How Does a Fitness Center Add Value to a Condo or Apartment Complex?

How Does a Fitness Center Add Value to a Condo or Apartment Complex?

What makes a new or renovated condo or apartment complex stand out from the competition? Several cosmetic factors, such as ornate light fixtures or floor-to-ceiling windows, can raise the profile of a property. However, amenities like fitness centers and pools define residential luxury and convenience for many potential residents. A 2017 report from the National Apartment Association even found that fitness and wellness-related amenities were the top-ranked community amenity that residents are willing to pay more for when renting an apartment.

Keeping Up Appearances

On-site fitness centers in condos and apartment complexes make an instant impression with prospective tenants, even before they see the actual apartment. A 2018 survey from the Wall Street Journal found that 55 percent of American renters would not even consider an apartment building without an on-site fitness center, and 82 percent list it as an important amenity. Properties that have modern, well-lit facilities that are visible from common areas and the street are associated with upscale residences, increasing the appeal of the property and making it more highly coveted. However, outdated, mismatched, or broken machines tucked into a dimly-lit basement project the image of neglectful management and leave the opposite impression.

Increasing the Property Value

Having a modern, highly visible, and well-maintained fitness center on the premises also increases the value of the property and rental price tenants are willing to pay. RentHop.com estimates that having a fitness center contributes to a $90 increase in rental prices, based on a 2017 report of apartment prices in major cities across the country. Having an exercise center on the premises offers additional convenience and budget-appeal since residents won’t have to pay for an external gym membership. For residents and investors, an on-site fitness center offers a better lifestyle while saving both time and money.

Fitness Equipment Solutions helps property managers and investors across Louisiana and Mississippi attract tenants to their residential properties by setting up state-of-the-art fitness facilities. Our equipment solutions boost the profiles and real estate values of our clients’ condos and apartment complexes. Contact us online or at 985.206.9237 for a free facility assessment today!