Luxury apartments have more than large living areas or a high price tag. They stand apart from the rest of the housing market in terms of the amenities they offer. Real estate managers shouldn’t waste time and money arranging for amenities that don’t matter to customers. You’re wasting money, too, if you spend money on amenities that don’t justify their cost in terms of higher rent by tenants. On the other hand, if you have the most desired amenities in luxury apartment communities in your property, these amenities can sell the property for you via word of mouth and distinguish you from the competition. But what are the most desired amenities in luxury apartment communities?
You can’t always give people a convenient downtown location or public transit. However, you may be able to offer convenience in the form of on-site service. This could take the form of on-site retail spaces and on-site restaurants. Then they don’t have to leave the building to pick up dinner or necessities. This can be an additional source of revenue for the apartment building owner, too, if they rent out the retail or commercial space to the service provider. They would typically make money by offering services to both residents and the community at large.
Don’t forget the amenities you can put in the apartments themselves. A good example would be washers and dryers in all apartments. This eliminates the security risk that comes with on-site laundry rooms, while residents appreciate not having to go to the nearby laundromat.
Entertainment and Activities
Some of the most coveted amenities are activities and entertainment that don’t require someone to leave the building. It is the ability to go out on the sun deck at 2 AM and watch the stars or hold a party in the on-site lounge with big-screen TVs and a full kitchen. This is a step up from the standard swimming pool and small workout room. If you have a fitness center, try to set it up so that it is available 24 hours.
Security is a major attraction. It is prioritized by single women in general and everyone living in a high crime neighborhood. Controlled access parking is a good starting point. Concierges and security guards overseeing access to the building is the next step. Give residents secured bike parking and storage units.
An increasingly popular amenity is the pet-friendly label like that offered by McEwen Northside Apartments. It is now more important to young adults than on-site playgrounds, while it is essential to empty nesters who have dogs and cats, as well. It isn’t enough to say you allow pets in the apartment. You need to provide spaces where pet owners can take their dogs for walks and, ideally, run around without a leash on.
Support for Resident’s Interests
Tenants appreciate living in a building or complex that supports all of their needs. For example, an apartment building that offers a business center and meeting rooms will attract road-warriors and work-at-home professionals. They’ll want to use the business center to get work done and make critical phone calls, while they will meet with clients in the on-site meeting rooms.
High Tech Solutions That Matter
Give people programmable thermostats so they can control the temperature of their residence. You could give them keyless entry to the building and their apartment. You could take it to the next level with a concierge app so that someone can request dry cleaning be picked up or letting in a guest without having to make a phone call to the front desk.