Real Estate Amenities - What are they and What you should Look for?

Amenity, according to the Collins English Dictionary, is something that provides comfort, convenience, and pleasure. However, in real estate, hospitality, and other fields, the meaning of amenity can vary. An amenity is usually intended to improve the quality of life of a single person.

Additional additions that make the living area more comfortable are referred to as amenities in the context of apartments. It could be a community or in-unit amenity. Let's take a closer look at them.

Amenities are defined as a desirable or helpful component of a building or area that aims to give comfort and convenience to renters. Amenities are extras that go beyond a person's fundamental necessities, and they frequently include things like pools, fitness facilities, and internet access.

Amenities are popular in a variety of real estate asset types, including multifamily and student housing, and they provide an additional layer of value to the underlying tenant. However, amenities are not confined to this type of real estate and can be offered as an extra benefit in single-family homes as well.

Offering amenities can help a home stand out from the crowd. If competitors are already selling amenity packages, other properties will have to follow suit, at the very least. Amenities should be included in the marketing strategy.

Amenities can also become a part of a company's identity, assisting in the recruitment of hard-to-find talent.

There are a variety of amenities available to tenants. So, how do you make your decision? Start with a basic or classic bundle. This could include things like:

• Child daycare
• Bike racks
• Lobby reception
• Fitness facility
• Covered parking
• Building signage (i.e., address prominently displayed)

The amenities you provide will very definitely be determined by the employees of your tenants. If the majority of your tenants are younger, all of the above may be appealing to them. You can, of course, ask tenants to survey their staff. Future tenants will have an impact on your package.

Consider including the following as part of an expanded package to improve your amenities offering:

• Designated rideshare pickup/dropoff location

• EV parking spaces

• Dog runs and washes

• Common area wifi

• Common area conference rooms

• Once per week food truck

When it comes to amenity packages, the possibilities are unlimited.

Amenities are not inexpensive. You should create a good approach for justifying a return on investment when determining what to offer. Don't go overboard with luxuries by including options that no one will utilise. This necessitates a thorough understanding of your present and potential clients.

The amenity choices for an apartment building can include:

• A swimming pool

• Parking

• Fitness center

• Social areas

• Rooftop gardens

• Bike parking

• Covered parking

• Package lockers

• Party room

• Building Wi-Fi

• Greenery around the space

• Surveillance cameras

• Valet trash

• Outdoor areas (pet-friendly spaces, walking paths, and playgrounds)

• Billiards table

• Clubhouse

• Spa

Internal Amenities

However, those aren't the only amenities you can find in an apartment complex or condo. Internal amenities can include:

• Online rent options

• Complimentary Wi-Fi

• Large bathtubs and bathrooms

• Security systems

• Intercoms

• Smart home functionality

• Balcony

• Central air conditioning with heating

• High-end fixtures and finishes

• Dishwasher

• Built-in washer and dryer units

Hotel Amenities

Ultimately, there are plenty of amenities to enjoy in a hotel. These can be in the room or community hotel amenities. They include:

• Valet parking

• Late check-outs and early check-ins

• Refrigerator in the room

• Large television with cable

• Swimming pool

• Health club

• Two fireplaces in the room

• Hot tub

• Air conditioning

• Free Wi-Fi

• Hairdryers in the room

• In-room iron

• Complimentary breakfast

• Lounge, bar, or restaurant

• In-room toiletries (lotions, shampoo, etc.)

• Personal care items (razor, shaving cream, shower cap, combs)

• Coffee kit (creamer, coffee packets, the maker)

• Tissues

• Slippers and bathrobes

• Option for hypoallergenic bedding

• Mobile check-in

• VIP shopping

• Play area

• Cocktail station

• Microwave

• Relaxation devices (radio, scent diffusers, etc.)

Whether you're looking for the best hotel for a night's stay or the ideal apartment complex, the amenities are frequently what determine where you stay. As a result, it can be a good idea to establish a list of the features you want before beginning your search.

That way, you'll know what's a must-have and what you can do without. Some people, for example, are unconcerned about large-screen televisions since they prefer to spend most of their time at the pool or sightseeing.

This is why many apartment complexes and hotels tout their amenities and try to entice you with anything they can. It's crucial to put everything out there because the owners never know what can pique your interest.

At the end of the day, if the amenities result in more tenants and a lower turnover rate, they are most likely a good investment.