Walk into an apartment community these days, and you’re likely to be wowed by the onsite amenities.

Infinity pools. Rooftop lounges. Commercial-grade fitness facilities. First-class yoga studios. Hip co-working spaces. Clubhouses with cozy coffee bars and free Wi-Fi. 

The list goes on and on.

As impressive as these features are and as much as renters enjoy them, in the years to come I believe apartment communities will truly win the loyalty of residents by providing the kinds of lifestyle services that ease the burden of their hectic, overextended lives.

Today’s renters are incredibly busy, and apartment operators can deliver tremendous value by helping their residents do the things they either don’t have the time to do or just don’t like to do. Things like cleaning their apartment, doing their laundry, getting their work clothes dry cleaned and walking their dog.

Operators who have made these kinds of services available have seen a strong impact on renewal rates. In fact, data indicates that apartment residents who use lifestyle services are significantly more likely to renew their leases than those who don't. 

Residents who purchase at least two lifestyle services have a renewal rate of 81.4 percent. When apartment renters purchase more than 20 lifestyle services, their renewal rate jumps to nearly 90 percent.

Conversely, residents who didn’t purchase services at the same communities renewed at a rate of just 68 percent. For full context, the overall apartment resident retention rate in 2018 was only 52.5 percent, according to RealPage.

Moving forward, more owners and operators will realize the benefits and impact of lifestyle services, and these services are bound to become a common feature of apartment communities.

Gazing into My Crystal Ball

As lifestyle services become more entrenched in the multifamily mainstream, more operators are likely to see the value of offering isolated, small-scale – I like to call them “fractional” – services for residents. Picture one-off tasks like decluttering a room, cleaning windows, watering plants, folding laundry, washing dishes or making a bed.

Because service pros can serve multiple apartment units in a community at a time, they can provide these isolated offerings for a low price. And residents really value them. Think about a resident who’s having people over for dinner on a certain evening but who had to be at work extra early that morning, leaving them little time to get their apartment ready for company. Being able to have someone come to their unit and tidy up their living room and put away dirty dishes while they’re at work is a huge help.

It’s also likely that more communities will implement services that deliver packages and groceries directly to residents’ doors. Single-family homeowners have this luxury, of course, and I think residents would really appreciate not having to visit the leasing office or stop by a package locker to pick up something they’ve ordered.

In the end, lifestyle services that help residents handle their daily tasks and make their lives easier benefit all multifamily stakeholders. First, residents are able to get the help they need when they need it. Second, onsite associates have an amenity they can tout when trying to sign a new resident. And, third, ownership gets the benefit of increased renewal rates.

One final thing to keep in mind is the benefit of using a third-party to oversee and manage all of these services at a community. The right company can vet local service partner companies and make sure that each service provider that arrives at a community is licensed, bonded and insured. They can perform background checks on companies and make sure the providers are trained and meet high quality-control standards. This can result in a better resident experience, of course, and give onsite associates the time they need to concentrate on leasing and other components of serving current residents.

The apartment industry is always evolving and always on the lookout for better ways to attract and retain residents. In the years ahead, lifestyle services are likely to become central to that effort for more and more communities.