Remember “The Amenities War”? You know, that great battle between developers over which of them could pile more amenities into their apartment, condo, and townhome communities than the hotshot across the street?
Well, the amenities war is over. Developers are waving the white flag of surrender. The nation’s buyers and tenants have declared victory.
That’s the big story line from the latest Multifamily Amenities survey, published by UTOPIA's sister publication Multifamily Design+Construction. The survey of 243 multifamily developers, property owners, designers, builders, and construction professionals follows up on the 2017 Multifamily Amenities survey to assess and rank the demand for outdoor and indoor amenities and features in the $63 billion multifamily real estate sector.
The big takeaway from this survey: There is no letup in the quantity and variety of amenities multifamily developers and their project teams are pumping into their rental and owner communities.
The message is clear: If you’re not providing a full menu of services, facilities, and activities from among more than a hundred choices—113, to be exact—you’re not going to win the battle for the buyers and tenants you want to attract.
The Multifamily Amenities survey was designed to determine the extent to which decision makers have included these 113 amenities in their multifamily communities in the last 24 months, and to compare those results to the 2017 findings.
Among the key findings:
• There’s no letup in the intense level of amenities that multifamily developers and their project teams are jamming into apartment and condo communities.
• With so many possibilities to choose from, there’s no guarantee that the amenities you provide will assure success, as measured by faster lease-up or sale, greater tenant/condo owner satisfaction, or higher rents or sales prices.
• New options, such as co-working spaces, biometric security systems, and ride-share waiting areas, are coming online all the time, adding to the complexity of making the right choices as to the best mix of amenities to provide.
Multifamily Amenity Rankings Covered in the Report:
• Top 10 Outdoor Amenities 2019
• Top 10 Indoor Amenities 2019
• Top 10 Recreation Amenities
• Top 10 Convenience Services
• Top 10 Lifestyle, Health and Wellness Amenities
• Top Business and Technology Services
• Top Children's Services
• Top Services For Pet Owners
• Top 10 Security Services