Search Weight Loss Topics:

Home » Fitness » Fitness Center for Your Rental Property: Worth the Investment? – MSN Money

Provided by The Motley Fool Fitness Center for Your Rental Property: Worth the Investment?

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.

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.

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:

Another thing to consider: If you have 10 or more people using the fitness center each day, it's considered a commercial gym. That means you have to use commercial-grade equipment. It can take tens of thousands of dollars to outfit a gym for a large apartment complex, plus you have to factor in costs for regular maintenance and prompt repair -- the faster, the better.

There is good news, though. Just as people pay monthly membership fees to their gym, you can do the same for yours. There are companies that will rent equipment for a reasonable monthly rate -- maintenance included -- so you don't have to overstretch your bottom line.

Rentcafe.com's survey of 3,000 renters found that 47% were interested in on-site fitness centers. Moreover, 28% of renters would not consider an apartment with no gym on the premises. So a high-quality fitness center will no doubt bring value to your rentals and allow you to seek higher rents because of it.

Maintenance is key for fitness centers in apartment complexes, as gym rats may take landlords to task when equipment is not in top shape. They could argue for a refund on rent, if it's included. Of course, you could also make the fitness center an exclusive amenity and charge an add-on fee for access instead. It's a good idea to run the comps on neighborhood gyms to ensure that you're offering your tenants a good deal, though, or you'll have some rather lonely exercise equipment.

While an on-site fitness center doesn't have to resemble a pro training complex, it does need to offer plenty of well-maintained equipment for your tenants to get their sweat on. It'll cost money to add one, but like any good workout regimen, it'll pay off in the end.

You probably know that real estate has long been the playground for the rich and well connected, and that according to recently published data its also been the best performing investment in modern history. And with a set of unfair advantages that are completely unheard of with other investments, its no surprise why.

But in 2020 the barriers have come crashing down - and now its possible to build REAL wealth through real estate at a fraction of what it used to cost, meaning the unfair advantages are now available to individuals like you.

To get started, weve assembled a comprehensive guide that outlines everything you need to know about investing in real estate - and have made it available for FREE today. Simply click here to learn more and access your complimentary copy.

The Motley Fool has a disclosure policy. Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Editorial content from Millionacres is separate from The Motley Fool editorial content and is created by a different analyst team.

See original here:
Fitness Center for Your Rental Property: Worth the Investment? - MSN Money

Your Full Name
Your Email
Your Phone Number
Select your age (30+ only)	30313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120
Select Your US State	Select Your StateAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWashington,DCWest VirginiaWisconsinWyoming
Program Choice	Select Your ProgramInjectable HGHInjectable TestoteroneInjectable SermorelinInjectable Weight LossInjectable HCG DietInjectable Vitamins
Confirm over 30 years old	Yes
Confirm that you resident in USA	Yes
This is a Serious Inquiry	Yes
Message:

Home » Fitness » Fitness Center for Your Rental Property: Worth the Investment? – MSN Money