Multifamily data for outdoor amenities
Multifamily data can help you track must-have amenities renters are looking for. This can set your property apart in an increasingly competitive market. Renters today are looking for more than just a place to rest their heads at night. They want a community with amenities that they can enjoy. Green space and outdoor extras are becoming more and more popular. It may be time to start adding outdoor amenities and marketing your property accordingly.
Multifamily data says the outdoors are in
MRI ApartmentData research can help you identify competitive advantages for your property. Across the nation, renters are looking for more outdoor amenities from their multifamily communities. Having this information can help you renovate or retrofit to suit the changing wants and needs of renters in your area. It can also help you understand which must-have amenities are selling points for your community.
Outdoor multifamily amenities have been trending for years, but the COVID-19 pandemic kicked it up a notch between stay home orders and health recommendations to gather outside where the virus may be less likely to spread. Now, having outdoor amenities can have a huge impact on your occupancy rates and income. Renters are willing to pay a premium to have access to outdoor and green space, particularly in packed urban areas. Therefore, if you’re in a particularly competitive market, adding or highlighting outdoor spaces available to residents may be the thing to set you apart from other communities.
According to multifamily data, these are some of the most in-demand outdoor amenities:
- Outdoor coworking spaces
- Rooftop terraces
- Community gardens
- Fire pits
- Lounge areas
- Outdoor pools
- Walking paths
- Outdoor kitchens
Using MRI ApartmentData research to understand what renters want
Multifamily data helps you get to know renters in your area and target the ones you want. You can get a good sense of what your property needs to do to get a leg up against your competition through tools like competition radar and multifamily market reports. Property management data is tailored to your specific property to help provide you with accurate reports that assist with decision making.
For instance, while the demand for outdoor apartment amenities is certainly going up, some areas may have more or less demand. Renters in urban areas may be more likely to be willing to pay a premium for green space. However, renters in rural or suburban markets may not because there’s typically more green space nearby.
In addition, while outdoor fire pits rank pretty high in the list of desired outdoor amenities, you may be better off installing outdoor fans for properties in hot climates. Therefore, it’s essential to look at data specific to your property as well as overarching trends. Having the right data at your fingertips is necessary for making key decisions. For example, designing new construction communities, updating existing communities, or marketing your current community.
MRI ApartmentData Services – the most accurate and up-to-date data available
Our team at MRI ApartmentData Services is dedicated to providing you with the most accurate and up-to-date data on the multifamily market. We provide data solutions for a wide range of professionals, from property managers to multifamily owners and investors. Our experts reach out to our large database of properties every month to ensure you have the latest data. Get in touch now to request a demo and discuss data solutions with our pros.
Multifamily Industry Review: Leaving 2023 Behind and Discussing 2024 Trends
The economic fluctuations, slowing job growth, and surging supply that defined the multifamily market in 2023 are poised to prolong the pattern of market unpredictability that has become the new normal. As rent trends and job growth settle back into …