In Multifamily Real Estate, A Better Apartment Experience Is Essential

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Apartment buildings have changed quite a bit in the past two decades. Tech-savvy urban renters expect more and more from their apartment communities, and the number of millennials looking to move toward cities has only been accelerating.

Common spaces and amenities almost always follow construction cranes and are defining a new generation of multifamily real estate categorized by attractive and well-designed spaces. Though these elaborate common areas are now the norm, the question remains: How do such amenities become active hubs for resident engagement? In other words, how do we ensure that the amenities in buildings provide constant value to residents and provide them a strong return on investment?

Apartments are the backbones of cities and are where residents launch their lives. As a real estate technology executive and a city dweller myself, I take an active interest in how developers and owners can improve city life by leveraging technology and innovation to activate their existing spaces.

Here are some ways the industry can supercharge buildings by offering a better apartment experience that keeps renters engaged, healthy and happy.

Build Real Community

Even if an apartment building has community spaces, creating activity to bring residents together is an essential next step. Vibrant common spaces create an environment where residents feel at ease and can meet neighbors naturally. Particularly for new residents, meeting neighbors and having that community right at home is even more important.

Events within a building are a great way to begin building community: activities like paint nights, “yappy” hours, cooking demos and game nights offer welcoming opportunities for residents to make friends right at home. More than just providing a community for residents, such experiences can make a building healthier and improve both retention and referrals. People make places great and can define a building culture and experience that residents can’t find anywhere else.

Embrace Technology

Technology permeates the entire apartment rental process today, and that should not stop when a resident finds the perfect building to call home. From smart thermostats to online maintenance portals, technology is already integral to the residential experience. Residents expect to have all resources at their fingertips, and catering to tech-savvy renters can ensure a competitive edge with happier residents.

Highlight Your Neighborhood

The surrounding area of an apartment building offers ample opportunity for engagement. Collaborate with local businesses, nearby non-profit organizations and public spaces — they determine the fabric of your surrounding community. Featuring a mom-and-pop pizzeria and facilitating local volunteering or mentorship opportunities are just a few ways to highlight your neighborhood and strengthen your community.

Encourage Continuous Feedback

In real estate, the resident is always right. Actively encourage honest feedback and understand the drivers that deliver value to your community. Are there particular activities or spaces that residents can’t help but tell their friends about? Are there any events or local businesses that keep residents coming back? Tracking, measuring and acting on feedback allows you to build a more vibrant community that knows its voice is heard.

Overall, a resident’s apartment experience is what defines your building’s culture and brand. I believe that it is possible for cities to improve the lives of millions by leveraging spaces that already exist to create even more collective collaboration and community. As multifamily demand continues to grow, this idea that happy cities start with happy residents must remain a core principle.

Source: forbes.com