The power of amenities: Today’s apartment buildings need more bells and whistles to attract choosier renters

The owners of multifamily properties have long relied on amenities to set their buildings apart from their competitors. But as monthly apartment rents continue to rise, renters today expect even more amenities in their common areas.

We interviewed Jonathan Treble, founder and chief executive officer of WithMe, Inc. about this trend. WithMe provides wireless printing and barista-quality coffee machines for multifamily properties and offices.

Here is some of what Treble had to say about the power of common-area amenities and how they can help multifamily owners keep their properties full.

What are some of the more innovative ways you’ve seen multifamily buildings use their common areas to help make thei properties more attractive to tenants?

Jonathan Treble: The best properties aren’t just checking the “amenity” box – they’re designing spaces that actually enhance how people live, work and connect.

One of the biggest shifts? Workspaces that actually work. With remote jobs now the norm, the smartest communities aren’t just setting up a few desks and chairs in an empty room and calling it a day. They’re curating true coworking experiences – soundproof booths for deep work, flexible seating for collaboration and seamless on-demand printing (because we all know the struggle). Some spaces even double as event spaces at night, giving residents more reasons to engage.

Jonathan Treble, Chief Executive Officer and Founder, WithMe, Inc.

Then there’s the outdoor experience. A lonely firepit and some scattered chairs won’t cut it anymore. Now, we’re seeing rooftop lounges that feel like boutique hotel terraces, outdoor kitchens built for actual cooking (not just a mediocre grill) and green spaces that bring nature into city living. The best properties turn outdoor areas into an extension of home – a space where people genuinely want to spend time.

But here’s the real game-changer – programming. A great space is nothing without great experiences. Communities that are winning are activating these spaces with curated events – chef-led cooking classes, yoga under the stars, movie nights, book clubs in cozy lounges. It’s not just about giving residents a place to gather – it’s about giving them a reason to. That’s how you build community. That’s how you turn an apartment into a home.

Multifamily living isn’t just about four walls and a roof. It’s about creating a place where people want to be.

How important are common spaces to renters? I’m sure renters focus first on their individual units, but do common-area amenities and spaces make a big difference when looking for a new place to rent?

It’s true that when people start their apartment search, they’re often focused on the unit itself – the layout, the finishes, maybe the view. That’s the first impression. But what I’ve seen over and over again is that it’s the common spaces that shape the actual living experience and, ultimately, impact whether someone chooses to sign a lease – or renew one.

A great apartment can attract interest, but what sets a community apart is how it feels beyond those four walls. People want to be part of something bigger than just their unit. Thoughtfully designed coworking lounges, inviting outdoor spaces or even something as simple as a well-stocked coffee bar can foster that sense of connection and make a place feel like home.

And in competitive markets, those details really matter. A renter might tour two or three places with similar floor plans and rent prices, but if one offers spaces and amenities that genuinely enhance their daily life – like a flexible work environment, a high-quality fitness center or vibrant communal areas – that’s often the deciding factor.

While renters may initially focus on their unit, the reality is that common spaces play a huge role in how people experience where they live. When they add value, make life easier or create opportunities for connection, that’s what turns a building into a true community. And that’s what keeps people around long-term.

How do shared spaces differ in urban vs. suburban locations?  Is there a difference in the amenities and spaces that suburban and urban properties tend to offer?

Absolutely. The way shared spaces are designed really depends on the lifestyle of the residents and the space constraints of the location.

In urban communities, where square footage is at a premium, efficiency is key. You see amenities that are compact but high-impact – coworking lounges, rooftop gardens and boutique-style fitness studios. Convenience also plays a huge role. Smart lockers, premium coffee stations and secure bike storage cater to city dwellers who are always on the move. Every square foot needs to work harder in an urban setting.

Suburban communities, on the other hand, have more room to play with – and that changes everything. You’ll often find larger, more family-friendly spaces like playgrounds, pet parks and expansive pools. There’s also a bigger emphasis on outdoor living – walking trails, barbecue areas and community gardens are common because residents value having more room to spread out and connect with family, friends and nature.

So while both urban and suburban properties focus on creating a sense of community, they do it in different ways. City properties lean into efficiency and convenience, while suburban communities take advantage of space to encourage relaxation and gathering. It all comes down to understanding what enhances the lifestyle of the people who live there.

