Trying to figure out how best to appeal to renters can be difficult. There are a wide variety of amenities that you can add to a building, and these amenities can attract renters and help keep units full. Tenants will even pay a premium for certain amenities.
However, it can be tough for property managers to know which amenities are going to add value ahead of time. This is because the types of amenities tenants want can vary significantly by region. Renters in different cities have different needs, and that means that property managers need to be able to anticipate not just what tenants want, but what tenants want in their area. Take a look at a few of the top apartment entities by region.
In Boston, renters are looking for concierge services and fitness centers, among other things.
What do Boston tenants want in an apartment building? Statistics suggest that they’re looking for a lounge, concierge service, and a fitness center. Boston renters are willing to pay an average premium of $80.15 for a lounge, $74.87 for concierge service, and $66.93 for a fitness center that they can access 24 hours a day, 7 days a week.
It’s not just building amenities that Boston tenants are looking for – they want amenities in their apartments, too. For example, Boston tenants are willing to pay a premium of almost $70 for an in-unit washer and dryer. They want to be able to get their laundry done easily and without a hassle.
Chicago residents are interested in apartment buildings with fitness centers and concierge service, but they also want a pool. Chicago tenants need a way to beat the heat in the summer, and they’re willing to pay an average premium of $56.37 to live in an apartment building that offers access to a pool.
When it comes to in-unit amenities, Chicagoans are interested in the ability to wash their laundry and a great view. They are paying an average premium of over $70 for an in-unit washer and dryer and $54 for a view. Chicagoans are not only looking for a building where they can pursue their fitness goals, but they also want to be able to enjoy the sunset or skyline while they’re folding laundry.
Miamians may also be interested in the view when they’re renting apartment units; that may be why they’re paying an average premium of $83.68 for floor-to-ceiling windows. They’re also looking to be able to access the internet from their unit, an amenity for which Miamians are paying an average premium of $69.59. What’s more, Miami residents are paying an average premium of about $60 for in-unit washers and dryers.
Outside of their own units, Miami tenants want to live in buildings that offer concierge and valet service. They’ll pay $69 and $67 respectively for those important amenities. They’re also looking for a building that gives them a place to relax outside their own units, which is why they’re paying $70 average premiums for a building with a lounge.
Offering premium services and having an understanding of tenants’ daily lives are good ways to bring in more tenants. Tenants in many cities are specifically looking for easy access to laundry and dry cleaning services, so providing them with access to a premium laundry service can be a great way to increase occupancy and add value. Give your residents the luxury of Tide Cleaners at your property today!