Tenant Retention 101: An On-Site Fitness Center

The amount of money you will need to invest in a fitness center depends largely on you and the physical space you have to work with. Theres something that can be done for every budget. But the more you can create a professional looking fitness center, the greater impact it will have on your bottom line.

“Equipment is usually the biggest expense,” advises fitness equipment expert Jarrod Saracco with Fitness Outfitters. “We specialize in this type of thing, so making every dollar and every square foot count is what we do best.””Typical fitness centers I see in apartment complexes are terrible,” he continues. “They might have a beat up old treadmill or elliptical machine, maybe an exercise mat and something that resembles an ab bench thrown into the smallest space they could find. But in order to create a dynamic, revenue producing center in your complex, you will need to make an investment.”

Another consideration is whether to pay cash or lease equipment.

“Aggressive leasing programs are available for fitness equipment and sometimes this is a great way to conserve cash and manage it over time,” Saracco says.To give you an idea of what it may cost to outfit a quality fitness center, here is a simple scenario to work off of:

3 Treadmills
3 Ellipticals
2 Bikes
2-3 adjustable benches
Set of dumbbells from 5-50lbs
A few accessories like exercise balls, etc.
Total: less than $30k.

“If you were to purchase all of this equipment brand new, you can easily double this amount,” Saracco says. “We can help you outfit your facility within any budget, but you need to figure out what you are willing to invest in order to make a difference.”

Your homework: establish a budget. What are you comfortable spending to make this really work? If you can allocate sufficient funds to create a sufficient space, then the next article will be of major interest to you: making money off of your fitness center.

For more information or to get started, contact [email protected] or 866-369-3188.

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