How can the owners of older apartment properties that might not have as many shared spaces compete with newer properties that can offer amenities such as fitness centers, pools and package pick-up rooms?

Owners of older properties actually have a huge opportunity to stand out. It’s not always about having the biggest or newest amenities – it’s about meeting residents where they are and making thoughtful improvements that enhance their daily experience.

One of the best ways to do that is by repurposing underused spaces. A storage room or outdated lounge can be reimagined as a coworking space, while a flexible community room or a dedicated fitness corner with on-demand workouts can add even more value.

Even small, intentional upgrades – like adding high-speed Wi-Fi, installing smart locks or offering a community printer – can go a long way in showing residents that their needs are top of mind.

Beyond physical upgrades, experience matters. Hosting pop-up fitness classes, bringing in food trucks or creating resident appreciation events can build community without major capital investments.

At the end of the day, great property management is a competitive edge. When residents feel heard and supported, it builds loyalty that’s hard to shake – even when a flashier, newer property moves in down the street.

Older communities might not have all the bells and whistles, but with the right strategy, they can offer something just as valuable – a place that feels like home.

What are some of the most important common-area amenities that apartment owners can offer today?

The best common-area amenities are those that reflect modern priorities and improve daily life. It’s less about the flashiest features and more about understanding what residents really need and designing spaces that make their lives easier, better and more connected. 

Fitness centers are a great example. A decade ago, they were a luxury. Now, they’re an expectation. But it’s not just about throwing in some treadmills. The best communities are thinking beyond that with functional training areas, yoga spaces and even virtual fitness classes.

Convenience is huge, too. App-controlled package lockers, self-serve printing stations and smart home tech aren’t just perks – they’re problem solvers. These features save time, reduce hassle and make everyday tasks smoother. And that’s what renters really value.

Social spaces still matter. A great coffee lounge, a well-designed outdoor space or a cozy clubhouse can completely change how people interact in a building. People want a sense of community, whether it’s through casual conversations or organized events. The right common areas make that happen naturally.

For environmentally conscious renters, sustainability-focused amenities like EV charging stations, recycling programs and energy-efficient lighting are also becoming key differentiators.

At the heart of it, the best amenities are the ones that improve residents’ daily lives while demonstrating that the property is forward-thinking and in tune with what matters to them.

Colliers named leasing agent for Howard Hughes Holding master-planned communities in Houston

Colliers has been named the exclusive retail leasing team for Howard Hughes Holdings Inc. in The Woodlands and Bridgeland master-planned communities in Houston.

The assignment encompasses 11 properties totaling 410,000 square feet in The Woodlands and Bridgeland, along with future pre-development opportunities on 725 and 1,055 developable acres, respectively.

The Colliers team includes Hannah (Tosch) Schiro, Wade Greene, Kim Lenardson, Adriana Shaw and Kaylee Boyd.

The assignment includes premier retail locations throughout The Woodlands, such as Hughes Landing®, The Woodlands Waterway® and Creekside Park® West. In Bridgeland, the team will oversee the retail leasing for Parkland Village®, the initial phase of Bridgeland’s urban core —Village Green at Bridgeland Central® —as well as all future phases of the emerging 925-acre urban district, Bridgeland Central.

JLL Capital Markets closes sale of nine-property self-storage portfolio in Texas communities

 JLL Capital Markets completed the sale of a nine-property, 5,180-unit self-storage portfolio in Midland and Odessa, Texas.

JLL represented the seller, Extra Space Storage, and procured the buyer, AVAD Capital.

The institutional-quality portfolio totals 782,998 rentable square feet in best-in-class assets strategically located throughout Midland and Odessa. The assets are positioned in the Permian Basin, the highest producing oil field in the U.S., generating a thriving and affluent community with outsized self-storage demand.

JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Steve Mellon and Brian Somoza and Directors Adam Roossien and Matthew Wheeler.

Dalfen Industrial acquires 130,000-square-foot industrial facility just south of Dallas-Fort Worth International Airport

Dalfen Industrial has bolstered its holdings with the off-market acquisition of a premier industrial property strategically positioned just 3 miles south of Dallas/Fort Worth International Airport.

