Best Amenities to Add to Multifamily Properties for Higher Rent
- Nate Jones, CPCU, ARM, CLCS, AU
- 6 days ago
- 2 min read
Multifamily property owners are always looking for ways to increase rental income and attract long-term tenants. One of the most effective strategies is adding high-demand amenities that enhance tenant experience and justify higher rent.
Potential Amenities for Higher Rent
1. In-Unit Laundry and Modern Appliances
Tenants value convenience. Installing washers and dryers in each unit, along with stainless steel appliances and energy-efficient fixtures, can significantly increase rental rates and tenant satisfaction.
2. High-Speed Internet and Smart Home Features
With remote work on the rise, offering high-speed internet and smart home technology—like smart thermostats, locks, and lighting—can make your property more attractive to tech-savvy renters.
3. Fitness Centers and Wellness Spaces
On-site gyms, yoga studios, or wellness rooms are highly desirable. These amenities promote a healthy lifestyle and reduce the need for tenants to pay for external memberships, making your property more appealing.
4. Outdoor Spaces and Pet-Friendly Features
Green spaces, rooftop lounges, dog parks, and pet washing stations are increasingly popular. Multifamily properties that cater to pet owners often see higher occupancy rates and longer lease terms.
5. Secure Package Delivery and Storage Solutions
With the growth of online shopping, secure package lockers and extra storage units are essential. These features improve convenience and security, which tenants are willing to pay a premium for.
6. Co-Working and Community Spaces
Creating shared workspaces or community lounges encourages social interaction and supports remote workers. These areas can be monetized or used to build a stronger tenant community, improving retention.
7. Parking and EV Charging Stations
Reserved parking, covered garages, and electric vehicle charging stations are valuable amenities, especially in urban areas. These additions can justify higher rent and attract environmentally conscious tenants.
Insurance Considerations for Amenity Upgrades
Adding amenities can increase your property’s value—but also its exposure to risk. Whether you're installing fitness equipment, smart devices, or EV chargers, it’s important to update your insurance coverage accordingly. Wexford Insurance offers customized commercial property insurance for multifamily buildings, ensuring your upgrades are protected.
We help you cover:
Liability risks from new amenities
Loss of rental income
Equipment and infrastructure protection
Final Thoughts
Investing in amenities is one of the smartest ways to increase rent and improve tenant retention in multifamily properties. From tech upgrades to lifestyle features, each addition enhances your property's appeal and profitability. Before making changes, consult with your insurance provider to ensure your investment is protected.
Contact Wexford Insurance today - your trusted partner for multifamily property insurance.
FAQs
Q1: Which amenities offer the highest ROI for multifamily properties?In-unit laundry, smart home features, and fitness centers typically offer strong returns and tenant appeal.
Q2: Do I need extra insurance for new amenities?Yes. Amenities like gyms or EV chargers may require additional liability or property coverage—Wexford Insurance can help.
Q3: How can I decide which amenities to add?Survey current tenants, research local competition, and consider your target demographic’s preferences.
