If you're wondering what amenities you can add to your rental property to attract more tenants or higher rents, you may have considered adding a fitness center. You'd be making would-be renters very happy if you did.
According to Rentcafe.com, 92% of new rental properties had an on-site fitness center in 2019. If you're building a new apartment complex, you'll likely want to avoid being in that other 8%. And if you've got an existing rental building, it's time to think about adding a fitness center or upgrading what you currently have on site.
The draw of an on-site fitness center
Rentcafe.com surveyed 3,000 renters to get their opinion on on-site fitness centers. There were three main reasons tenants liked having a gym in their building: convenience, cost, and motivation.
Premium gyms can certainly be pricey -- a single cycling class can command $30 in many places. So an on-site gym with a membership included in the rent will feel like a steal to most tenants -- though for those hard-core workout warriors, you'll need to provide a top-notch exercise experience.
How much will your fitness center cost?
Does your budget have some muscle to it? Because you can't simply add a treadmill and some dumbbells and call it a day; your tenants can do that in their own units, after all. But you also don't have to break ground on an Olympics-worthy training facility, either.
According to Club Industry, it costs between $30 and $80 per square foot to build a fitness center -- but that doesn't even include any equipment.
RentFitnessEquipment.com suggests the following breakdown of exercise equipment that landlords should consider, at minimum, for the size of their rental properties: