Amenities residents will literally pay for.

Say the word "amenities" to any apartment professional and most of them will envision the same thing: pools, weight rooms, business centers and more. Some might think along the lines of services they provide their residents, such as plant watering, picking up mail, valet dry cleaning and pet sitting.

But for the more progressive-minded companies, there is an entirely new way of thinking about amenities. These companies are rethinking the way business has been done in the past, from security deposits to acceptance of rental payments. And it's catching on quickly with residents and prospects across the country.

Credit Card Payments

In a survey performed in November 2003 by AB Research Associates Inc., an independent research firm in Danbury, Conn., 89 percent of residents who were allowed to pay their rent with their American Express card declared that this new amenity was more valuable to them than a fitness center, pool or business center. Even among non-users of the card, 49 percent ranked the ability to use their American Express card higher than the business center or the pool at their community. Amazingly, 59 percent of residents enrolled in the American Express rent payment program indicated that the program would influence their decision to renew at their community.

American Express takes its program even further by co-branding its marketing initiatives with their multifamily housing clients.

Alternatives for rental payments are offered by PropertyBridge, an Oakland, Calif.-based payment services provider, who recently announced a strategic alliance with Visa USA to market its data-driven, online rent-payment service for residential properties.

Currently, 53 million households bank online. By 2008, business intelligence firm Jupiter Research projects that the number of U.S. households banking online will reach 56 million, with 85 percent of those households paying their bills online.

Security Deposits

Another amenity in the market today is the security deposit alternative, which allows residents to reduce their move-in costs.

How does this work? For $500 worth of coverage, the resident pays an $87.50 security deposit alternative premium at move-in. The one-time, non-refundable premium is paid by the renter at lease signing and remains in effect for as long as the renter resides at the leased apartment. In addition, the bond continues to provide coverage at no additional cost if the renter moves to another apartment within the owner's portfolio.

"Renters are drawn to properties that offer security deposit alternatives because they reduce their move-in costs and free up cash when they need it most," said Paul Kaliades, President of SureDeposit, a provider of security deposit alternatives to the apartment industry. "Owners and managers benefit too because the surety assumes responsibility for processing all collection and recovery activity, reducing or, in some cases, eliminating the administrative burden typically associated with traditional security deposits and their resultant costs."

When next considering ways to increase occupancy, consider the tennis courts that are never used, the opulent clubroom that sits empty during most days and the dry cleaning valet service that is used by only a handful of residents. Start looking at some of the unique services a community can provide residents that they will actually use.

Lisa Trosien has more than 20 years of industry experience. She can be reached at [e-mail].