Amenities Survey Part 3 - co-working and BBQ

The Real Estate Espresso Podcast

Amenities Survey Part 3 – co-working and BBQ

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Amenities Survey Part 3 – co-working and BBQ

Welcome to the Real Estate Espresso Podcast, your morning shot of what’s new in the world of real estate investing. I’m your host, Victor Menasce.

We’re continuing our deep dive mini series into amenities. It’s based on the outstanding work by apartment owner and operator Greystar, the largest operator of apartments in the US with over 100,000 apartments in their portfolio.

Now, we are working with Greystar on our own active adult project in Spokane, Washington. If you want to learn more about that amazing project, come and register to our portal at Y Street Capital, and we’ll be happy to share more about the project. And of course, this is not a solicitation for investment. An investment would be by prospectus only and in compliance with SEC regulations.

So Greystar recently published their latest amenities and apartment features market survey that’s based on year-over-year survey data from 2023 to 2024.

On Friday last week, we talked about the overall trends in amenities, and yesterday we talked about storage, technology, and security. On today’s show we’re talking about co-working space and outdoor amenities, and then next week we’ll cover kitchens, fitness, e-commerce, and parking.

This part offers a clear window into how renters’ expectations continue to evolve as work, lifestyle, and residential design converge. Based on this national survey, the findings highlight a decisive shift away from novelty features towards amenities that are practical, flexible, and directly support daily routines.

Now, for developers and owners, the message is less about what to add in amenities and more about getting the right ones right. Within co-working and multi-purpose audio-visual spaces, functionality definitely outweighs specialization.

The most essential features cited by respondents are:

Number one, device charging capability, identified by 62% of renters as a requirement. That underscores the reality that residents expect shared space to seamlessly support laptops, phones, and multiple devices without friction.

Close behind that is the need for a dedicated study area, a place that’s a little bit more private, selected by 56% of respondents, reinforcing the idea that co-working space must accommodate focused, heads-down work rather than just serving as a casual lounge.

Private, bookable office space ranks third, with nearly half of respondents identifying it as essential. That suggests that while open collaboration areas have a role, renters value privacy and acoustic separation for calls, for meetings, and for concentrated tasks.

Large monitors are also widely viewed as important, reflecting the growing use of shared workspaces for professional-grade work rather than occasional checking of email.

Features like whiteboards, glass boards, professional video chat sit on a second tier. They’re valued by about a third of respondents, while specialized amenities like podcast equipment, green screens, and so on have pretty limited interest.

Now think about the person who’s working from home. They may want to host a face-to-face meeting without necessarily bringing a guest into their apartment. It would mean they have to clean up. They’ve got to make sure the bathroom is spic and span, make sure the bed is made and there’s no dirty laundry lying around, dirty dishes in the kitchen.

It’s so much easier to host a guest for a one-hour meeting in a professional boardroom without having to drive off-site and rent a separate boardroom from a co-working business center.

So the implication for developers is straightforward. Co-working spaces should be designed as reliable extensions of a resident’s home office, not as an experimental media lab or anything like that. These spaces offer basic equipment, but it’s really there for holding flexible meetings.

Outdoor amenities show a similar pragmatic hierarchy. BBQ grills dominate all other outdoor features, with 66% of respondents identifying them as important. It indicates that social, food-centered gathering spaces remain the strongest drivers of any outdoor amenity.

Outdoor kitchens, reservable private dining spaces follow next, suggesting that residents value amenities that support entertaining and community interaction more than just passive recreation. General greenspace also ranks high, reinforcing the importance of accessible outdoor areas that don’t require formal programming.

Other amenities like hot tubs, lawn game areas, pickleball courts do attract meaningful interest, but they’re further down the list. Now, if we’re talking about active adult, that changes the mix, but more specialized recreational options like basketball courts, tennis courts, volleyball, children’s play areas, appeal to narrower segments. They should be considered carefully based on the demographic you’re targeting, rather than applying them universally.

Notably, a meaningful minority of respondents indicate that they do not use outdoor amenities at all. That serves as a caution against assuming every amenity will drive universal value. Amenity strategies should reflect the specific resident profile, rather than a checklist.

Taken together, the findings reinforce a broader trend among multifamily development. Amenities are being evaluated through the lens of daily utility. Residents want spaces that work reliably, adapt to multiple uses, and support real behaviours, whether that’s remote work, casual gatherings, outdoor meals with friends.

For owners and developers, capital allocation should prioritize durability, flexibility, and relevance over novelty. Ultimately, the report suggests that the most successful communities are those that treat co-working and outdoor spaces as core infrastructure, designed with a bit of restraint and clarity of purpose.

When amenities solve real problems simply and consistently, they enhance the resident satisfaction without eroding investor returns.

As you think about that, have an awesome rest of your day. Go make some great things happen and we’ll talk to you tomorrow.

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