Having the latest state of the art amenities in your property accomplishes little if the amenities end up underused. Defining your property audience is quintessential in elevating the status of your property from mere brick and mortar to a place residents seek peace, security, convenience, and leisure - a place to call home. 

Here are the four questions to help you define your property audience, to help you develop amenities that matter.

Which demographic are you serving?

The needs and lifestyle of a working professional significantly differs from that of a family. Families need more space for children and also need recreational areas, playgrounds and parks for quality family time, along with larger parking bays to accommodate bigger or multiple vehicles. 

For the busy working professional, desired amenities may vary; working professionals typically enjoy an active lifestyle and will seek out gym and sports facilities as well as lounge or barbecue areas to host friends. 

Additionally, the advent of the pandemic has introduced new considerations for both families and working professionals alike, particularly from a work-from-home angle. There is now a strong need for flexibility to repurpose living spaces. Multipurpose spaces can accommodate work/school arrangements and convert to leisure spaces when needed.

What is the neighborhood like?

The location and environment where the property is situated will play a role in the development of amenities. Tenants living in crowded urban spaces tend to seek ease of access to public transportation. They might also spend a lot of time commuting, and hence seek services that deliver convenience such as laundry and house cleaning services. URBN Playground’s Concierge App enables residents to access services such as housekeeping, grocery shopping, dry cleaning, pet sitting, and hair and beauty services with a few swipes on a screen. 

Suburban enclaves, on the other hand, have other points of attraction such as open spaces, and a sense of community. Walkability, landscaping, storage space for bikes and sports gear, and convenient access to community-focused amenities such as sports complexes and shopping malls would likely be the emphasis in suburban settings. Families are also more likely to populate suburban settings to accommodate more family members and pets while enabling their children to mingle amongst peers that is otherwise harder to do in a city. Suburban spaces may not have the sights, sounds and attractions of the city, but its attraction is premised on the peace and sense of community that it brings.  

How should you develop your floor space?

Bigger is not necessarily better! For students and early career professionals - their biggest priority when looking for a place to rent is likely budget and affordability. As they are striving to advance in their careers and in their studies, extensive amenities might not be of top priority for them and they may be willing to give up extensive amenity space in exchange for modest shared, communal amenities. 

One major consideration for many developers following the impact of Covid-19 is bigger package rooms, as online shopping and food delivery surged to unprecedented heights. Enhanced package rooms don’t only require shelving and locker spaces - in the most premium of locations, they often include chillers to keep groceries fresh, or insulated storage to keep food warm. Waiting areas for delivery riders may also be something to consider to build into your amenity plan. 

With working from home becoming the norm, most residences may now need to offer some degree of co-working and study spaces to facilitate virtual calls.

What else does your audience care about?

Some properties inherit architectural and historical elements that may pique the interest of the more aesthetically inclined. Restoring and preserving these elements and blending them into the amenity plan may also be part of the appeal for your audience. 

In New York, for instance, there are a range of different residential buildings that possess a unique heritage and flavor of their own. Lofts were formerly inexpensive industrial spaces with open floor plans, plenty of light and high ceilings; today, they attract artistically-inclined buyers looking to use the place for creative uses. Traditional townhouses and brownstones offer architecture dating back to the 1900s, and offer more space than the average Manhattan apartment but also come at a larger price tag. 

Many discerning buyers today also prioritize sustainability. Ensuring your building complies with green building standards not only increases its marketability. It also offers residents the benefits of improved quality of life, lower energy costs, and being able to boast about the building’s innovative designs and modern architecture. 

Conclusion

Tailoring amenities to suit your residents first involves understanding the target audience. Other considerations worth thinking about include how the building fits into the rest of the neighborhood, how much space your target audience really needs, and if there are other special considerations such as the unique characteristics of the building itself. Understanding your audience and developing amenities to suit them will lead to greater resident satisfaction, higher occupancy rates, better word of mouth marketing, and greater profitability.