Apartment Development News & Trends

Apartment Building Amenities – What Are They Worth?

Apartment communities and complexes are looking to stand out in a relatively stationary residential market with amenities, but which ones are renters keen on?

Most potential renters are particular about the value an apartment can offer them. In most residential areas, the rent at the end of each month can remain relatively unchanged. When it comes down to it, what will sway the choices of potential renters are the amenities that the apartment can offer.

But sometimes it can be hard to tell which amenities will appeal the most. Is it proximity to the supermarket or a gym on the first floor or a common area for socializing? Or perhaps a fully functional laundry floor in the building? A recent survey has revealed some of the most sought-after amenities and can potentially offer answers to these questions.

The survey titled “Adding Value in the Age of Amenities Wars” was conducted by the National Apartment Association (NAA), and highlights some of the preferred amenities that guarantee the highest returns in apartment communities.

According to Robert Pinnegar, NAA President & CEO, the research revealed that modern conveniences and community spaces are the leading amenity demands. He also adds that the survey highlighted what offerings could enhance the appeal of an apartment, and even the simple and affordable amenities that can be added to increase appeal.

The community-level list was hugely dominated by a sense of togetherness by bringing people together. Likewise, upgrades and high-end finishes topped the unit-specific list. Furthermore, business centers and fitness centers are widely clamored for by most communities – heading the list of amenities that owners have entirely upgraded or added recently.

Other amenities also favored by residents are clubhouses for socializing and common areas. Also, pet-friendly communities are a plus, as well as those with pools, playgrounds, landscaped common areas, outdoor areas and package holding areas. Fitness centers and pet-friendly amenities are rated the biggest community revenue influencers. In the unit-specific amenities, a dryer and an in-unit washer were top of the list and almost equal with high-end and energy-efficient appliances regarding items that can potentially lead to increased rent. However, with the cost of a dryer and washer averaging around 60% less than energy-efficient appliances, they remain a very clear option for any owner looking to increase appeal. Other unit-specific amenities include ceiling fans, lighting, electrical upgrades, plumbing, garbage disposals and cable TV.