The most important asset for multi-family housing communities, when considering the addition of new and maintaining existing tenant leases, is without a doubt the fitness amenity. Simply put; there is no other community asset or amenity in which a prospective tenant believes they will utilize more often or see greater value in. Below are just few facts which demonstrate the priority that health & fitness represents to most Americans.
· Health & Fitness continues to be (overwhelmingly) the number one New Year’s Resolution each year
· 75% of Americans say getting/staying in shape while looking & feeling good is very important to them
· More than 1 in 3 American’s are actively dieting
· 55 million American’s maintain Gym memberships and spend an average of $155/month
· Gym memberships have risen 20% since 2006
· 82% of renters say having a fitness center is very important to have at their residence
· 100% of prospective tenants believe they will use the fitness center
When reading between the lines, it’s easy to see the demand as well as the opportunity of a well-structured and effectively presented fitness amenity. However despite the clear advantages fitness amenities provide, they are still the most heavily under-rated and under-utilized selling feature by the majority of multi-family communities. Fitness amenities are largely undersold, underappreciated and not working to their potential by bringing in new tenants.
Following the implementation of an exceptional and well planned fitness space, incorporating the fitness amenity as a primary feature of your sales process is essential. An effective sales process which properly applies the presentation of the fitness amenity will motivate, inspire, and allow tenants to visualize their potential while utilizing your fitness amenity as a vehicle to reach their fitness/life goals.
Now that we see the opportunity that your fitness amenity represents, here are the key areas of potential a well-structured fitness space provides;
· Maintaining the satisfaction of your current tenants & thereby increase renewal rating of existing leases
· Captivate & motivate potential clients to sign a new lease
· Differentiate your property from all other nearby communities
Providing the necessary attention to the fitness amenity and incorporating a thoughtful sales presentation, is the most significant opportunity currently present in the Multi-family housing industry. This approach is how the gap of average vacancy rates, in a particular region, is reduced among competing properties – therefor communities which act on the currently under-rated fitness opportunity are sure to reap the reward of great occupancy & tenant loyalty.