Top 3 In-Demand Amenities & Meeting Resident Demographics

By Jeffrey Gunthorpe

Jeffrey Gunthorpe is the Director of Operations for Community Amenity Management. With over twenty years of experience in the fitness and wellness industry, and facility management in NYC, Jeffrey has cultivated a large name and mark for himself within the field. He has managed and overseen some of the most prominent and prestigious facilities in the country and lead large diverse teams with the most optimal results. Jeffrey specializes in design, planning, development, and facilitating gut renovations and build-outs. He is passionate about his work and focuses on creating strategic infrastructural plans to increase enjoyment, visibility, monetization, and membership of facilities after build-outs and renovations are completed. Jeffrey is client focussed, with a great eye for crafting and maintaining programs which drive and maintain building revenue.

Most major cities are showing a strong demand for increased amenities as multifamily housing becomes a longer-term choice for those of all ages and income levels. According to Harvard’s Joint Center on Housing Study, high-income households now make up nearly a quarter of all renter households. The battle to acquire this demographic is emphasized through the need for developers and owners to stand out with luxury and differentiating amenities.

The amenity landscape has become more diverse and competitive. At this point, it’s standard to have an amenity package with a fitness center, pool and spa, all with many variations of choice within. Now, we’re seeing developers, condo and co-op boards doing more to differentiate themselves from other buildings and communities.

Technology and Catering to Your Target Demographic

Especially in New York, we have seen technology enter the picture and play a pretty strong role in the integration of making resident’s lives more convenient and modern, as the Millennial generation approaches and starts to purchase properties. Developers are now integrating high-tech amenities like golf simulators and business and conference rooms filled with interactive high-tech, all within the building community.

Some more historic buildings are quite adept at modernizing their feel and services. Owners of these buildings are able to provide a nostalgic feel of old and classic, integrated with a modern infrastructure which makes the experience quite pleasant.

While utilizing technology in community amenities is important for staying relevant in the competitive residential field, understanding your demographic and their needs helps implement the proper living accommodations. Some developers will put in amenities that are not suitable for their demographic, leading them to being underutilized and wasted space.

If your building is catered more toward a Millennial generation, it is important to remember they are the tech generation, the trend setters. Where they work and choose to live is very telling in terms of where the industry is moving. Knowing what your building demographic expects will help attract residents and reduce turnover.

Stay Well-Thy with Health Amenities

It’s undeniable that the pandemic has clearly raised health awareness. Our absolute number one amenity demand increase, at Community Amenity Management, has been  a demand for virtual fitness and continued access to our trainers and staff. Preventative health has once again been illuminated for its vitalness, so developers and community management need to be doing what they can to meet th

If you don’t have your health you don’t have anything. The aforementioned is and will always be the bottom line. People want to be “well-thy,” not just wealthy; because well-thy is when you’re really winning, well-thy is when you’re able to enjoy your life the most. You don’t only want to have the yacht, you also want to look and feel great while you’re on it, too.

From tennis and squash courts to golf simulators, bowling alleys and top-of-the-line fitness centers, owners and developers need to ensure they stay relevant and offer the best amenities to meet the needs of their residents.

Space to Breathe

The second most in demand amenities have been access to activity spaces within buildings, outside individual units. The pandemic has illuminated residents’ desire for fresh air patios. While creating these spaces is easiest for developers, existing buildings can utilize rooftop space, courtyards and even adding greenery to their lobby to create a fresh environment.

Additionally, with more people working from home, residents are looking for multitudes of different styles of working and solitary spaces that can be used for virtually anything, but especially workspaces. Having a place to ‘go to work’ while working from home can help residents get a change of scenery as they are otherwise spending most of their time in the solace of their home.

Not Just What You Have, But Who You Have

Finally, the top amenity in demand during the pandemic has been the need for exceptional concierge and attendant services. Particularly in regard to health concern precautions related to the pandemic, residents are looking for building staff and management they can trust.

The concierge role has always proven to be invaluable, but during the abrupt disruption of normalcy brought on by the pandemic, these services streamlined continued operation of building facilities with safety and efficiency, as they played a crucial part in maintaining health and safety precautions and keeping residents informed. Creating an exceptional building with great amenities is only worthwhile if they are also properly maintained by a staff that understands resident needs.

The Future of Amenities

Amenities are king in the battle of the real estate landscape. As more people are renting and relying on their home as their sanctuary, it is increasingly important to consider luxury amenities to fit the needs of your community demographic. What was considered a luxury amenity yesterday is becoming the norm today. The increased demand for amenities rides in tandem with residents’ new mindset due to the onset of changing economic and social factors. Staying current with your target demographic becomes vital to succeed as a property manager today, tomorrow and in the new year.

To learn more about Leslie Fajfar and Community Amenity Management, please visit: http://www.communityamenitymanagement.com/.