Amenities are one of the first things renters inquire about when looking to move to a new apartment. Naturally, as the owner of a property, you’d want to provide the amenities that most folks are looking for. According to a new Apartment List study, however, most of the largest U.S. metros have either too many amenities, not enough amenities or the wrong amenities.
In the priciest cities, like New York and San Francisco, renters are often able to overlook having certain amenities in the pursuit of affordability. However, renters in Southern cities, such as San Antonio and Houston, are more demanding when it comes to amenities. This is likely a result of the hotter temperatures and renters’ desire for things like air conditioning and pools.
Below is a chart featuring the top 10 most common apartment amenities. It compares the share of properties that have each amenity to the share of renters that claim to desire that amenity.
Chart: Apartment List
Cat-friendliness tops the list as the most common amenity, with 52 percent of apartments allowing cats. This can be traced to the fact that it doesn’t take a large investment to allow cats in your building and any fees associated with it can be quickly recouped by charging a pet deposit. Unfortunately, only 12 percent of renters are looking for an apartment that allows cats.
On the other end of the spectrum, the most sought after amenity is in-unit laundry, desired by 53 percent of renters, according to Apartment List. Why are they only provided by just 13 percent of apartments? Cost. Purchasing machines and setting up plumbing can quickly see costs go through the roof.
What’s odd is how unlikely renters are, in major U.S. metros, to find an apartment with all the amenities they’re looking for. Not having enough amenities is fairly common, but take a look at the chart below to see which cities provide the wrong amenities and which ones provide way too many.
As a property owner, it’s in your best interest to provide the amenities that renters in your area are looking for. It’ll keep them happy and your units filled! To take a look at Apartment List’s study and for a full breakdown of their methodology, go here.
Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com
