of pets going to the bathroom in the home or other common areas. A great way to monetize this feature is to work with local professionals to host dog training classes. Obedience training increases the likelihood of well-behaved pets that don’t damage property and it improves the residents’ overall quality of life.
#2: Encourage healthy habits with total wellness centers
More than 45% of apartment dwellers report they’d be willing to pay a premium to receive fitness classes onsite. Residents enjoy these features because they don’t have to worry about finding space in a class or parking at their gym to attend a popular instructor’s class. Fitness instructors and personal trainers often work out partnerships, where they provide classes for residents onsite in exchange for a space to work and a percentage of earnings.
Landlords can take this a step further and offer nutrition counseling and meal planning services, as well. It’s even possible to contract with physicians and nurses to provide remote medical treatment at reasonable prices. By working with a range of health professionals from life coaches to telemedicine providers, landlords can elevate their gyms into total wellness centers.
#3: Provide 24-hour convenience and entertainment with a clubhouse
Many landlords avoid adding clubhouses because they expect a low ROI. After all, it’s expensive to add an entirely new building if it is not monetized. In many cases, the problem isn’t that the clubhouse is too expensive to offer a return. It’s because it’s inefficiently used, in that’s it’s only occasionally opened for events.
A clubhouse can drive revenue almost constantly. It can change throughout the day to maximize its useful hours, as long as the manager is willing to staff it. It can be a coffee shop and juice bar during the day and shift to be a happy hour spot and weekend club.
Fifty-five percent of American consumers report preferring to drink at home because going out is too much effort. A clubhouse where they can relax right next to their home is ideal, as it allows them to enjoy the social experience while minimizing the effort. This also helps to connect tenants and create a sense of community that encourages tenant retention.
Choosing the Best Amenities for Long-Term Revenue Growth
The best ways to increase revenue in apartments allow for long-term growth while providing appeal to prospective renters. Wellness centers, pet-friendly amenities, and clubhouses are all options that landlords can use to provide added value for current tenants and to attract new ones. At the same time, these additions provide an immediate bump in property value that offers an easily measurable return on investment.
Working with a California contractor is the best way to strategize for revenue growth. With their experience, landlords understand the amenities tenants need and want, as well as the ones they can do without. By working with a partner in the planning stage, landlords can build additions that provide true, long-term value for themselves and tenants.