How to Increase Rents AND Lure New Renters using Site Amenities at Multi-Family Communities and Apartment Complexes

Property owners looking to increase the value of their multi-family rental centers need to take a variety of steps to ensure it looks attractive. For example, regular repair and maintenance procedures keep apartment complexes looking great and will catch the eyes of potential residents. However, there are many types of amenities that landlords can add to their sites that allow them to increase their rent.

The following five property additions are among the most appealing and lucrative for property owners. By adding them to your complexes, you will attract a larger number of high-earning renters. As a result, you can increase your rental prices appropriately and increase your profit level exponentially. Park Warehouse is a supplier of many of these products, we've highlighted some of our most popular products for the product categories that we sell products for.

#1 Add a Dog Park

Too many apartment owners ban pet ownership because they don’t want to deal with damage caused by animals. That is an understandable stance, but it is also short-sighted. Yes, dogs can severely impact the quality of an apartment. However, landlords can increase their rent by $50-100 by letting their tenants own dogs. In fact, many complexes charge a $200-500 pet deposit to pay for repair damages.

Dog Parks Attract Even More People

However, you can also go one step further by installing a dog park in your complex. A dog park is a place where your tenants’ dogs can go to play, interact with other pups, and burn off some excess energy. They include play areas that naturally attract a dog’s interest. Creating a simple dog park for your tenants provides many benefits, including:

  • Creating a meeting place for dog owners
  • Concentrating dog activity in one area
  • Focusing dog “droppings” in an easier to clean section
  • Making dog owners feel more attracted to your home
  • Generating a more welcoming atmosphere for dog owners

Your Benefits

While a dog park is great for your tenants, it is even better for your bottom line. For example, it allows you to increase your rent by at least $100 or more, depending on the location of your apartment complex.

You may even be able to raise it more by creating a one-time deposit for people who want to use the park. This deposit should be no more than $50-75 or so, but it can be more for higher-paying tenants. It all depends on the nature of your apartment complex.

For example, if you have a complex for lower income people, it is wise to charge no more than the $50 in extra rent and to avoid the usage deposit. However, if you plan on installing these items in a pricey downtown apartment, a usage fee is appropriate. You can also charge pent rent and include the use of the dog park as a benefit.

It is also possible to raise rents by as much as $150 or so per tenant on a yearly basis (or only for those that uses the park). You should be able to recoup the upfront costs rather quickly.

Where to Find Dog Park Items
Finding great dog park items requires finding a provider who has variety of high-quality and fairly-priced items. You can create a fun and engaging dog park rather quickly by buying a diverse range of fun items, including stairs, tunnels, and even slides. Park Warehouse is THAT company, we supply a wide assortment of Dog Park Equipment including Full Dog Park Kits and Add-on Dog Park Ameneities

#2 Install Outdoor Fitness Equipment

Exercise equipment will always attract a large number of tenants because it lets them stay in shape without leaving home. Most landlords or property owners are likely to install indoor exercise equipment in a small, but well-maintained, exercise room.

However, an increasing number of people are choosing apartment complexes that have outdoor exercise equipment. This surprising change is something that you need to take advantage of right away and implement on your property to ensure you can appropriately raise your rent.

Why Outdoor Gyms Attract Customers

Outdoor gyms are an attractive and lucrative item because they let your tenants enjoy fresh air and sunlight while working out. Getting out of the stale air of an interior gym helps people breathe easier during their exercise.

Working out in the sun also increases their exposure to vital sunlight and improves their overall mood. Other reasons people like outdoor gyms include:

  • Showing off exercise success to passing people
  • Meeting new people in a fun environment
  • Enjoying drinks or snacks during cookouts centered on workouts
  • Getting out of the apartment complex and into the fresh air

Your Benefits

Outdoor exercise centers are going to cost you a little more than a dog park. For example, it is possible to pay hundreds of dollars for a single piece of exercise equipment. You are also going to have to take steps to protect the equipment during inclement weather. However, outdoor exercise equipment is particularly nice for apartment complexes near beaches or other outdoor activity areas.

As a result, it is easy to raise your rent by as much as $150 per tenant. You could also adjust your rent amount based on proximity to the exercise center. People who wanted to be closer to it are more likely to pay more than customers who aren’t interested in it. So a $150-200 increase is appropriate for people located right next to the center while an increase of $50 is acceptable for those farther away from it.

Where to Find Exercise Equipment

Those who are interested in this type of fitness center are in luck! Park Warehouse has a variety of incredible Outdoor Fitness equipment choices that are perfect for your needs. Make sure you equip both equipment for cardiovascular and strength training to improve the attractiveness of your workout center and to increase its value.

Complete Outdoor Fitness Equipment Kits

Indoor Bike Rooms and Bike Storage Lockers

Concerns about the environment and rapidly increasing gas prices have caused a growing number of people to turn to bicycle travel. Owning a bicycle allows a person to get around a busy city without burning any gas.

It also gives them a chance to workout in a productive way. That’s why an increasing number of apartment complexes include indoor bike rooms and storage lockers as part of their amenities. It can be surprisingly lucrative to install these items.

