In a sea of apartment amenities, such as gyms, pools, dog spas, and roof-top gardens, offering your tenants the option to use an apartment guest suite can set you apart from the competition. As apartments become smaller, a dedicated service that caters to residents who have overnight guests, such as friends and family, is a game-winning feature.
Apartment Sizes Are Shrinking
The average size of a rental apartment in the U.S. has fallen from an average of 1,031 square feet to 931 square feet for apartments built from 2015 to 2019, according to research from RCLCO Real Estate Advisors. That’s nearly a 10% reduction in average apartment size. Where a studio apartment was once considered the smallest and most reasonable apartment available for budget minded renters, micro units ranging between 250 – 400 square feet are now emerging in major cities across the U.S.
Smaller Apartments Means More Amenities
That’s great, but what does it have to do with guest suites? Smaller units are extremely attractive to college students, as well as mobile millennials and Gen Zers. Affordable, smaller units offer the opportunity to live in an urban environment and enjoy a vibrant lifestyle. As the trend toward smaller units continues, amenities have become even more important. Multifamily developments are in a race to offer competitive features that will attract and sustain occupancy. It seems renters who plan to spend much of their time at work or elsewhere are willing to accept an affordable, smaller floor plan in exchange for an array of lifestyle amenities.
Why You Should Offer a Guest Suite
Apartment guest suites are one of the amenities that are emerging as a “must-have.” Guest suites are appealing to a range of demographics. They offer resident visitors as well non-residents, such as urban professionals, a furnished unit and access to community amenities. Though prices vary, a guest suite can rent for $100.00 a night and upward, and it can add thousands in revenue to a community’s bottom line. Guest suites also serve as a powerful marketing tool for staging and introducing potential tenants to your community.
A great way to see if a guest suite is right for your community is with a resident survey. The results might be surprising and this can go along way in keeping your residents happy.
Bottom Line
If you’ve got the extra space or units for a guest suite, it’s a wise investment for your community. It can double as a model unit, as well as a place for residents’ guests to stay while visiting. Need to furnish your dedicated guest suites and adjoining spaces? Try home furniture rental with Brook. We can deliver exactly what you need in as little as two business days, including kitchen and bath essentials.
