4 Ways Multifamily Managers Can Leverage Transit In Their Leasing Strategies
Arlington County contains some of D.C.’s most attractive submarkets for millennials and forward-minded seniors. It has lower rents and taller height restrictions than D.C., allowing developers to introduce highly amenitized office and apartment buildings with exceptional views rivaling, and even surpassing, those found downtown.
The desire for an urban lifestyle without the congestion and cost of living is transgenerational, and places like Rosslyn, Ballston, Crystal City and Clarendon offer the optimal blend of city and suburb. Arlington boasts a multitude of parks, restaurants and nightlife destinations, but its proximity to D.C. jobs and entertainment is arguably its most appealing attribute.
For millennial households cutting down on car ownership and relying on public transit, bikes and services like Uber, Lyft and Zipcar, Arlington is ideal. As prospective residents hunt for their next apartments, multifamily property managers must find innovative ways to differentiate themselves from their competition. These are the top four ways property managers use transportation to complement and enhance their marketing and leasing strategies.
1. Provide Resources And Entice With Perks
At Park Georgetown Apartments, the Van Metre Management leasing team helps incoming residents navigate their new commutes and welcomes them with a free SmarTrip card or Capital Bikeshare coupon. The team understands new residents’ potential transit issues, and makes itself a component of the solution, as a trusted source of information and facilitator. The team presents public transportation, vanpooling and car-sharing options to tenants, leading to increased resident satisfaction and retention.
2. Partner With Experts For Low-Cost Solutions
At Dorchester Apartments, E.G. Reinsch partnered with Arlington Transportation Partners when building the property’s first secured access bike parking room. The management team took advantage of free consultations, vendor introductions and marketing tools to promote the new amenity to residents and was able to provide a premium building feature at a lower cost.
3. Establish Your Property As A Landmark
BM Smith hosts frequent events at its Penrose Square Apartments, educating residents about its transportation options. The site is known in the Columbia Pike area as a major pit stop for Bike to Work Day. The management team has cultivated great visibility and an image for its property by celebrating cycling and encouraging local commuters to try this sustainable, healthy, alternative mode of transport.
4. Install Standout Amenities
The forward-looking property manager CRC Cos. at the newly developed Ten at Clarendon quickly recognized prospective renters' desire for integrated transportation amenities. The team was able to incorporate those features into the building design prior to construction, rather than retrofitting the space. The property features a large secure bike room with street level access, with enough spaces to exceed the standard requirements by Arlington County. The building also features a bike workshop for residents, and, in the lobby, a TransitScreen displaying real-time information on occupants’ transportation options.
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