Creating a Sense of Community: A Prime Amenity for Millennial and Gen Z Tenants
The key to higher satisfaction rates and, consequently, improved resident retention!
1. Fostering Community:
Shared spaces like lounges, courtyards, and communal kitchens provide opportunities for residents to interact and build relationships with neighbors. This sense of community makes residents more reluctant to move, as they’ve formed social connections within the property.
2. Expanding Living Space:
Communal areas effectively extend residents’ living space beyond their individual units. This is especially valuable in urban settings where apartments may be smaller.
3. Providing Lifestyle-based Amenities:
Shared amenities like fitness centers, co-working spaces, and entertainment rooms offer conveniences that residents might not have access to otherwise. These amenities add value to the overall living experience, adding to their rental value by decreasing their need to pay additional membership fees at external facilities like gyms and rented coworking spaces.
4. Hosting Events:
Common areas allow property managers to organize community events, which further enhance social connections and resident satisfaction. Events can range from movie nights to fitness classes or holiday celebrations.
5. Improving Work-from-Home Options:
With the rise of remote work, shared spaces that offer quiet work areas or conference rooms have become increasingly important for residents.
6. Enhancing Perceived Value:
Well-maintained and thoughtfully designed shared spaces can make residents feel they’re getting more value for their rent, increasing their likelihood to renew leases.
7. Creating a Sense of Luxury:
High-end shared spaces like rooftop terraces or pools can give residents a sense of luxury living, which can be a strong incentive to stay.
8. Encouraging Healthy Lifestyles:
Fitness centers, yoga studios, and outdoor exercise areas promote healthier lifestyles, which can contribute to overall resident satisfaction.
9. Facilitating Pet-Friendly Communities:
Shared spaces like dog parks or pet grooming stations can be a major draw for pet owners, encouraging them to stay long-term.
10. Promoting Sustainability:
Shared spaces can incorporate sustainable features (like community gardens), appealing to environmentally conscious residents.
11. Reducing Isolation:
Especially important for single residents or those new to an area, shared spaces combat feelings of isolation by providing opportunities for social interaction.
