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  • Writer's pictureJoani Schumaker

Everything You Need to Know About Amenities

Unit-level amenities are one of the most important ingredients in the recipe of revenue management.

What is an amenity?

  • An amenity is any unique feature that differentiates a unit.

  • Amenities tell the story of the unit.

  • The mode explicit you are, the better the story will be.

  • The add or detract incremental value.

  • If every unit has it, it's considered a standard, not an amenity.

Why Amenity Pricing Matters

  • Amenities can contribute to up to 15% of a property's revenue.

  • Over-priced amenities increase the risk of vacancy loss.

  • Missing or mis-aligned amenities are common and can impact both revenue and occupancy.

Effective Amenity Pricing Strategies

  • Use the Goldilocks Method to find the optimal pricing.

  • Read the market response to understand how much customers are willing to pay.

  • Lower amenity premiums and reduce available units to strategically increase revenue.

Amenity Best Practices

  • Avoid arbitrary negative amenities.

  • If there is a legitimate reason for a negative amenity, be descriptive.

  • Address leasing issues at their root, not through quick-fix amenities.

  • Utilize descriptors to aid prospect decision-making, even if they're $0 value.

Where There's A Preference There's A Premium

Every amenity, feature, or service your prospective residents perceive as desirable presents an opportunity to charge a premium. Capitalize on desirability to maximize revenue potential.

Need Amenity Advice?

Our Amenity Optimization Review offers a comprehensive assessment to help you maximize revenue through effective amenity pricing strategies. Schedule your Amenity Optimization Review today and unlock the full potential of your property's amenities!

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