Apartment complexes with world-class amenities are becoming more common. One of the most popular additions – and one with great power to command higher rent – is the fitness center.
A fitness center, of course, is little more than a modern term for a gym: A place where members of your apartment community can go to use fitness equipment in a safe, clean environment.
However, centralizing the fitness experience right at home transforms the perception of your complex and its value. It is one of the things that can get new residents excited about staying.
Let’s take a closer look at its importance:
1. A Fitness Center Reduces Turnover
A fitness center is one of those apartment perks that really speak to people. When they are thinking about moving to another complex, most will be turned off by those that do not also have a center. This adds friction to the moving process and makes it less likely.
Even if residents rarely use the fitness center they have, losing access to it is unappealing because it means they might “never” get around to their fitness goals. In one smart move, you effectively make competing properties appear less desirable while making yours better.
2. Fitness Centers Can Generate Revenue
Although most of the amenities in a fitness center are free, it can also generate revenue. You can do this in various ways. For example, you might install music or a snack bar that fitness buffs can use for a fee. You can cross-promote with local fitness businesses to create partnerships.
The revenue you gain from a fitness center may only be marginal. However, it can easily pay for the costs of maintaining and occasionally replacing your equipment. Plus, with proper access control to your center, you’ll understand which residents are using it the most.
3. Fitness “Fits” Into the Modern Lifestyle
Interest in overall health and wellness is a hallmark of modern living, especially among those in modern apartment living. People want to look and feel their best, but they need the resources to do it. With a fitness center, you save them time and help them live their values.
Fitness centers are especially popular among younger Millennials and will continue to make a difference as Gen Z leaves home and strikes out in greater numbers. Middle-aged residents with larger discretionary income are also interested in maintaining fitness later in life.
From the city to the suburbs, a fitness center simply makes sense.
4. It Distinguishes Your Property as Elite
Think of the amenities the average person would describe as above average. Near the top of the list are a fitness center and a pool – in fact, the two are often combined in the same facility.
Even if you’re not aiming for an end-to-end luxury experience, an on-site fitness center tells your apartment residents that they have “made it.” Living at your property can be a status symbol.
Naturally, this has a huge positive influence on the marketing and branding positions you can take. As the perception of the property’s value goes up, so does willingness to pay a premium.
5. It Requires Minimal or No Maintenance
Not surprisingly, complex owners are often reluctant to add amenities that may expand staff headcount or require frequent work with contractors. Luckily, a fitness center does neither.
Self-service is at the core of the modern fitness center experience. Most patrons who make the commitment to exercise also understand they need to wipe down and sanitize the equipment.
That equipment, itself, is built to last. There is very little risk of damage or theft. And visitors to your fitness center, including outside guests, assume the risk of using any such facilities.
A Fitness Center is a Smart Move for Apartment Buyers in 2021 and Beyond
A fitness center is a smart way to enhance the prestige and revenue of your apartment complex. Although renovating a new fitness center from scratch is always a possibility, you can save thousands if you purchase an apartment complex with existing equipment.
A fitness center is truly a turnkey solution to making your property perform better – and your tenants will love it, too!