Adding value to your community can directly impact resident retention and leads to new revenue streams and increased profit. From coworking spaces to guest suites, communities implement new and unique lifestyle conveniences to enhance their resident’s experience—as well as their ROI.
4 Ways to Increase Your Return on Investment
Your lobby is essential to impress prospective tenants. It’s also equally important to your residents and their guests. It should be regularly maintained and designed to exemplify the rest of the community. Think: Stylish furniture, décor, and a modern color palette. Adding chargeable services can significantly enhance your resident retention, occupancy, and ROI. Consider offering dry cleaning pick-up, smart lockers, concierge services, and a coffee bar.
Today’s residents value social interaction as an essential feature of apartment life. Amenities such as rooftop patios and clubhouses have taken on new importance for resident retention. For this reason, it is critical that common room facilities are designed and continually updated to appeal to the changing demands of specific resident demographics.
A multipurpose space featuring comfortable furniture and décor along with WiFi and entertainment features where residents can relax and socialize is vital to building community loyalty. Beyond social get-togethers, utilize your clubhouse to its best advantage by hosting revenue-generating events that also add value to your resident’s lifestyle such as yoga classes, wine tastings, and guest cooking demonstrations.
Remote working is here to stay, and multifamily communities are looking for new ways in which they can attract and support work-from-home residents. A functional coworking business center within the community where residents can work privately or collaborate can drive appeal. In addition to workstations, business centers are being outfitted with lounge areas, cybercafes, and multi-use office furniture and lighting that can be easily arranged to support specific resident work requirements.
Conference rooms are also available for client presentations and collaborative meetings. With the coworking trend on the rise, multifamily communities can capitalize by offering a unique business workspace to residents as well as to public subscribers.
Guest suites are one of the most requested solutions for apartment communities. Adding one or two guest suites to your community can not only increase resident retention but also revenues. Whether it be downsizing or affordability, many residents do not have the room to host visiting family or friends.
Guest suites offer visitors a fully furnished unit and also access to the available amenities. Though residents will be thrilled, guest suites can rent for a 100 dollars per night or more, especially if your community is near a special event or venue, potentially adding thousands in revenue to a community’s ROI.
Whether it’s a clubhouse, lobby, or business center, Brook Furniture Rental provides stylish, high-quality office and residential furnishings. Contact us at 800.933.7368 to speak to one of our consultants or visit our website.