In recent years, we’ve witnessed a transformative shift in multi-family housing trends with the role wellness centers impact on creating healthy communities.
Read more: Multi-Family Housing Wellness Centers Key Trend For Healthy CommunitiesThe fusion of an increased demand for wellness and digital solutions with residents’ well-being needs has created an environment ripe with opportunities for both developers and residents alike. In 2024, this trend is not just growing; it’s booming, signaling a pivotal moment in how we view and integrate wellness into our living spaces.
Paul Bowman sits down with Jessica Vo, the VP of Sales at Comm-Fit. Comm-Fit is committed to improving health and wellness throughout society. As leaders in the wellness industry, they strive every day to make a positive impact on the individuals and communities they serve. Jessica shares insights into wellness centers within multi-family housing communities, trends in how these spaces are using digital fitness technology, and whether the spaces will be a threat to traditional gyms.
Multi-Family Housing Market Growth
The global multi-family construction market is on a trajectory of rapid growth, projected to escalate from $747.48 billion in 2023 to an impressive $1141.85 billion by 2027. This upsurge reflects a Compound Annual Growth Rate (CAGR) of 9.8% between 2022 and 2023, underscoring a robust expansion in the sector.
Key Wellness Center Trends
- Escalating Demand for Wellness Features
- Rapid Growth of the Wellness Real estate Market
- Positive Financial Impact of Wellness Spaces on Wellbeing and Property Values
- Importance of Wellness Center Customization and Consultation
- Importance of Technology and Wellness Integration
- Impact of Functionality, Maintenance and Refurbishment on Wellness Center Appeal
These trends are shaping the future of multi-family housing, driving a shift towards environments that support and enhance residents’ lifestyles.
“I am seeing developers trying to add wellness amenities and not just a fitness class.”
~ Jessica Vo, VP of Sales at Comm-Fit ~
1. Rising Demand for Wellness Centers
The increasing demand for high-quality wellness centers in multi-family housing reflects a broader trend towards prioritizing health and well-being among residents. With hectic lifestyles and busy schedules, convenience has become a key consideration for many individuals when choosing where to live. Having access to a well-equipped fitness center offers residents the convenience of fitting workouts into their daily routines without the hassle of commuting to external gyms. This accessibility is particularly appealing for those juggling work, family responsibilities, and other commitments.
In today’s health-conscious society, individuals are increasingly aware of the importance of maintaining physical fitness and mental well-being. Access to well-equipped fitness centers allows residents to pursue their fitness goals, whether it’s cardiovascular exercise, strength training, yoga, or meditation. By integrating fitness amenities into their living environment, multi-family housing developers demonstrate a commitment to supporting residents’ holistic health and lifestyle preferences.
2. Evolution of Wellness Centers Within Multi-family Housing
The evolution of wellness centers within multi-family housing reflects a broader societal shift towards prioritizing holistic well-being. What once constituted a mere checkbox amenity—consisting of basic equipment like dumbbells and treadmills—has now transformed into fully stocked wellness hubs. This evolution is not merely about physical exercise, but encompasses a multifaceted approach to wellness, addressing residents’ physical, emotional, and mental health needs.
Initially, wellness centers primarily focused on providing a few essential pieces of equipment to residents for basic exercise routines. However, as awareness about the importance of fitness and well-being has increased, developers and management companies have responded by expanding and enhancing these facilities. Today, fitness centers are designed to offer a comprehensive range of amenities and services aimed at promoting overall wellness.
The evolution of wellness centers within multi-family housing is closely tied to resident preferences and market demands. As residents increasingly prioritize fitness and wellness, developers recognize the importance of investing in these amenities to attract and retain tenants. In response, Jessica explains that wellness centers have become key selling points for many multi-family properties.
“Wellness is not just a treadmill, dumbbells, and weights.”
~ Jessica Vo, VP of Sales at Comm-Fit ~
3. Financial Impact of Wellness Trends On Multi-Family Housing
Behind this growth is a rising demand for wellness features within these housing complexes, a testament to the growing emphasis on physical health and mental well-being. Builders and developers are noting a significant shift in consumer preferences, with 59% reporting an increased demand for wellness amenities over the past year. This demand spans across various facets of wellness, from physical fitness spaces to mental health sanctuaries, indicating a holistic approach to wellbeing.
The global wellness real estate market, which encompasses properties designed with wellness features, is projected to reach $180 billion by 2025. This statistic speaks volumes about the potential and importance of integrating wellness into residential spaces. For property developers and owners, this trend presents a unique opportunity to differentiate their offerings and cater to a growing market segment that values health and wellness.
The implications of these wellness trends extend beyond the immediate benefits to residents’ health and productivity; they also positively impact real estate values, making wellness features a valuable addition to any property.
