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In the competitive multifamily market, services and amenities serve as critical differentiators for retaining residents and attracting prospects. While these components can generate significant revenue, failing to meet expectations or communicate their true value to the living experience can have a detrimental effect.
When crafting marketing plans and pushing to drive the performance of their portfolio, operators should not overlook current residents. They’ve already done the hard part and sparked their interest—now it’s just a matter of keeping them at the property.
As more residents have been forced to work from home, their needs have evolved. Residents now require in-home offices, or study nooks and/or socially-distanced workspaces within their communities. While multifamily is beginning to respond to those needs, new construction and retrofit projects aren’t completed overnight.
It’s often the attention to the little things that keeps everything on an even keel at apartment communities. Residents depend on seemingly minor conveniences to help them stick to their daily routines. They build dependencies on those services that have been ingrained into our daily structure.