Strategically locating your community in an area that has the optimal balance of life/work/play can heighten your residents’ satisfaction and retention rate. In fact, according to our recent study on the renter’s journey, over half of the respondents said that location was the most important aspect of their future home. Location determines if their commutes are easy, if amenities are nearby, and if the area is typically safe.
In order to make the most of their locations, property managers can offer special discounts and benefits from local businesses and employers, creating more incentives for residents to start and renew leases. More residents than ever desire a community with local perks and benefits, so consider your options to gain an edge over other communities in your area.
According to Colliers, an ongoing trend among millennials and empty nesters is toward re-urbanization. These people seek communities in the heart of the action—directly downtown or in a bustling suburban town center, for example. They are eager to ditch the car payments and rely on public transportation if it means they can pay more to live near all the best employers, restaurants, shopping centers, and recreational activities. In fact, Colliers projects that 85% of residents will be living in a live-work-play community by the year 2050. These staggering statistics present a ripe opportunity for communities to become partners with local businesses and for employers to offer residents incredible live/work/play incentives.
When planning where to establish your community, consider whether the area has plenty of amenities and is convenient to many popular employers. The most attractive communities have a good walkability score and are near commuting arterials, restaurants, entertainment, nightlife, and gyms.
One good example of a live/work/play community is The Cosmopolitan in downtown Virginia Beach. It sits directly on top of the hottest restaurants and nightlife, and it is packed with upscale amenities like a rooftop pool and a resident club room. The centralized location is convenient to many highways and good-paying jobs. Though residents pay more to live in this area, they save time and gas with shorter commutes. They also have a higher quality of life given the walkability to their favorite restaurants and shopping venues.
Your community can capitalize on more than just local restaurants and retail spaces. Property managers can connect with their area’s employers and offer preferred employer plans, which offer special rent rates and assistance with moving-related expenses.
This kind of plan benefits both employers and communities. While the employers promote your community to gainfully employed potential residents, companies gain another incentive in their employees’ benefits package, which helps them retain the most qualified talent.
Living well is about more than a good paycheck. A balanced life involves a lifestyle where hard work is rewarded by fun things to do. This model connects residents to nearby businesses that offer perks, discounts, and exclusive offers. For example, property managers can offer discounted gym memberships, special freebies at local restaurants, and reward programs for your community every time they use a partnered business. These perks make living in your community a VIP privilege, adding an inherent value to your leases.
If you are looking for another way to show some appreciation to your residents and boost the perceived and real value of living in your community, adopt the live/work/play model. When your multifamily community partners with local businesses and employers to offer incentives and benefits to potential residents, residents will feel like VIPs, helping you gain a higher resident retention and satisfaction rate.