Wellness amenities have become even more important as people become more conscious of their health. This consciousness is partly due to the pandemic, as people now seek ways to stay healthy and live a more comfortable life.
Therefore, if your property has wellness amenities such as gyms, outdoor areas, meditation rooms, and more, you need to include and highlight these in all listings. Doing this will make your rental appear more modern and comfortable, there attracting tenants who want to stay long-term.
Continue reading this article as it will explore the importance of emphasizing these wellness amenities and how they affect the overall happiness of your tenants.
Understanding the Demand for Wellness-Focused Living
Why are renters demanding more wellness-focused accommodation? As previously mentioned, this shift is mostly an unintended consequence of the previous pandemic as people are shifting their priorities and are now more health conscious, both mentally and physically.
For this reason and more, most tenants would appreciate having health and wellness amenities in their apartment complex. Here is a more detailed look at each factor that contributes to the demand for wellness amenities:
Health Benefits
Wellness features include an in-unit laundry, fast internet cable, and a fitness area, which contributes to making tenants’ lives more stress-free and comfortable. This comfort is essential as the more at home a renter feels, the more likely they are willing to renew their lease, there reducing the vacancy rate and giving you extra income.
Community and Social Interaction
These amenities are also great for fostering a sense of community in a rental property with multiple accommodations. Tenants can socialize with shared spaces like a gym or laundry area, which can make living at the rental less isolated and more connected, which naturally enhances their overall experience.
Convenience
The availability of these facilities saves tenants a lot of effort and time. Tenants will be able to perform their daily workout routine instead of allotting travel time to go to a local gym. In other words, it’s convenient and a time saver. Boston rental property managers can promote wellness amenities to prospective tenants looking for a new place before this year ends.
Comfort and Market Trends
The ultimate reason for having these features and why tenants desire them is because of the comfort they bring while living at the rental home. It also enhances their overall productivity while keeping their health and other essential factors in check.
It’s also worth noting that market trends also affect the demand for wellness amenities as properties that offer them are seen as more modern than those without such perks. Therefore, it makes sense for landlords to offer these amenities to attract health-conscious tenants.
Cost vs. Value: ROI on Wellness Amenities
Upgrading your property to include wellness amenities may seem expensive, but the benefits make the cost worthwhile. This section will explore four reasons that make adding these amenities a great idea:
Higher Rental Rates
Adding these new features gives you the ability to increase your rental fee and justify the extra cost. This is because renters love these features, and they are considered premium additions that are rare in other rentals. Also, with the added fee, you can quickly cover the cost of installing these amenities.
Long-term Tenant Retention
Tenants who want these premium amenities are more likely to stay longer. This is because they feel comfortable, and it has all they need—features that are rare elsewhere. It’s also more beneficial if you run a long-term lease as it means fewer vacancies, more income, and savings on maintenance costs.
Enhanced Property Value
Suppose you plan to sell your rental property in the future, adding these amenities as an extension of the home will greatly improve its value. This is similar to expanding the home and can significantly improve how much buyers eventually pay for your property.
So, in the end, the fact that your rental will increase in value, tenants intend to stay longer, and also justify an increase in the rent makes adding wellness amenities a worthwhile property investment.
Top 3 Wellness Features to Consider
Now that we understand the impact wellness amenities have on your property, the next question is, which one should you incorporate in your home? We recommend these top three:
1. Fitness Centers
Most men and women are conscious of their physical well-being and will be more than happy to improve their health at home without needing an expensive gym membership. You can equip the gym with simple dumbbells, barbells, treadmills, and other basic but efficient gym equipment.
2. In-Unit Laundry
Offer tenants the liberty to handle their laundry more efficiently with in-unit laundry equipped with washing machines and dryers. This means that they don’t have to leave the house to a laundromat and can, instead, handle their affairs at home and in private. It’s another step towards comfort that the majority of renters will appreciate.
3. Outdoor Space
Wellness amenities are often sought after health-conscious couples or families looking for the dream apartment, and in this case, it makes sense to offer an outdoor area for more quality time. This space can be used for yoga, picnics, a night with the stars, etc., which all help to improve one’s mental health and comfort levels.
Aside from families, outdoor space can also cater to pet owners and people who majorly enjoy stepping out of their chamber and enjoying the great outdoors. It’s one way to keep renters happy and comfortable in your rental property.
Conclusion
Based on the information in this article, investing in wellness amenities is a smart investment that offers many advantages. To capitalize on these benefits, consider incorporating wellness amenities like a fitness center, outdoor space, and laundry area. You can also consider adding other amenities like high-speed internet cable and a meditation area. Investing in these amenities allows owners to increase their property value, justify higher rent fees, and increase tenant retention.