Multifamily Housing: How To Use Fitness Centers To Improve Your Bottom Line

As a property manager, you know that having the right amenities is essential for connecting residents to your community, improving retention and resident satisfaction. But what if there was a way to make your property stand out from the rest, and help increase your overall profit? Adding an on-site fitness center or updating your current space with innovative, sought-after fitness equipment can help you do just that.

Read on to find out how the right type of multifamily fitness facility can be key in increasing your overall profit.

Why Fitness Centers Matter for Multifamily Housing

In the world of multifamily housing and homeowner associations (HOAs), it's all about offering the right balance of comfort and convenience. With trends shifting towards healthy living and wellness, it's no surprise that well-equipped gyms and wellness centers are becoming more popular in larger areas such as Florida, Los Angeles, and New York as well as midsize and smaller markets. With current multifamily vacancy rates hovering at an all-time low, you can maximize your return on investment by increasing rent through expanded accommodations and amenities that appeal to your residents. An effective, attractive way to do this is by incorporating an updated fitness center (and other fitness spaces) into your property.

Fitness has long been a top priority for many people, and a well-equipped fitness space is a valuable amenity for renters. By offering a fitness center on-site, you provide your residents with a convenient and comfortable place to exercise, which is a major selling point. Here’s a quick look at six benefits of updated fitness centers in MFH (more on that here):

1. Promotes a healthy lifestyle
2. Increases property value
3. Attracts more tenants
4. Improves mental health
5. Enhances community building
6. Gives a competitive advantage

Studies have shown that fitness centers are not only a top-rated amenity for residents, but they are also a proven driver of resident satisfaction. Various studies and surveys conducted by real estate companies and industry associations, such as the National Apartment Association and the Urban Land Institute, indicate gyms are highly valued by residents and positively impact resident satisfaction. Some of these studies include:

• A National Multifamily Housing Council/Kingsley Associates Survey, which found that fitness centers were the top-rated amenity among apartment residents, with 87% of respondents saying it was important or very important.
• A survey by J Turner Research found that fitness centers were the second most desired amenity among renters, after in-unit washers and dryers.
• The Urban Land Institute's "Emerging Trends in Real Estate" report listed fitness amenities as one of the top five amenity trends in multifamily housing, and noted that fitness centers can help increase resident retention and satisfaction.
• A survey by the National Apartment Association found that 82% of residents said they would be more likely to renew their lease if their apartment community had a fitness center.

These surveys and reports suggest that through the years, the focus on healthy living which includes exercise as a key component, along with a competitive housing market showcases clearly how providing a fitness center can be a smart investment for property owners and managers looking to retain residents as well as improving their bottom line through rent increases.

Residents are attracted to the convenience of having a fitness center on site, where they can work out before or after work, or even during lunch breaks. With the increase in work-from-anywhere opportunities, having a fitness space (or multiple spaces) on site makes your facility even more attractive to those who work at home.

Furthermore, the right type of fitness center can cater to the specific needs and interests of your residents, such as offering yoga classes, strength training equipment, or even a boxing ring. Having these additional amenities differentiates your building, it justifies higher rent prices.

Fitness Amenities as Profit Centers

Think of an updated fitness center as a profit center. A well-maintained and well-equipped fitness center can go a long way in keeping residents happy and satisfied with their living experience. While most MFH units just employ a “cookie cutter” approach with their fitness centers, by building a unique, functional, and innovative fitness space you’ll have happier residents—after all, fitness equipment trends and technology have changed the way people want to work out. And happy residents are more likely to renew their lease at a higher rent rate and recommend your property to their friends and family.

Ways To Make Your Fitness Center Stand Out

When considering adding a fitness center to your property, there are several factors to keep in mind. First, you will want to consider the size of your property and the amount of space available for a fitness center. If you have a smaller property, you may want to focus on a smaller fitness center with essential equipment, such as treadmills, weight machines, and free weights.

