Amenities are an attractive draw for many renters. After all, who doesn’t want to spend their afternoons lounging by the pool, or enjoy the luxury of a gym without having to leave the property? Plus, they add major value to multifamily properties and oftentimes justify higher rent costs or extra fees. So what exactly are amenity fees, which amenities warrant extra charges, should you charge them, and if so, how?
What Are Amenity Fees?
Amenity fees are those fees property managers charge their residents for access to property facilities. These are most commonly seen at luxury apartment complexes with a large offering of amenities that are both modern and well-maintained. Notably, these fees are in addition to the monthly cost of rent, not included. They can be issued as either one-time fees per use or monthly for unlimited access. Additionally, you can choose to charge fees for a single amenity (e.g. the pool) or to charge fees for access to all of your building amenities.
Chargeable Amenities at a MultiFamily Property
Any community amenity you offer residents can be subject to a fee, based on your discretion. Here’s a short list of ones we think are best suited for fees:
- Bike storage
- Clubhouses and media rooms
- Conference rooms
- Dog runs/parks
- Fitness centers
- Gyms
- Yoga rooms
- Basketball or tennis courts
- Grills
- Package lockers
- Parking spots
- Covered spots
- EV charging spots
- Playgrounds
- Rooftop lounges
- Storage spaces
- Saunas
- Swimming pools
Should You Charge Them?
The question you may be asking yourself now is, should I be charging fees for my property’s amenities? Well, there are a few things you should consider. Firstly, be honest about whether or not your amenities justify an extra fee. For example, do you only have one or two amenities that are not regularly maintained (think a small gym with little equipment or a rooftop terrace that could really use some TLC)? If that’s the case, charging fees may not make sense for your circumstances.
If, on the other hand, you have a robust offering of amenities that see regular maintenance and add genuine value, we think you should consider it! By charging amenity fees – whether across the board or just for a select few – you’ll be creating new revenue streams for your business. Plus, these fees will help cover the cost of operating each amenity.
If your amenities are somewhere in the middle, or you’re still unsure, take a look at your competitors. What similar buildings in your area are doing? If most of them don’t charge fees, you could drive prospective renters away. If they do, then you’re missing out on the opportunity for extra income.
Managing Amenity Fees
If you do decide to charge fees for amenity usage, how you’ll manage them efficiently is your next consideration. How will you inform residents of every fee, and how will you collect them? With an all-inclusive property management software with integrated payment and concierge solutions, setting and collecting fees can be as simple as collecting rent.
No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!
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