It Took a Life Time to do This
Life Time Fitness, yes the giant membership gym, has extended their company into the multi-family real estate industry by creating Life Time Living and it is exactly how it sounds. Life Time living is the new multi-functional living branch of Life Time Fitness that is opening nationwide. Currently they have properties in Miami and Las Vegas with a project in Dallas pending. Life Time founder and CEO, Bahram Akradi, said in a May 2020 media release that the intention is to “present a complete reimagination of where and how we live.”
“Living an active, healthy, and happy lifestyle is dependent upon many factors,” Akradi said in the release. “Among them is the critical element of where we choose to live. By integrating where we live, work, and play in these Life Time Village developments, we’re creating far more time efficiency for members in their day-to-day lives while also having a positive impact on our planet. The design truly is a natural extension of our mission to inspire people to live completely healthy, happy lives.”
This idea and service is not only provided in a place to live, but in their amenities included with rent as well. Each Life Time community features a full-service Life Time Athletic Resort & Spa, a LifeCafe, and Life Time Work spaces. On top of these amenities, each resident will also receive Diamond-level access to all of Life Time’s 140-plus locations across America and Canada. With all these added features, its no wonder that their Life Time communities are completely full of residents with an active waitlist! Their amazing amenities provide them the opportunity to charge way over the average rent in the United States. As of 2022 the average rent in the United States is around $1,670 a month, while Life Time is charging between $5400-$6100 a month and with how long their waitlist is, they will be upping their rent soon.
How to Compete
What do we learn from viewing how well this new branch of Life Time Fitness is doing? Fitness is the most valuable amenity every property has and it is how to compete with your competitors. Adding or updating your fitness center is essential as more and more competitors catch onto this truth. Fitness, being the #1 topic on social media, is the top asset clients look for when apartment hunting, hotel booking, and job applying. This is so obviously true, especially while looking at Life Time fitness. With their focus on fitness, they are charging over 2X more and yet still have people lined up, waiting to get in!
How do you focus on fitness to compete with these new competitors? Start by looking at your current fitness center. (If you don’t have one you need to build one!) Your fitness center needs to be a place there your clients want to spend time and work on their personal fitness. Here is a list of questions to ask yourself:
Is the equipment working correctly? Is it being maintained?
Do you have all the different type of equipment your clients need?
Is your equipment strategically laid out?
Is your room updated? (flooring, paint, lighting)
Do you have proper equipment sanitation?
Do you promote and market your fitness amenity?
After evaluating your fitness facility, you need to make a plan of action. Update your space with your clients needs in mind. Remember, your clients want a place they feel comfortable working out, and a place they can take social media content. In today’s society, everyone wants a place where they can take photos and videos for their online profiles. Life Time is 100% new products, new flooring, new lighting, and new decoration. They are your top competitor, so how will you compete? Your fitness center needs to stand out.
How do you highlight your fitness center? Do your clients even know you have a fitness center? Life Time has built their entire property around fitness and used fitness as their marketing focus. Because they are prioritizing fitness in their marketing, they are constantly gaining new potential clients and customers who are willing to pay more for fitness. Your property needs to be using your fitness center as your top marketing priority to bring in new clientele.
The best way to compete with your new big competitors is to join the fitness wave before your business is swept under the current. Your fitness amenity is your biggest asset and is the way to keep your property on top, so use it to your advantage.