5 Ways Unit Amenities Boost Revenue, Even in This Recession

More than six months into the health and economic crisis, most operators and revenue managers have been focusing on finding ways to defend rents. While this energy and time spent to combat declines as high as (in some urban high-rise even higher than) 10-15% are well worth it, we thought we’d take some time and talk about a place where almost every operator could gain revenue, and gain it quickly.
What could possibly be an “easy” source of rent gain in the middle of recession while heading into the slow season? It’s a renewed focus on unit amenities, an area of pricing that most of us will acknowledge does not get the same attention as base rents. In 2018, with the winds of growth in the industry’s sails, we reported seven common mistakes with amenities. Below are five “Amenity Fails” that everyone should focus on in today’s market.
Fail #1: Amenity “holes”
“Holes” are missing amenities. For example, if units 105 and 305 both have a pool view assigned to them, but unit 205 doesn’t, then that’s a “hole.” The reference comes from a method and application we’ve created that makes it easy to look at amenities by floor and stack. In such a grid, the lack of a pool view in unit 205 looks like a clear “hole” when the visualization clearly shows the amenity assigned to units 105 and 305.
Amenity holes are by far the most common error we find and also the easiest to correct. Whether the opportunity comes from mere……