For Many Multifamily Residents, Practical Amenities Are Just Fine
The amenity wars of the recent years have seen high-end apartment communities battle for renters on the basis of spectacular amenities.
Cue the arrival of dog spas, maker spaces, axe-throwing rooms, recording studios, Amazon lockers, game arcades, boxing gyms, rooftop community gardens, bowling alleys, golf simulators and more.
Of course, none of these come cheap. All are likely to add to the monthly rent payment. And therein lies the rub. Many renters’ paychecks are insufficient to pay even the cost of an average apartment shorn of amenities. For many renters of Gen Z, soon to make up much of the apartment resident cohort, renting by themselves is financially infeasible.
Add on a bunch of high-end amenities they may or may not use, but for which they will nonetheless pay handsomely, and for many renting alone is beyond infeasible.
According to a Redfin report, the average renting household income comes in more than $11,400 short of the $66,120 needed to rent a median-priced apartment in 2024.
Simple things
In addition to those who can’t afford them, there are renters who simply don’t want or need all the bells and whistles. They appreciate the simple things in life, such as a robust cup of coffee in the morning, or maybe the chance to easily print out a document.
And they balk at the idea of shelling extra bucks for things they likely wouldn’t use.
These realizations have all been enough to spur the launch of ventures founded on giving renters amenities that are more practical than flashy. A number of companies are vying to win the business of apartment community companies interested in providing their residents with amenities that might best be called down to earth.
For instance, the multifamily scene of recent years has witnessed the arrival of coffee services such as Nestle Coffee Partners Solutions Lab, providing apartment properties with a broad variety of curated premium beverage options that satisfy the preferences of a wide range of renters. The amenity gives prospects another reason to sign leases at client buildings, and current residents one more factor in favor of renewing their leases. Managed Coffee Amenities is another provider, one partnered with Boston Brew Company to give multifamily buildings in New England tailored bean-to-cup solutions.
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A third company, WithMe, takes the offer one step further by providing apartment communities with two different kinds of practical amenities.
The first is a coffee service called SipWithMe, which lets multifamily communities offer their residents more than 20 customizable beverages, including barista-style coffee ready in 60 seconds. The second is a printing service called PrintWithMe, a self-serve, wireless printer station found in thousands of apartment communities, cafes and coworking spaces nationwide.
Saving time
Jonathan Treble, WithMe company founder and CEO, believes many residents prefer practical as opposed to over-the-top luxury amenities. “While luxury amenities like movie theaters, crystal lagoons and spas are attractive and flashy, they often go underutilized,” he says.
“Residents prioritize features they can consistently use and benefit from, ensuring the investment in their apartment home is worthwhile. As hybrid and fully remote work models continue, amenities that promote productivity are essential in meeting residents’ evolving needs and supporting their work-from-home lifestyles. Transforming lobbies and shared spaces into one-stop shops with convenient and high-quality amenities, like printing and coffee machines, makes residents’ daily routines easier. It removes costs and the time it takes to get there, which ultimately increases resident satisfaction.”
In an era of unpredictable for-sale housing markets compelling more and more people to rent, many renters prize genuine value and cost savings, Treble says. Amenities that are, he says, “designed to seamlessly integrate with residents’ lifestyles and help them save money will help them decide to live in one community over another but will also increase the community’s overall value.”