Have you considered the Walk Score of your property? It’s a more important factor in attracting and retaining tenants than you might think. The company named Work Score provides potential tenants with information about how easily they can walk to nearby amenities, helping guide renters and buyers to properties that allow for alternate modes of transportation.
Did you know that only 7% of Class A suburban properties fall within a high Walk Score area?
Lower Walk Scores have earned a minimal 12.5% rent increase since 2015, compared to 28.8% for buildings with higher Walk Scores. This has led to twice as many vacancies in lower Walk Score buildings.
So what is a Walk Score and why does it matter?
A Walk Score is a number between 0 and 100 that measures the walkability of any address. The more walkable a property is to nearby amenities, the higher its Walk Score is.
What can you do if your property falls within the other 93% of suburban Class A properties outside of the high Walk Score?
We have an easy solution for you. If you can't bring the building to the amenities, bring the amenities to your tenants. It may be simple to walk down the street for a yoga class over lunch or stop for a coffee on your way to the office, but it’s even easier to have these amenities on-site.
Through yoga, meditation & health coaching, Chasing Nirvana Yoga can help you create the on-site wellness program tenants & employees really want to see. Just one class a week can boost focus, encourage mindfulness, decrease stress, improve problem-solving skills and possibly increase your Walk Score, leading to less vacancy and higher rents.
Invest in your tenants and they'll invest in you!