For Small to Midsize Properties

In addition to offering a variety of fitness equipment, it's important to keep your fitness center up-to-date with the latest technology and features. For example, many modern fitness centers now offer connected, interactive training equipment, which can provide users with real-time data, customized workout programs, and virtual reality experiences. Products like  connected bikes and rowers are training favorites when it comes to a more modern approach. This can be a major selling point for tech-savvy residents and can help set your fitness center apart from others.

Maximize your square footage with  functional fitness pieces that have smaller footprints (think treadmill size) and highly customizable configuration options to work with any size space. Functional fitness pieces offer integrated suspension training, interactive workout options, ample storage for all of your fitness accessories like medicine balls, kettlebells, mats, and more, and interchangeable shelving makes it easy to adapt your training options on the fly.

L–R: Hydrow Rower, Aktiv Solutions Gym Rax Training Bay, Echelon Reflect 50" Touchscreen

Another way to make your fitness center rise above the rest is by incorporating spa-like offerings. For example, you could offer private showers, saunas, and hot tubs, which can provide residents with a luxurious and relaxing experience. These amenities can also help residents unwind after a workout and promote overall wellness.

For Larger Properties

The above tips most certainly apply, but also think about adding  outdoor fitness options to your fitness center, if you have the space. This can include outdoor fitness equipment installations which are gaining in popularity across the country for both their universal appeal (they can be used by anyone, regardless of fitness level) and durability, a jogging track, a basketball court, or a yoga deck. Outdoor fitness options can help residents get in touch with nature, enjoy the fresh air, and exercise in a different environment. Outdoor fitness options can also help set your housing unit apart from others and provide residents with a more varied and dynamic fitness experience.

If you have a larger property, you may want to include a variety of different fitness options, such as a yoga studio, a spin room, and a pool, along with a functional training space. Expanding your exercise options if your space allows it appeals to a broader range of fitness enthusiasts while staying attractive to those looking for a casual workout. Training bays can be custom built to include everything from turf sprint tracks to suspension training and everything in between.

Focus On Your Flooring

For any type of housing development large or small, or in between, don’t neglect your fitness flooring, the literal foundation to any fitness space. From  Ecore rubber and turf flooring to wood-look vinyl, gym flooring is a crucial part of any fitness center. Ardent Fitness offers flooring for any type of training area, from light strength and conditioning workouts to more extreme strength training and everything in between, and can help you make the right flooring selection for your space or spaces.

A Key Component: Space Planning and Design

No matter the size of your facility, prioritizing space planning, design and proper layout and traffic flow of your fitness center is crucial. As the experts in designing and building multifamily housing fitness centers, Ardent Fitness will partner with you and work hand in hand with your team to give your residents a truly functional fitness experience. We’ve worked with housing communities nationwide, providing everything from the 3D space renderings and product recommendations through delivery and installation.

An Investment That Matters

It's also important to keep in mind that adding a fitness center can be a significant monetary investment, but it can and will pay off in the long run. By attracting new residents and retaining current ones at a higher rent rate, a fitness center can increase your property's overall value and contribute to its success. By investing in a fitness center that steps outside the box, you can create a sense of community and excitement among your residents, which can help build relationships and foster a positive living experience. To help mitigate expenses, Ardent Fitness offers financing and the leading warranties in the business through their partners to deliver the best brands, equipment and experience.

Incorporating an innovative & inclusive fitness center into your rental property or HOA can be a game-changer. From keeping existing residents happy and being a big draw to new renters, as well as justification for increased rental and lease agreements, a well-designed fitness center can provide a multitude of benefits. Ardent Fitness is here to help with space planning, design, fitness equipment sales, delivery, installation, and servicing. With the correct investment (and the right vendor partner), a fitness center can be a valuable addition to your property and and a justified profit center for your residents.

Want more inspiration? Check out our full portfolio and client showcases like the ones above here.