If you’re interested in building or investing in multifamily properties, it’s important to consider more than just units per square foot, rent rates and utilities. Certain amenities and services can be enticing to potential renters, and maintaining high overall service quality is vital, if less tangible. Providing flashy amenities might draw tenants in, but offering high quality and responsive service will keep residents satisfied.
As you consider what amenities and services to offer at your multifamily rental properties, think about what those offerings will cost and if your tenants will find more value if you invest that money elsewhere in the property. Read on for an explanation of the differences between amenities and services, along with our recommendations for how to save money while offering more value to your tenants.