Posted on May 16, 2019 by Gordon Smith
The way we live is constantly changing. House buying is being rapidly replaced by long-term renting. Working patterns are evolving too, with many more people enjoying multiple careers throughout their working lives or relying on the so-called gig economy to get by. So it’s natural that how we live will change with it.
Hitching your wagon to a massive mortgage is now only one of a number of choices open to young professionals starting out, with many opting for long-term rentals in purpose-built developments. There has been a sharp rise in the number of such facilities, with all aspects of living catered for by the service company. Competition is therefore fierce in the PRS industry so PRS developers are looking for creative solutions to attract and keep tenants.
One way a PRS development can attract more residents is by providing a gym on-site. Here are five reasons why having a gym on-site can be a positive contribution to the rental experience.
It will make a PRS development an attractive lifestyle choice
Convenience is key to happy living these days and nowhere is that more relevant than in a PRS development. Residents expect much more than simply a roof over their heads; they want a lot more under that roof.
They are paying for a lifestyle and health and fitness can play a big part in that. A gym in a PRS development is a hugely-attractive selling point for potential residents as it adds to the services you can offer, plus it offers the convenience residents look for. Many people who live in large urban areas do not have a car and rely on public transport to get out and about. This is not always the most reliable, so providing a gym within their existing residence is a big plus point.
It can meet the needs of your target residents
Research has shown that PRS developments largely comprise of two distinct groups – millennials in their late 20s/early 30s, who are either experiencing difficulty getting on the property ladder or simply don’t want to be lumbered with a mortgage. The second is the so-called baby boomer generation of retired folk who are looking to release the equity in their homes and downsize into a more manageable place to live.
These two groups have also been found to be the biggest users of gyms and will prioritise such a facility when it comes to deciding on a PRS development.
A tenant survey carried out by PRS service providers LSL and PRSIM found that 57% of young professionals would pay extra for a gym while 41% of older residents say they would pay more for some form of recreation room or outdoor exercise area.
A gym which provides group exercise perfectly meets the needs of these two demographics.
It provides a chance for residents to meet up and socialise in a healthy way
Residents may get together at tenants’ meetings and serve up some tasty tray-bakes while they’re at it, but things can get a bit serious in these settings too. A gym provides an excellent way for residents to meet each other, have a chat and learn a bit more about each other – without the calorific treats!
A gym gives people the chance to exercise in areas where open spaces are limited
Large towns and cities provide limited open space and green areas and there doesn’t seem to be much sign of that changing any time soon. A gym and fitness area in a PRS development allows residents to remain active and healthy when space is limited. A development which provides a gym will therefore be seen as place which values the wellbeing of its residents and is active in coming up with the solution to their health and fitness needs.
It encourages tenants to rent for longer
Although the average term of a rental has increased, it is still shy of about two years. That’s understandable considering the age profile of many residents. PRS companies seeking to extend that average rental term need to understand the sort of reasons why a resident might want to move out and strive to meet those needs. For many, a gym membership is an essential part of their lives, so providing one on-site can give them one more reason to stay.
Altogether, incorporating a great, social-focused gym in a PRS development is a wise investment that can encourage tenant longevity and loyalty, attracting the best customers and keeping them happy, fit and healthy.
At motive8, we consult, design, install and manage gyms for PRS developments, hotels, businesses, student and private residential accommodation – click here to learn more.