5 Best Practices for Creating a Lifestyle Experience

Apartments are a hot commodity right now. Occupancies in the market-rate sector are fully stabilized in most areas of the country. An emerging trend in the market-rate space is that of creating a lifestyle experience. No longer are we just providing housing‑our residents want their homes to be part of a larger life experience. This is being accomplished through a wide array of amenities, unit interior features, programs, and services.

The experiential economy is all around us, but affordable housing is often left out of the discussion. While there’s no doubt that the cost of extensive amenities and high-dollar interior finishes is not financially feasible for affordable properties, opportunities can be found to deliver a lifestyle experience for residents. And there is a serious incentive to do so. Reducing turnover translates into a bigger bottom line through lower expenditures for redecoration, advertising, marketing, and concessions, not to mention eliminating vacancy loss.

Here are 5 best practices that can enhance the experience lifestyle in affordable communities.

1. Cater to Convenience

2. Create Gathering Spaces

3. Pander to Pets

4. Provide Resident Goodwill

5. Grow Sense of Community

Creating a lifestyle experience requires focus and planning. Residents of affordable properties will benefit and so will as the owners and operators as we differentiate our products in a substantive manner.