Situated in the coveted GSW industrial submarket, this last-mile logistics hub offers unparalleled connectivity with immediate access to State Highways 360, 161, and 183—solidifying its status as a key asset in one of the metroplex’s top industrial locations. The notoriety of this location is evidenced by the neighboring tenants including Cardinal Health, Amcor Ridge Plastics, Expeditors and Refresco Group.

This 130,000-square-foot cross-dock facility, built in 2016, distinguishes itself as a state-of-the-art asset in a submarket largely comprised of older, less modern buildings. With an average building vintage of 1999 and typical clear heights of approximately 25 feet, this facility offers a significant competitive advantage with its modern attributes including 32-foot clear heights, trailer parking and 130-185’ truck courts.

With this acquisition, Dalfen Industrial owns and operates 12.6 million square feet across Texas.

Demand for student housing, monthly rents keep rising at universities across the country

A sure sign that the student housing market remains strong? A new study shows that the number of college students preleasing space at student housing across the nation continues to rise.

According to the most recent numbers from Yardi Matrix, as of December 2024, preleasing across the Yardi® 200 schools — the major U.S. colleges and universities that Yardi Matrix tracks — reached 47.1%. That’s an increase from the preleasing volume of 39.7% as of the same month in December of 2023.

That’s good news for the student housing sector. But the Yardi Matrix report does point to some less positive signs in the market.

For instance, the pace of rent growth on a year-over-year basis was well behind the last two years’ pace, according to the latest Yardi Matrix National Student Housing Report. 

According to Yardi Matrix’s numbers, 55 schools had preleased 50% of their student housing as of December, with 14 hitting the 75% mark. By contrast, 42 schools were less than 25% preleased in December.

The average advertised rent per bedroom climbed to $909 a month in December. If that sounds high, it’s because it is: This ranks as the highest average student housing rent ever recorded.

That being said, monthly rents are not growing as quickly as they once were. According to Yardi Matrix, Rents inched up 1.5 percent in the first three months of the leasing season, following 4..6% growth during the previous year. The top 10 markets for rent growth averaged a preleasing rate of 56.3%, while the 10 markets with the largest declines average 32.8% preleased that month.

Rent growth for the Yardi 200 stood at 3.8% on a year-over-year basis in December and has averaged 4.3% since October, something that Yardi Matrix attributes to operators being more conservative pushing rents.

Rent growth in markets with four or more properties has ranged from -17.7% at UC Berkeley, which has been inundated with new supply, to 14.4% at Auburn University.

The new supply of dedicated student housing properties has been dropping. Last year, the number of new beds totaled 35,703. In 2023 developers brought a higher total of 44,746 beds online.

During the fourth quarter of last year, 28 student housing properties changed hands, bringing 2024’s total number of transactions to 129, exceeding by 50 the total deal volume recorded in 2023. That number is also above the pre-pandemic averages of 2021 and 2022.

Yardi Matrix reported that the sales prices of student housing properties also surged in 2024, reaching more than $101,000 a bedroom.

Northmarq report: Single-tenant net-lease market ends 2024 with flurry of activity

The country’s single-tenant net-lease market ended 2024 with a burst of activity, wrapping the year with solid growth in the fourth quarter.

That’s the good news from Northmarq‘s fourth quarter 2024 single-tenant market snapshot.

According to Northmarq’s report, the single-tenant net-lease market saw $13.8 billion in sales in the fourth quarter across the country. That’s a jump of 57.6% from the same quarter a year earlier. It’s also an increase of 19.4% from the third quarter of 2024.

In its report, Northmarq said that this flurry of year-end activity is a positive sign for 2025. The increase in sales could represent a resurgence of confidence in this market sector, Northmarq said.

In especially good news for a struggling sector, Northmarq reported sales transaction volume in the single-tenant net-lease office sector rose 36.4% in the fourth quarter when compared to the third quarter of last year.

Another interesting statistic? Private investors continue to dominate buyer activity in single-tenant net-lease properties, with Northmarq reporting that they made up 42% of the buyer pool during 2024.

Northmarq reported, too, that cap rates have climbed steadily for nine consecutive quarters and averaged 6.78% as of the end of the fourth quarter. That’s an increase of nine basis points from the third quarter of last year.

When compared to the fourth quarter of 2023, though, cap rates in this sector have jumped 51%.