With the continuous rise of multi-family homes, the battle between developers to maintain and attract tenants is stronger than ever. Whether it is adding a golf course to a gaming area, there is true competition on what can drive tenants to occupy a building. Developers know that tenants are willing to give up private space in order to create a sense of community within the building, but how much does this aspect set apartments a part from each other?
Although location is still rated the highest importance among other factors for apartment shoppers, ammenities of a building are always supplemental. According to the National Multifamily Housing Council's recent study, swimming pools still matter with 60% of renters saying they would not rent if there was not this ammenity. 55% of renters say they would not rent if the complex didn't include a fitness center. With these both being ranked highly, social interactivity in these type of spaces creates the real impact. Social interactivity and engagement are reasons why tenants enjoy going to the pool, game room, or gym.
Creating spaces where renters and the public come together will increase engagement. Art is a relatively inexpensive example on how a developer can create a sense of a community for the neighborhood and apartment. Painting a mural on a wall or adding a unique sculpture adds within the community. When there is public amenities, this allows for there to be an increase in social interaction. When planning out the next apartment property, developers need to do an analysis of how they can grow the overall experience and attract the entire community.