To keep renters happy, property owners have to take a serious look at more than just room sizes and in-unit attributes, as today’s apartment communities offer everything from wine cellars and fitness facilities to bike parking and children’s play centers.

In New York, nearly 650 building permits have been issued since 2014 for privately-owned residences of more than five units. Newly built units are competing head-to-head with established buildings who want to hold on to their tenants, and they’re busily adding offerings (or subtracting them) to keep up with the needs and wants of current market demand.

“Everyone is trying to keep up,” said Stan Olan, the president of the co-op board at Two East End Avenue, a century-old factory converted into apartments in 1979. “I drive around the city every day, and I’m constantly seeing new buildings coming up with great amenities.” Olan is giving serious thought to updating the two fitness rooms in the basement at Two East End — last refreshed in 2013 — and adding a rooftop deck in order to take full advantage of the building’s water views. ‘Residents will enjoy it,‘” Mr. Olan said. “But the other consideration is that we understand about amenities, and by spending some money, we’ll increase our value.”

According to ForRent.com and other property rental resources, tenants are willing to pay up to 5 percent or more in additional rent for desired amenities like a fitness facility. The trick is in knowing what to add and how to meet the majority of those particular needs.

In St. Louis, more and more millennials are moving to the area for the universities, job growth, and attractive local lifestyle that is causing the rental market demand to intensify. Demand is increasing and units are still under construction, driving rental prices up and potentially deterring current and prospective renters who want to find a home with precisely the right set of amenities – and they want to find it right now.

Enter into the equation companies like EcoFit Equipment, a fitness equipment and design company that helps property owners upgrade their fitness room amenities to keep up with other neighboring multi-living complexes. With the growth of the millennial population and demand for apartment rentals, it takes more than offering competitive rent incentives to capture these markets. If you are operating an older facility, it’s just as important to update your common areas and amenities to attract and retain tenants.

This is where strategic businesses partner with companies like Ecofit – who can work with existing spaces and leverage tight budgets to upgrade equipment – work in your favor.

EcoFit provides a direct connection to industry-leading commercial exercise equipment, including new and used weightlifting equipment. Facilities looking to upgrade don’t necessarily need to start from scratch, as used equipment options used in new combinations can provide a multi-functional solution.

Property owners that are looking ahead to plan, strategize and maximize their potential with renter’s amenities in common areas are the best positioned to grab new renters before new construction can catch up. If a fitness center or common area upgrade is possible for you, EcoFit looks at equipment, space planning, activity flow, noise implications, and details including electrical use, flooring and much more.

There is no slowing down in sight for the multifamily market in high-demand markets like New York, California, Missouri, and others. Help your facility shine the best way possible with trusted partners on your side.