Multifamily Developers Use Amenities To Gain An Advantage

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April 25, 2017

Twenty years ago, a pool was considered a top-notch feature for many apartment complexes. Today’s renters need a little more.

The Washington Post reports that multifamily tenants are willing to pay more for premium amenities. They want their apartments to have hardwood floors and high-end appliances, and they want their buildings to have cool features such as dog grooming spas, indoor basketball courts, and electric car charging stations.

The best amenities bring residents together and create a sense of community. Clubhouses, fitness centers, and business centers achieve this.

Using Enodo Score data, NAA broke down by amenity its frequency in a market as well as the average rent premium it garnered. In Boston, 25 percent of the properties had a fitness center, allowing owners to charge a $66.93 per unit per month premium for it. In Colorado, only 13 percent of the properties had a fitness center and owners charged $22.04 extra in rent for it.

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