Bye Bye, Peloton. So What’s the Next Hot Amenity for Multifamily?

Better get that ride in while you can!

OK, I’ll admit it.

I totally want a Peloton bike. Yes, even though I’m a runner, not a biker. (I know they also have treadmills, but for some reason those aren’t calling my name. Also, is “biker” a thing? Or is that a motorcyclist? Are stationary bike users called cyclists? Is there anything I can’t overthink?) Even though they’re pretty pricey, especially when you add in the monthly subscription costs. Even though the rightfully mocked ads would make me feel guilty putting one in my drafty basement. They just seem…cool. Like, this piece of gym equipment will be the thing that finally makes me look forward to working out, learn to love kale and develop a sunny world view. (Just kidding. Those things will never happen.)

I’m certainly not the only one.

We already know fitness centers are a top-requested, pretty-much-need-to-have amenity in apartment communities. A 2017 NAA study found that gyms are ranked in the top 5 for popular amenities.

And, because Pelotons are popular, they’ve entered into the amenity arms race. Luxury apartments were adding them to their fitness centers and using them as a central marketing point.

“Were,” being the operative word.

As of this summer, Peloton will no longer be offering new contracts to multifamily communities (the company will still service the bikes that are already there) and instead will focus on hotels, and, of course, individual buyers.

But it does seem a little strange. Pelotons seemed to bridge both the technology and the fitness needs of residents, and were a sought-after amenity. I guess Peleton execs didn’t see it the same way.

So, the question then is: What will be the new must-have amenity in 2020?

Maybe more fancy gym machinery? There’s certainly no shortage of workout equipment that offers real-time and on-demand classes. For example, there’s Mirror, which is not a regular mirror but a cool mirror that has trainers and classes. (I want that, too, by the way. I’m starting to think that I’m just a sucker.)

How about smart-home technology, such as an Alexa, included in every apartment? Or, alternatively, a no-technology-allowed space for a much-needed tech detox? (Which I think is a great idea, and I’m totally going to tweet about it, if I ever get finished scrolling through my Instagram feed.)

A pet salon? Wine cellars? Convenience stores or restaurants? A margarita machine, which I’ve seriously been championing for years? High-tech package storage for all our Amazon packages? Full-service concierge? Some sort of laser?

Whatever it is, multifamily owners and property managers might want to wait before purchasing, so they won’t be stuck with expensive clothing racks (which is what my Peloton would eventually become, if I ever did buy one).

Does your community have Peloton bikes? If so, are they a popular amenity? What do you think will replace them as the hot amenity? I’d love to hear your thoughts. Post your comments on our Facebook page or send a tweet to @MHNOnline or @jfiur.

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