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At your service: Improved amenities increase tenant satisfaction
October 2010
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Gary Lee, Vice-President, Multi-Residential
at GWL Realty Advisors |
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By Clare Tattersall
Though the real estate market in Canada is weakening, the national average home price continues to climb. As a result, renting continues to provide a competitive alternative housing option to homeownership.
However, with the Canada Mortgage and Housing Corp. (CMHC) reporting that rental apartment vacancy rates are on the rise across the country – due in large part to an upsurge in new rental construction and continued strong sales in the condominium market – competition for tenants is increasing.
To attract new renters and retain existing ones, Gary Lee of GWL Realty Advisors says it’s important to be in tune with today’s tenant demographic.
“On average, tenants today are not much different from previous years,” says the Vice-President of GWL Realty Advisors’ national multi-residential portfolio.
But, with the baby boom generation fast becoming empty nesters, Lee believes the average renter may look a lot different in just a few years.
In preparation of this potential demographic shift, Lee says apartment landlords should consider implementing universal design principles into their buildings.
Sometimes referred to as barrier-free design, universal design is an approach to making environments inherently accessible to all people, regardless of age, ability or situation. Examples of universal interior design features include lower kitchen or bathroom countertop heights for ease of access whether sitting or standing, easy to grasp handles for all drawers and doors, lowered light switches and elevated electrical outlets.
“Of course, it’s easier to (incorporate these features) if you’re building from scratch rather than just renovating,” notes Lee.
Though it’s important to appeal to the aging baby boom cohort, Lee says landlords should not neglect who is in their tenant pool today. This includes students, professionals, new immigrants and those people who are saving money to purchase a house. These groups don’t just want a place to live; they want a ‘home’ – one that boasts updated units and is equipped with modern amenities to complement their lifestyle.
Today, multi-residential buildings in GWL Realty Advisors’ portfolio offer a wide range of services, from free Wi-Fi in apartment common areas to social gathering spaces.
“We have also introduced an online resident portal to make our tenants’ lives more convenient,” says Lee. “Building residents can access the web portal anytime, anywhere to make a maintenance request or book an elevator, for example.”
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