How developers have to be creative to lure new tenants?

21 Apr
How developers have to be creative to lure new tenants?

Luxury real estate developers offer amenities programming to entice tenants to pay high rents. This programming goes beyond the usual perks of a gym or a pool and includes activities like cooking classes, terrarium building, and happy hours. The idea is to provide tenants with a social life and personal taste, without them having to leave the building or deal with other problems that can occur in a city such as traffic or transportation.

Developers offer a monthly programming menu to building managers, who can pick and choose what they want for their tenants. Lifestyle managers are on hand to organize and staff these events, making residents feel unique and catered to. With rising rents and the need to differentiate from other luxury buildings, amenities programming has become an increasingly popular selling point for developers.

The offerings are often aimed at wealthy outsiders looking for a curated version of their city to tag themselves in on social media. While some residents appreciate the sense of community and the opportunity to socialize, others are more skeptical and see the programming as distracting from the real world. Many freelancers who teach the classes enjoy the high pay and ambiance but maintain a professional distance from the residents. Developers need to find the best way to satisfy every type of renter.

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Posted by on April 21, 2023 in News


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