Just the Peaks
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Top 10 Amenities for Multifamily Housing
Modern Features to Help You Attract and Retain Tenants
Well, the year is winding down. And just as individuals take this opportunity to reflect on their lives and aspirations, now is a perfect time for real estate entrepreneurs to explore the many ways they can help create thriving, desirable communities. For multifamily property owners and managers, upgrading amenities can elevate tenant satisfaction, drive housing demand, and boost long-term resident retention.
Our research suggests that today’s renters expect more than just basic features; they want amenities that enhance their lifestyle, align with their values, and offer overall convenience. So, how can we make that happen? This month, our featured expert, Loan Originator David Glauber, will be helping us explore the top 10 multifamily housing amenities on-trend for the start of 2025 – with practical tips for delivering maximum value, on a budget.
#1: Transportation Access and Parking
No matter where you’re renting out space, people need ways to get where they’re going. Whether they drive themselves or take public transportation is up to them, but you can improve overall satisfaction and conversion rates by making these resources as accessible as possible.
“Parking and transportation is an absolute necessity, no matter where you are,” says David. “If you’re going to invest in any of these amenities, this should be the one.
Planning architecture to offer ready access to public transit, covered parking, and bike storage create a significant selling point for multifamily investors. Electric vehicle charging stations are also rising in popularity.
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Budgeting Tip: Collaborate with local transit providers to offer shuttle services or transport discounts to residents. You can also install a few, strategically placed EV charges to serve the growing demand without overcommitting upfront. |
#2: High-Speed Internet
It probably won’t come as a surprise to you that nearly 90% of renters prioritize reliable internet connectivity. With remote work and smart devices becoming strong staples in the modern professional world, high-speed WiFi is now a non-negotiable amenity for multifamily managers that want to stay on top.
“High speed internet is definitely a necessity, especially for people who work hybrid or remote,” explains David. “Renters will definitely see this as a plus when looking for a place to live. Most renters would prefer in-unit, but public routers can also be very helpful for managers operating on a budget.”
For those that aren’t willing or able to provide WiFi routers within each unit, WiFi service in common areas can be a passable compromise. With this strategy, tenants will still be able to feel that they can meet their needs without leaving the community, which can go a long way for overall retention.
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Budgeting Tip: Partner with your local internet providers to negotiate discounted rates or exclusive service bundles for your building. You can save hundreds, even thousands, of dollars with this approach. |
#3: Fitness and Wellness Offerings
While this is a common feature of many mid- to high-end properties, it’s important enough to be included here, as a reminder. With an increased focus on health in many communities, fitness centers remain a must-have for multifamily properties. Renters may also value yoga rooms, rooftop decks, and outdoor walking paths designed to support a more holistic approach to wellness.
“I’ve seen landlords do this very creatively – utilizing basement spaces or ground floor multipurpose rooms,” David remarks. “It’s very achievable and renters tend to love it. It’s especially valuable for people who are renting lofts and one-bedroom apartments, since they will consider that a huge value-add in a limited space living situation.”
Other health-related offerings can include smoke-free buildings, soundproofing, and enhanced accessibility for tenants with disabilities. When we can show our tenants that we are committed to their health, they will stay more committed to their living space.
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Budgeting Tip: Consider converting unused spaces, like basements and storage rooms, into functional fitness areas. If you don’t have the space available, you can also offer discounted or free wellness programs through partnerships with local gyms. |
#4: Enhanced Outdoor Spaces
Just like anyone, your tenants value outdoor areas for relaxation, recreation, and socialization. Adding appealing exterior features to your property such as rooftop decks, community gardens, and barbecue stations can boost your intake of new tenants, while reducing renter turnover.
“In city areas, rooftops recreation areas add a lot of value,” David explains. “In fact, any outdoor space is a definite plus for most renters. No one wants to just sit inside all the time, and with community outdoor spaces, tenants are more likely to enjoy their living space rather than seeking entertainment elsewhere.”
Spaces like this vary in complexity from minimalist to extra, so there are lots of options for investors to update their communities within their budget. You may even be able to maximize an existing space with minimal cost.
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Budgeting Tip: Invest in multi-functional outdoor spaces that cater to various activities. For example, you can utilize the open space around your buildings as picnic areas – with economic seating; functional surfaces; and low-cost charcoal grills or fire pits. |
#5: Improved Safety Measures
Controlled entry locks, security cameras, and mailed package lockers are a huge draw for multifamily tenants – especially for those with dependents. These amenities provide peace of mind for parents, caregivers, and single renters who often feel more vulnerable to modern dangers.
“The appeal of controlled entry depends on the area,” David explains. “You’d have to consider the crime rate, proximity to other buildings, and number of units. Package lockup, on the other hand, can be valuable anywhere.”
In general, anything you can do to offer greater security, along with convenience, can go a long way in adding perceived value to your properties. This is especially relevant to multifamily investors marketing toward higher-income tenants, since they will likely have more valuables that they feel need protecting.
