More Than Four Walls: Apartments and Resident Well-Being
Once upon a time, apartments were places that people rented to sleep, eat, entertain and chill out. These days, however, residents and potential residents want more from their units than four walls and a floor.
“People are selecting apartments as long-term lifestyle choices,” said Ella Shaw Neyland, president of Steadfast Income REIT, a client of Axiometrics.
Many of those apartment-selecting people are millennials, and unlike their baby boomer parents and grandparents, who considered apartments a transition to homeownership, “people are wanting their apartments to have a neighborhood feel, as though they’re part of the community,” Neyland said. “The apartments are their homes and fundamental to their sense of well-being.”
Apartments are an important part of urban cores, and urban cores are being examined at the 2014 New Cities Summit, taking place this week in Dallas. Operating under the concept of “Re-imaging Cities,” one of the issues being tackled by panelists in this three-day summit is wellness, happiness and purpose of residents in the cities.
Trash pickup, decent infrastructure and zoning laws that don’t put factories next to residences are some ways in which a municipality’s government looks out for its residents. But is it up to a city government to determine a resident’s happiness or well-being? Going one step farther, can, and should, housing help boost well-being?
Neyland and other Axiometrics clients contend that millennials are driving their own happiness and well-being, rather than depending on others to furnish it. But the Axiometrics experts agree that apartment developers and owner/operators can provide the tools to help promote happiness and well-being.
Tranquil gardens and beautifully landscaped pedestrians and bike paths on site go a long way toward helping apartment dwellers feel more comfortable and connected to their homes. Something as simple as pet-friendly policies and other amenities that are a little more complex, such as on-site dog parks, also go a long way toward ensuring residents’ well-being. As millennials put off having families until later in life, they have pets.
“There used to be tot lots at a lot of apartment buildings,” Neyland said, with a laugh. “These days, we do pet parks.”
Unlike their baby boomer parents or grandparents, millennials tend to eschew the privacy fences that make up single-family living in suburbia. Rather, members of this age cohort like to get together. Frequently. And according to AIMCO Revenue Manager-Redevelopment Cal Killham, it’s important to ensure there are spaces on-site to allow residents to congregate and socialize.
“Communal living creates a lot of opportunity for camaraderie,” he said. “The more camaraderie among most residents, the better. It creates fulfillment and happiness.” Added Greystar Real Estate Partners’ senior director Eddy O’Brien: “Apartments can no longer be places where you go in, rent your unit and that’s it”
Residents these days, he continued, are looking for involvement and interaction with others.
The experts also noted that apartment owner/operators can move camaraderie to the next level by hosting on-site organized activities such as mixers, lectures, cooking demonstrations and other to “tap into the millennial need for collaboration,” said Jason Mattox, executive vice president and COO with Behringer.
Such activities can range from blogs that allow residents to talk about their communities, to book clubs, to arts-oriented meetings. “This is great not just for young people, but for the senior people as well,” Mattox said.
Other tools used to help improve residents’ happiness and well-being include on-site fitness centers and yoga rooms. O’Brien points out that, rather than relying on possibly unused fitness studios, yoga studios, with guest instructors coming in to teach classes, seem to be a good move.
There is also the eco-friendly component; moves toward recycling, anti-smoking policies and smarter climate control in units and communal spaces typically improve residents’ approval and satisfaction with where they are living.
From dog parks to eco-friendly policies, there is a great deal that apartment owner/operators can do to help promote residents’ health, happiness and well-being in the new cities of which the New Cities Foundation is covering this week. But is this really the responsibility of owner/operator?
In a word, yes. Property owners and managers should remember that these residents want the total lifestyle experience beyond a unit’s four walls. “The trend these days is involvement,” O’Brien said. “What we need to offer today should cater to the residents’ whole lifestyle.”
ARTICLE FROM: Axiometrics
