Pub. 3 2018 Issue 6

13 ISSUE 6 2018 The latest findings in the National Multifamily Housing Council/Kingsley survey on most popular resident amenities suggests the multifamily industry may want to dial it a back a bit and go with a more basic approach. The top three ameni- ties are air-conditioning, high speed internet and good cell phone reception. The Right Balance of Amenities Is Like Hitting A Mov - ing Target Sharon Hatfield, the President of property management operations at CF Real Estate Services, said realizing the right balance of amenities is sometimes like trying to hit a mov- ing target. Many renters crave luxury features and demand vacation-like experiences where they live but often don’t want to pay extra in rent. Hatfield, who’s ultimately responsible for vetting any new amenities proposed at CF Real Estate Services, says there is a fine line between catchy and what makes fiscal sense. It’s not always easy. Hatfield states, There is a whole struggle of amenities, and over-amenitizing and how we connect with residents that we do have and how we choose them. I do struggle a lot with developers who want to put all the bells and whistles in, but then I have to prove a (return on investment). I think the struggle is whether it’s a shiny distraction or a game-changing disruption. Outfitting apartments with smart home technology has been at the top of developers minds, they want to get a leg up on the competition. Just about every conference features a session or side note on updating units with smart locks, thermostats, video door bells and more. Hatfield said that’s not going to change any time soon as technology continues to evolve. “An- alysts predict that virtual personal assistants like Alexa and Siri will grow by 500 percent in five years,” she said. “That’s a disrupter. I don’t know what that is going to do to our busi- ness, but that’s a disruption. And then the Internet of Things is expected to comprise 30 billion connected devices by 2020. That will absolutely have an impact on our business.” The question is what that bearing will be and how it’s man- aged based on demands (or not) within various demographics. Flexibility: Being Nimble on Amenity Space The apartment industry has to be nimble when it comes to establishing amenities and preparing for whatever is next. While it’s impossible to know for sure, properties should tai- lor spaces so they can be converted when one craze gives way to the next, some leaders say. Rivergate KW Residential President, Marcie Williams, re- cently toured a property in Boca Raton, Fla., and was amazed at the surrounding amenity-rich common area. Depending on which way she turned, Williams saw a cold plunge pool, wet/dry sauna, hair blow-out bar, a message therapy room, playroom and outdoor yoga deck. She wondered what that space might look like a few years from now. “This community was heavily amenitized,” she said. “A plunge pool is hot now, but what does that turn into? I think a challenge now is realizing what an amenity that’s hot now will evolve into in the next five years.” Planning Ahead as Much as Possible While working with developers, Hatfield encourages some amount of foresight when planning amenity spaces. Hatfield says, we try to make spaces as flexible as possible. Whether they are putting in infrastructure from a technology stand- point or something else that’s going to be utilized depending on the space, it needs to point ahead for the developer for Outfitting apartments with smart home technology has been at the top of developers minds, they want to get a leg up on the competition. Just about every conference features a session or side note on updating units with smart locks, thermostats, video door bells and more.

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