Today's renters have increasingly high expectations when it comes to their living experience. Gone are the days when four walls and a roof would suffice. The ability to customize their interactions and the management of their homes is growing in importance. They're seeking a community that caters to their lifestyle and goes beyond the basics, and owners and operators must adapt to meet these evolving demands.

To gain a deeper understanding of residents' expectations, soliciting their input and accommodating their lifestyle preferences is essential. Residents want their living spaces to reflect their interests and passions, whether it's a modern fitness center, a rooftop lounge with breathtaking views, a pet-friendly environment or a common area that makes residents feel like they are connecting with their neighbors.

Convenience features enhance resident satisfaction, drive resident retention and boost NOI. Today's residents lead busy lives and value time-saving amenities such as third-party package management and smart home technology to customize their living environment.

Catering to Residents' Preferences

Lifestyle amenities play a key role in attracting and retaining residents. From communal spaces for socializing and networking to wellness centers that promote a healthy and balanced lifestyle, these amenities create a sense of belonging, unity and enrichment.

• Well-Designed Outdoor Spaces: Residents crave access to green spaces, whether it's a lush courtyard, a rooftop garden or pet walks. These areas provide a peaceful retreat from the hustle and bustle of life and allow residents to connect with nature on some level. The space doesn't need to be expansive; even minor outdoor considerations can make a difference.

• Co-Working Spaces: Remote and hybrid work is still prevalent, and many residents perform full-time or gig jobs from home. In-unit and coworking spaces, "Zoom rooms," conference rooms, podcast studios and even community coffee bars provide flexibility and perks for those who work from home.

• Value-Add Amenities: As operators adapt to residents' preference for offsite, third-party package management, areas previously used for package storage or package lockers can be converted to value-add amenities and repurposed as needed. With widely varying tastes and preferences, optimizing all available square footage will attract prospects.

• Resident Events and Loyalty Programs: Hosting resident events, such as movie nights, social activities or fitness classes, encourages residents to interact and build relationships. Additionally, offering loyalty programs or rewards for long-term residents can incentivize them to stay.

Convenience Features to Enhance Resident Satisfaction

Lifestyle amenities aren't the only benefits that residents are seeking. Convenience features are playing a more prominent role in their satisfaction. Today's residents expect a seamless, hassle-free living experience, and owners and operators can deliver by incorporating convenience solutions into their communities.

• Customized Package Delivery: Online shopping has exploded, and the 2023 peak season demonstrated that it's still on the rise. Residents receive numerous packages and ensuring their safe and timely delivery is of utmost importance. Property owners must prioritize secure and convenient package delivery solutions to meet this growing demand. Implementing a third-party, offsite package delivery service that works directly with residents to schedule delivery provides convenience and peace of mind for residents. By removing the responsibility of package management from their teams, communities can realize time savings of around 30 hours per week, granting them more time to focus on residents' needs.

• Smart-Home Devices: Technology is another key element in enhancing convenience. Smart home features, such as smart thermostats for cost-effective home climate control and entry systems that can be controlled remotely, give residents the ability to customize their living environment.

• Community Portals and Maintenance Requests: Allowing more regular business to be conducted online has removed stress from onsite teams and made life easier for residents. Providing residents with online rent payments and maintenance requests gives them the power to perform these tasks when it's most convenient for them. Portals can also be used as social tools to build a sense of community and streamline communication processes.

• High-speed Internet Connectivity and Managed Wi-Fi: With the increasing reliance on streaming services, online gaming and remote work, residents expect community-wide fast and reliable Internet access. Property owners must ensure that their buildings are equipped with the latest technology to meet these demands.

Property owners need insights and actionable steps to cater to the growing expectations of today's residents. Understanding the key features that enhance resident satisfaction, attract new tenants, and foster long-term retention is vital in today's competitive housing market.

The expectations of today's residents go beyond basic accommodation. By incorporating amenities that cater to residents' lifestyle preferences, such as communal spaces, outdoor areas and co-working spaces, property owners can create a community that residents are proud to be a part of. Additionally, implementing convenience features, like secure package delivery and smart home technology, can greatly enhance resident satisfaction.