Well-chosen building upgrades attract discerning renters. In addition to price, size and location, many seek high-end amenities to maximize their experience. With fierce competition in Miami’s real estate market, investing in these updates can set you apart.
1. Smart Home Technology
Luxury and convenience go hand in hand — let this advice guide you to higher returns on investment when you upgrade your condo. A significant 78% of buyers are willing to pay more for properties with highly coveted features like keyless entry systems, smart thermostats and high-speed Wi-Fi, which appeals to a younger crowd like Gen Z and millennials. These convenient amenities enhance security and energy efficiency, which can help you command premium rents.
2. Gated Parking Lots
Many urban areas lack secure parking — a nightmare for renters with cars. Installing a gate offers exclusivity and security for occupants. With the surge of car burglaries in the city, a gated parking area communicates that you prioritize your residents’ safety, which can give them peace of mind. It also removes some liability on your end as the property manager.
3. Resort-Style Pools and Outdoor Spaces
A significant population of renters love on-site pools, and some even make it a requirement when searching for places to move to. When deciding on the type of pool, remember that inground pools can drive up to 56% ROI on average compared to aboveground models.
Stand out by transforming a conventional pool area into an Instagram-worthy oasis. Lap pools, kiddie pools and outdoor pools attract a diverse market. Surround the space with lush greenery and manicured gardens to create a resort-like ambience, making it a high-end convenience. Nothing says luxury like a resort-style pool — especially with Miami’s year-round warm weather.
4. State-of-the-Art Fitness Centers
Attract premium health-conscious occupants with a fitness center that offers more than standard treadmills or elliptical trainers. Equip the gym with the latest machines, add a yoga or Pilates studio and make space for group fitness classes. Providing such facilities also reduces the need for external gym memberships, which your residents will thank you for.
Focus on equipment quality, operating hours, class availability and fitness instructor presence — these are what most active people look for in a fitness center. A thoughtful, well-designed, active space can be the deciding factor for many, adding to their living experience.
5. High-Tech Security Systems
High-tech security systems are always a sound investment, as 71% of renters demand more security from landlords. People naturally want to feel safe in their abode. Installing 24/7 surveillance cameras, securing access points and employing trained on-site personnel will enhance your condo’s reputation for safety. Your current residents may even recommend your building as a secure and reliable place to live.
6. Luxurious Common Areas
Common areas like rooftop decks, lounges and social spaces are essential for renters who seek socialization and relaxation. A well-designed rooftop deck can be the perfect venue for events and gatherings, while a stylish lounge area creates an inviting atmosphere for residents to unwind. Offering these high-end amenities builds community, which can improve tenant satisfaction and retention.
7. Concierge Services
A condominium concierge is a personal assistant who thrives on providing residents with excellent service. They can assist with tasks like package handling, reservations and event planning to make things more convenient for tenants. Bespoke service can significantly improve resident satisfaction and retention. What renters wouldn’t want the luxury of getting their needs met?
Make Your Condo Irresistible With High-End Amenities
When you set yourself apart from the cutthroat Miami market, you’re positioning yourself and your business for success. Establishing a suite of desirable high-end amenities can attract today’s diverse renters. These upgrades will help you realize your property’s potential, draw higher-quality long-term tenants, lower vacancy rates and, more importantly, drive higher rents. Ready to elevate your condo? Let these upgrades make your property the hottest spot in town.
Evelyn Long is a writer that specializes in housing market trends. She is also the founder of Renovated Magazine, where she writes essential resources for renters and homeowners. She has contributed to several other sites like the National Association of Realtors and Realty Executives.