Bikes Can Be Hard to Store

One of the main reasons that these storage rooms are so popular is the difficulty inherent in storing bicycles. Even in large apartments, bicycles take up a lot of room. Some people will end up using their walk-in closet just for bike storage, even worse have inadequate storage and you could soon see your residents bikes get stolen.

This unfortunate situation can be a profitable one for you. Installing bike storage options will attract higher-paying tenants and will even appeal to those who use bikes as their primary transportation option. Other benefits of bicycle storage include:

  • Safe and inexpensive storage options
  • Locked storage that is easy to enter
  • Centralized area that can introduce tenants to fellow biking enthusiasts
  • Increased storage area in apartment

Your Benefits

When installing an indoor bike room with bicycle racks, it is important to find a central area that is easy to access. It may require building a new room on the complex or re-purposing an old room.

This process will cost several hundred to even thousands of dollars to perform. An increase of $50 is appropriate for the whole complex. This extra cost will help pay for building the new area.

However, it isn’t a bad idea to raise the rent higher for those who use it. Increases of $100-150 are probably appropriate in this situation. Creating a pay-to-use situation like this is beneficial because it can further protect your tenants from theft and attract higher-quality renters. It also makes them feel more protected and exclusive by creating an amenity option that only a few people will use.

Where to Buy These Products

Park Warehouse offers a HUGE selection of bicycle racks. Two-level and wall-mount racks are perfect for a wide range of apartment complexes. They are easy to install and provide you with the kind of storage necessary to keep your tenants’ bikes safe. For something a little more costly, but more secure and exclusive check out our bike lockers.

Electric Car Charging Stations

In a world where gas prices continue to rise, electric cars are increasingly attractive to a large number of people. While they haven’t become as widespread as many specialists predicted them, a growing number of apartment complexes are installing specialized electric car charging stations.

These chargers allow those with these cars to charge up at home without having to track down an elusive charging station. This amenity is a significant benefit that can increase the value of your apartment complex and attract higher-paying renters.

Electric Charging Stations Attract Higher-Paying Tenants

First of all, only a limited number of people can afford electric cars. As a result, charging stations will attract those with a higher income. This fact is true even in apartment complexes located far from downtown. In fact, they can be a great way to increase the number of people interested in an apartment complex.

The allure of a charging station is simply too much for most people to ignore. It helps your apartment stand out in what can be a rather competitive field. Any improvement that makes you superior to other complexes is a good one.

So, while an increasing number of property owners are installing these items, they are still considered a luxury amenity in most cases. Beyond this, it also provides your tenants with other benefits, such as:

  • Letting them decrease their environmental impact
  • Providing an inexpensive charging option
  • Improving their chances of meeting like-minded drivers

Your Benefits

Charging stations are among the most expensive items included on this list. As a result, it is fair to increase your rent prices accordingly. We have seen landlords comfortably increase rent by as much as $300 for these amenities. That said, you naturally probably can’t afford to install them for every apartment in your complex.

Instead, you can install them in specialized luxury apartments that cost more to rent. In this way, you can charge increased prices for those who rent the apartment. You could also add community charging stations and charge everyone a little extra. This installation process all depends on the structure of your complex and its layout.

Where to Find Charging Stations

One product category that we currently don’t sell products in is EV Charging. Charging stations are available at a wide range of stores and online dealers. They come in a wide variety of types, including individual charging stations and charging complex(es). Prices will vary depending on the type you buy – They even have stations that are pay-for-use and will give you a percentage of the proceeds.

Some can cost as little as a few hundred dollars. Others cost thousands of dollars. Make your choice carefully to avoid spending too much for a system that doesn’t appeal to your tenants.

Storage Cages

Storage is always at a premium in apartment complexes. If you add high-quality storage cages to your property, you can increase your rent accordingly. While we have already discussed a handful of specialized storage options, storage cages store more general items, such as luggage or old cardboard boxes. They come in many shapes and sizes and provide many types of benefits to your tenants.

Storage is Essential

Tenants moving into an apartment complex love having the option to purchase or rent storage cages. After all, many people may be moving to an apartment complex after living in a large house. Having an appropriate amount of storage area lets them move in without feeling too crowded. Other ways that storage cases benefit your tenants include:

  • Decreased need for storage in their apartment
  • Boosted home value for their apartment
  • More room for guests to visit and store their items

Your Benefits

The interesting thing about storage cases is that you can install them in different ways. For example, you can install them on every apartment and charge an extra $50-100. However, you can also add them on luxury apartments and ask for $150-200 more for these apartments. The approach all depends on the type of your apartment complex and the money you can afford to spend.

Where to Find Them

Lucky for you, we sell bulk storage lockers too! When choosing your approach for this amenity, keep the storage cage size and your tennants storage needs in mind.

Bulk Storage Lockers

Final Thoughts

As you can see, adding these amenities can improve the quality of your apartment complex. In some instances, it may be possible to raise your rent by as much as $500 or more. However, these increases should be adjusted depending on the quality of your complex and the type of people renting there.

After all, it is possible to raise rent too high and cause people to avoid the complex. Executing an amenities plan requires a careful balancing act. The best way to manage it is to add one extra item at a time and increase your rent accordingly. This slow process helps you gauge how far you can increase your rent without losing customers.

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