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Even though there are more renters in America than at any time since 1965, rental demand is actually expected to slow in 2018. That’s why it’s more important than ever for multifamily buildings to differentiate themselves in the market. One of the best ways to do this is by offering unique amenities that are tailored to the type of tenant you want to attract. Take a look at the three biggest trends in apartment amenities this year and see if your building has what it takes to stay competitive.
It’s all about making life easier for tenants in 2018. From helping residents save money by utilizing a car share, to helping them make money with Airbnb, there’s a strong focus on improving day-to-day life through convenience.
According to the National Apartment Association, community areas ranked in the top 5 among desired amenities in 2017.
75% of Americans in their 30s own a dog, so amenities that make taking care of their pet easier won’t go unmissed.
Some of these highly sought-after apartment amenities are easy to provide and some of them take a bit more work. Providing a pet spa, for example, may be a great draw for pet-loving tenants, but you’ll need to have the square footage and the budget to design and build the facility. However, pet services like dog walking and convenience services like short-term rental management have a low barrier to entry while providing real value for your residents.
Pillow is solving short-term rentals for multifamily properties, allowing building owners and property managers to have control and transparency over short-term rentals while enabling their residents to rent their units short-term on Airbnb. When someone books a short-term rental reservation with a resident, building owners are earning 10 percent of each booked reservation allowing them to invest back into their communities or help cover management expenses. Additionally, building owners receive daily and weekly short-term rental activity reports with key reservation information including dates, guests’ names and contact information. Landlords can also leverage Pillow’s Vacant Unit module to manage and monetize vacant units. With Pillow, landlords can rent out their empty units for a few nights at a time to make the most of this valuable asset. Pillow charges an 8 percent fee per completed reservation: the average property manager can make 10-30 percent more than typical market value by offering short-term rentals in addition to traditional leases. All in all, Pillow offers a one stop shop for managing short term rentals in multifamily buildings. With one service, you can offer your residents the flexibility to do the same and easily monetize your vacant units.
If you own a multifamily complex or management company and are interested in providing short-term rentals, email email@example.com or visit www.pillow.com.