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Budgeting Tip: Opt for smart security systems that feature mobile app integration for tenants. These cost-effective upgrades feel more cutting-edge and offer equivalent features to many high-end security services, while taking it easy on your budget. |
#6: Smart Home Features
From smart locks to integrated thermostats to energy-efficient lighting, the modern age is driving demand for high-tech amenities. With these fancy features, renters can enjoy the convenience of controlling their home from anywhere, with smart home apps. Plus, the enhanced sustainability features on many of these devices can help tenants save on utilities, while reducing your carbon footprint as a multifamily manager.
“This is definitely not considered a necessity like WiFi or wellness centers but it can be a huge plus for the right kind of people,” David explains. “High profile and high income clients will especially appreciate the extra effort their landlords are putting into their living situation.”
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Budgeting Tip: Dreading the cost of all these high-tech improvements? Start small. Focus on new or empty units and expand gradually. You can also research different smart home companies to see if they offer any cost-sharing rebates for their property owners. |
#7: Flex-Work Spaces
We’ve said it before and we’ll say it again: remote work is here to stay. Why not cater to the tenants that go that route with coworking spaces, learning centers, or even private offices? With these features available, plus the included WiFi we mentioned earlier, your residents can do even more – without leaving the building.
“We’ve seen a lot of this here; It’s really hot right now in many areas,” says David. “Even if you can only afford to prep a small space for co-working, it can go a long way in appeasing these clients.”
By creating productive, pleasant environments within your living communities, you’ll draw in tenants attracted to the accessibility of your resources. Even smaller spaces have been known to generate appeal, just for their presence alone.
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Budgeting Tip: Try repurposing underutilized areas, such as lobbies or lounges. You can source affordable furniture, high speed internet, and a directory of local resources to create a simple, low-budget flexible work space. |
#8: Pet-Friendly Perks
Did you know about 66% of American households own at least one pet? That’s over 86 million homes! And what’s more, that number is continuing to rise, with many renters listing pet-friendly amenities on their must-have list.
“In a place where pets are popular, this is definitely very important,” David says. “This is why it is so important for multifamily property owners to research their target renters to gauge their potential lifestyles, preferred living arrangements, and other priorities. In general, it’s a good idea to have pet-friendly units at the very least – even if you charge a pet fee.”
Multifamily properties that cater to tenants’ furry companions often secure higher retention rates than their pet-free counterparts. Options for appealing amenities include dog parks, grooming stations, and pet spas. Even simple features like waste pickup stations, catios, and pet walking trails can go a long way in making pet owners feel welcome – as can more modest pet fees and reduced limitations on pet sizes, species, and breeds.
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Budgeting Tip: While you’re saving up for those fancier amenities, consider adding a small, fenced dog run or a sign-marked pet waste station (complete with complimentary, compostable bags) to help welcome four-legged tenants. |
#9: Green Living Updates
Let’s face it, the planet isn’t getting any cooler – and residents want as much say on their environmental contributions as they can. Energy-efficient appliances, recycling programs, and building compost stations can all help tenants feel better about their carbon footprint. Plus, any green certifications you can get can add value to your property.
“While many people would not consider these kinds of features a necessity, they can be a deciding factor if a tenant is trying to choose between one or more locations,” David explains.
In addition to attracting more planet-conscious renters, these kinds of updates can also help your bottom line in the long run. While certain adjustments can be expensive upfront (such as solar panels), the ultimate cut to your expenses can make a huge impact over time.
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Budgeting Tip: Your financial advisor can help you apply for energy efficiency grants or tax rebates to help offset the initial costs of your eco-friendly upgrades. Many utility companies also offer programs to support sustainable investments. |
#10: Community Opportunities
By giving your tenants more opportunities to interact with one another, you can promote social interaction, foster a sense of belonging, and reduce neighborhood tension. Altogether, this helps improve tenant retention, lower liability, and improve overall renter satisfaction.
“Working people always need down time, but it shouldn’t bother other people,” says David. “Having a designated, or better yet soundproofed, space for your tenants to unwind, explore hobbies, and interact with guests can improve your rental environment in a variety of ways.”
Some great examples of community opportunities include open access kitchens, game rooms, and event spaces. You can also utilize any multipurpose spaces as another source of income, by charging a modest fee for booked time.
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Budgeting Tip: Offer free events to your tenants on a regular schedule with an accessible way to announce new occasions to your renters. Board game nights, seasonal gatherings, and children’s reading hours are great options to maximize participation with minimal cost. |
You can upgrade, with the right help.
When it comes to updating your multifamily properties, try not to get overwhelmed by the expectation. No matter where you’re at in your investing journey, there are numerous tiered options to help you fund your changes—whether that’s through tenant subscriptions, public grants/rebates, or professional partnerships.
It’s also important to keep a broader perspective. In these situations, you’re not just keeping up with trends; you’re taking time to understand what your tenants value most. By combining thoughtful planning with smart funding, you can efficiently deliver amenities that attract new renters into your community—while keeping your current tenants happy.
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