The value of wellness spaces within multi-family housing cannot be overstated. They serve not only as a means to enhance residents’ physical and mental health but also as a catalyst for boosting productivity and improving overall quality of life. Furthermore, the presence of these wellness amenities contributes to an increase in property values, presenting a compelling case for their inclusion in new and existing developments.
4. Multi-Family Wellness Center Customization and Consultation
Customization and consultation are integral aspects of designing wellness centers within multi-family housing developments. Unlike a one-size-fits-all approach, developers recognize the importance of early engagement with various stakeholders, including architects and equipment manufacturers, to create fitness spaces that align with the specific needs and preferences of residents. This collaborative process ensures that the wellness center is not only functional but also enhances the overall resident experience within the community.
The consultation phase begins by assessing factors such as unit count, resident demographics, and market rate. Understanding these variables allows developers to tailor the fitness center to meet the unique requirements of the community it serves. For example, in upscale market-rate developments, residents may expect high-end equipment and amenities, while affordable housing communities may prioritize cost-effective solutions without compromising quality.
Architects play a crucial role in translating these requirements into physical space. They work closely with developers to optimize the layout and design of the fitness center, ensuring efficient use of space while creating an inviting and functional environment. Equipment manufacturers also offer valuable insights during the consultation process. Their expertise in fitness trends, equipment innovation, and user preferences helps developers make informed decisions about the selection and placement of fitness equipment.
5. Integration of Technology into Wellness Centers within Multi-Family Housing
The integration of technology into modern wellness centers represents a significant advancement in the way residents engage with health and wellness activities within multi-family housing communities. Gone are the days of traditional exercise equipment and basic amenities; today’s fitness centers are equipped with cutting-edge technology that revolutionizes the user experience and enhances accessibility to fitness content.
One of the key technological features in modern wellness centers is streaming capabilities, allowing residents to access a wide range of fitness content anytime, anywhere. Whether it’s live-streamed classes, on-demand workouts, or virtual training sessions, streaming technology enables residents to customize their fitness routines according to their preferences and schedules. This flexibility empowers individuals to engage in workouts that align with their goals and interests, all from the comfort of their residential community.
Personalized workout tracking is another valuable feature made possible by technology integration in fitness centers. With the help of fitness tracking apps, residents can monitor their progress, set fitness goals, and track key metrics such as calories burned, distance traveled, and heart rate. Interactive consoles offer interactive workouts, gamified challenges, and immersive experiences that make exercise more engaging and enjoyable for residents.
6. Wellness Center Maintenance and Refurbishment
Maintenance and refurbishment are critical aspects of ensuring the long-term functionality and appeal of wellness centers within multi-family housing developments. Given the significant investment in fitness equipment and amenities, developers and property managers recognize the importance of regular upkeep to maintain optimal performance and user satisfaction. Typically, fitness equipment undergoes maintenance and refurbishment cycles every five to six years, although the frequency may vary depending on factors such as usage levels, equipment quality, and technological advancements.
Property managers keep track of usage patterns, identifying which equipment sees the most activity and which may require attention or replacement. In addition to routine maintenance tasks such as cleaning, lubrication, and calibration, refurbishment efforts may involve more extensive upgrades or replacements to keep the wellness center up-to-date and competitive. As technology advances and user preferences evolve, developers may choose to refresh the facility with new equipment, updated features, or enhanced amenities to meet changing demands.
Furthermore, refurbishment efforts extend beyond equipment upgrades to encompass the overall user experience within the fitness and welless centers. Property managers may consider aesthetic enhancements, layout adjustments, or additional amenities to enhance the facility’s appeal and functionality. By creating a welcoming and engaging environment, multi-family housing developers can attract and retain residents who value health and wellness as integral components of their lifestyle.
Are Multi-Family Wellness Centers A Threat To The Fitness Industry?
Jessica explains how the increasing demand for high-quality fitness amenities within multi-family housing poses a potential threat to external gyms. However, she believes there still is a place for gyms. While multi-family housing has evolved to offer comprehensive amenities and services, they may not always match the scale or variety of facilities available in external gyms. Additionally, some residents may prefer the atmosphere or specialized equipment found in traditional gyms.
“I think there is a place for gyms. There are people that can have both.
They want to go to a studio. They want face-to-face interaction.”
~ Jessica Vo, VP of Sales at Comm-Fit ~
Comprehensive Multi-Family Housing Wellness Centers
As residents increasingly prioritize health, property managers are responding by creating comprehensive wellness centers within multi-family housing that cater to diverse needs. By leveraging technology, collaboration, and strategic planning, multi-family housing can enhance resident satisfaction, promote healthy lifestyles, and create thriving communities. These fitness centers can remain vibrant and relevant, ensuring optimal performance and user satisfaction for years to come.
For more insights into creating ideal wellness environments in multi-family residences, feel free to reach out to robert.louw@wexer.com. This is more than a trend; it’s a movement towards a healthier, happier future for all residents.
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