"Creating a Vibrant Community"

The average household at one of our SFR communities is dual income with children and presumably busier than ever throughout the pandemic.  These renters by choice are still working long hours while juggling childcare or home schooling responsibilities on a daily basis.  That leaves less time for tasks like cooking or cleaning, let alone for leisure activities such as working out or socializing with neighbors.  We're interested in how developers and property managers are working with vendors to arrange services for their tenants that ease some of this time burden and potentially add to the bottom line for their investors.  

The demand for food delivery services has exploded over the past year as fewer families are going out to dinner.  DoorDash's recent IPO was actually fueled by their dominance in the suburbs considering that they are responsible for over 58% of the suburban delivery market.  Restaurants are more spread out there and average ticket sizes are typically larger for families so there is plenty of opportunity for multiple operators on every block.  Developers are catering to this trend by making their communities safe and accessible to all sorts of deliveries.  Others are taking it a step further by providing to-go meals in small cafes or coolers that are stocked by local vendors so that there are always options within walking distance.  

Reducing the burden of cleaning is a little trickier during COVID since residents are more likely to let someone drop off food to their doorstep than to let a stranger into their house.  But relative newcomers like Handy or Tidy automatize the cleaning process and can customize their services to suit an entire complex's needs, along with extending reduced rates when a certain number of houses sign on.  Some management companies are getting creative by offering prospective tenants gift vouchers to cleaning companies as an alternative to traditional rent concessions of equal or lesser value.  

Finding enough time to get to the gym has always been an issue for parents, whether they live in the city or suburbs.  Multi-family buildings in urban cores have generally improved their facilities beyond throwing a bench next to some mats, but suburban renters have always lagged behind in terms of fitness options.  On-site facilities are more important than ever as fewer people are working out near their offices or even feel comfortable entering crowded gyms.  It's now common for our fitness rooms to include Peloton bikes, TRX bands, and virtual HIIT classes on flatscreens.  Operators are also partnering with local fitness studios to bring instructors to their developments to conduct classes and we plan to follow suit.  

Social events are an important tool in creating a sense of community, which in turns helps to drive occupancy and tenant retention.  Happy-hours tend to be the de-facto choice for property managers but there are more creative activities such as cooking, meditation, or art classes that inspire more consistent engagement.  Gardening is another group activity that can tie residents into a development by giving them a sense of ownership, while also adding to the greater aesthetic.  Our strategy is to poll residents when they move in to find out what they're most interested in before creating a site specific social calendar based on that feedback.  

We think that it's important to take note of what our competition is providing and put our own spin on the lifestyle choices at our SFR communities.  We want to make services such as food delivery, cleaning, and laundry as seamless as possible so that our tenants can maximize their time at home.  The same applies to fitness classes and activities since we believe that those are ways that residents forge relationships with their neighbors and ultimately stick around longer.  We're currently brainstorming fun ways to bring people together at our next SFR community outside of Nashville so let us know if you have any ideas, especially those with a southern flair!