Let's talk about something that's not just nice to have—it's a total game-changer: amenity spaces. Whether you’re managing a property or owning one, you’ve probably noticed that people today are all about lifestyle. And guess what? That’s where your community amenities come in. They’re not just perks; they’re a magnet for new residents and the glue that keeps your current ones sticking around.
why Amenity Spaces?
Think amenities are just a bonus? Think again. A 2023 survey by the National Multifamily Housing Council (NMHC) revealed that 92% of renters rank community amenities as important or very important when deciding where to live. And get this— according to the 2024 National Multifamily Housing Council (NMHC) and Grace Hill Renter Preferences survey— 76% of renters decide on their apartment based on the amenities available.
Think fitness centers, co-working spaces, lounges where people actually want to hang out, and those Instagram-worthy outdoor spaces. Residents today aren’t just looking for a roof over their heads—they want a lifestyle. So if your property has these amenities up-to-date, you’re not just filling units; you’re building a community that people want to be part of, which results in higher occupancy and better return on investment (ROI).
keep them happy & they'll stick around
It’s not just about getting people through the door. Once they’re in, you want to keep them there, right? High-quality, updated amenity spaces do just that. Resident retention is key because let’s face it—finding new tenants is way more expensive than keeping your current ones happy. According to that same 2023 NMHC survey, 68% of residents said top-notch amenities were a big reason they renewed their lease. That means less turnover, fewer vacant units, and more stable income for you.
Model Units
Now, let’s talk about something that might be your best-kept secret: model units. They’re not just there to look pretty; they’re your ticket to convincing your renters that this is the place for them. Zillow found that 80% of renters said a well-designed model unit helped them picture themselves living there and made them more likely to sign on the dotted line.
A show-stopping model unit does more than show off square footage—it tells a story. The right furniture, stylish finishes, and thoughtful layout can make potential residents feel at home before they even unpack. And that emotional connection is priceless.
Why Design Matters
Okay, so we’ve covered amenities and model units, but let’s not forget the magic that ties it all together: interior design. Good design isn’t just about looking good; it’s about creating a vibe that resonates with people. High-quality design in both your amenity spaces and model units can elevate your property from “meh” to must-have.
Investing in professional design services, like what we do at Liberty Interiors, can make all the difference. From choosing the perfect paint color to picking out the right lighting fixtures, every detail adds up to a space that residents love and want to stay in—boosting your ROI in the process.
The Bottom Line
So, what’s the takeaway? Investing in well-designed amenity spaces, show-stopping model units, and top-notch interior design isn’t just about keeping up with the competition—it’s about staying ahead. These elements help you attract new residents, keep the ones you’ve got, and ultimately drive higher ROI. In the fast-paced world of multifamily properties, these aren’t just nice-to-haves—they’re must-haves.
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