The Benefits of Offering Health and Wellness Amenities 

All landlords want their tenants to have the best rental experience possible. However, each tenant may have their own definition of a “great rental experience.” Some may appreciate an updated rental unit, while others may value things like included utilities, lower rent prices, and a great location. That said, every renter loves amenities–especially if they’re included in the rent. Today, we’re going over the benefits of health and wellness amenities and how to choose the right ones for your rental.  

What Are Health and Wellness Amenities? 

Health and wellness amenities are features and facilities that allow tenants to relax, get active, and socialize with others outside of their rental units. For instance, some apartment complexes have community pools, fitness centers, or rooftop areas that tenants can access while living there.  

Landlords and property management companies in Boston know that it’s important to take care of tenants and ensure they’re happy with their living space. So, let’s review some popular health and wellness amenities that tenants love in rental properties.  

Popular Health and Wellness Amenities 

• Fitness Centers- One of the most common (and most loved) health and wellness amenities is a community gym for tenants to use. After all, the average gym membership costs between $40 and $70 a month, so having an on-site fitness center helps tenants save money and feel good. 
• Swimming Pools- Swimming pools are another popular amenity among tenants. Having a swimming pool on-site is a great way for tenants to relax and get a bit of exercise, too.  
• Outdoor Spaces- Outdoor spaces like gardens, parks, or rooftops are great for tenants to get outside, relax, and enjoy fresh air.  
• Game Room- Adding a game room to your apartment complex is a fun way to let your tenants relax and socialize. Your game room could include pool tables, ping pong, board games, and more. 
• Bike Rentals- Providing bike rentals is great for many reasons. For instance, they’re better for the environment and allow people who don’t have cars to get around. That way, you save space on parking and give tenants a convenient way to travel around town.  
• Vending Machines- A simple way to provide convenience to tenants is to have vending machines in your building. That way, instead of going to the store for a snack, tenants can run out to the hallway or lobby and grab one quickly.  
• Pet-Friendly Spaces- Tenants love their pets. If your building is pet-friendly, consider taking it one step further and adding access to a dog park or an on-site pet-washing station.  

Benefits of Offering Health and Wellness Amenities 

Providing health and wellness amenities is great for both property owners and tenants. After all, when tenants are happy with their living environment, they’re more likely to pay rent on time, respect their living space, and leave good reviews, encouraging others to live there, too. As a result, property owners earn more revenue! Here are some of the main benefits for property owners to consider. 

Attracts More Tenants 

Most tenants will say that amenities are important while living in a rental. So, it’s no surprise that health and wellness amenities like gyms, pools, and outdoor spaces attract more prospective renters. After all, wouldn’t you want to live somewhere that supports your physical and mental health?  

Higher Income Potential 

When you add health and wellness amenities to your rental property, you can generally charge higher rates. Most tenants are willing to pay more for access to high-end amenities that enhance their living experience. So, if you’re worried about the initial investment or maintenance costs, know that the higher income potential can offset those expenses.  

Enhanced Property Value 

Investing in health and wellness amenities can significantly enhance the overall value of a property. Features like swimming pools, garden centers, and fitness centers can increase the market value, making the property more attractive to potential buyers if you ever decide to sell.  

Gives a Competitive Edge 

In a competitive rental market, properties must stand out to attract tenants. That said, offering unique and desirable amenities gives you a competitive edge over other properties in the area. After all, tenants looking for specific features like a gym or pet-friendly amenities will choose a rental with these features over one that doesn’t have them. 

Reduced Vacancy Rates 

Health and wellness amenities contribute to higher tenant satisfaction, which leads to longer lease terms and reduced turnover. After all, happy tenants are more likely to renew their leases, resulting in lower vacancy rates. Additionally, reduced turnover means fewer costs associated with marketing properties, preparing units for new tenants, and lost income during vacant periods.  

Tips for Choosing the Right Rental Amenities 

If you want to add more health and wellness amenities to your rental property, it’s important to understand what tenants look for in a rental. However, you also have to balance the needs and preferences of your target tenants with your budget. With that, here are some tips to help guide your decision.  

• Know Your Target Market- Before choosing which amenities to add to your rental, it’s important to know your target market. For instance, you’ll want to know the age, lifestyle, and preferences of potential tenants to choose amenities that they’ll appreciate. 
• Assess Your Property- You can’t add amenities like a swimming pool or rooftop garden if you don’t have the space for it. You may have to make some adjustments or additions to the building.  
• Consider Your Budget- Adding certain health and wellness amenities, like a gym or a pool, can be expensive. So, you’ll want to evaluate the installation and maintenance costs and assess whether they’ll positively impact your ROI.   

Protect Your Amenities with Professional Management 

Maintenance is a huge part of rental property management–especially when you provide popular amenities like pools, gyms, or bike rental services. However, chances are you can’t manage everything by yourself. That’s why many rental property owners enlist the help of professional management! 

Bay Property Management Group serves several areas in and around the Boston area. So, if you’re looking for a hands-on, full-service management team to help your rental business succeed, we can help! Contact us today to learn more about our comprehensive rental management services.