Apartment Amenity Wars Heat Up

Apartment Amenity Wars Heat Up

April 9, 2014 | Rental Trends, Rental Trends and Real Estate News

Would an apartment complex with a pool, spa, cocktail bar and gym grab your attention? That’s what builders are banking on, and it’s what’s fueling the so-called amenity wars.

[The Rise of Luxury Apartment Rentals]

More new apartment construction projects are featuring the kinds of perks you’d expect to find at hotels in a race to get more renters. These luxury complexes are becoming popular nationally, with new apartments springing up in cities like Los Angeles, Dallas and Washington, D.C., (to name a few).

Inflated Demands

While there are many compelling arguments as to what propagated this amenity trend, inflation seems to be the most sound one. Not monetary inflation—demand inflation. A few years ago, an apartment complex was trendy if it had a landscaped courtyard or renovated kitchen. Renters flocked to those buildings, so more companies added such features.

Nice kitchens and courtyards then became commonplace, and builders had to once again innovate. Over time, the amenity wars pushed competitors to introduce luxury items, such as rooftop pools.

[Which Apartment Amenities are Most Important to You?]

Basically, rental companies want people to live in their buildings. If it takes a fancy menu of amenities to get people in the door, they’ll add it. Besides, the rent prices will certainly cover the overhead costs of adding such features.

Paying the Cost for Amenities

As you probably would imagine, rent in one of these luxury complexes doesn’t come cheap. Depending on the city in which you live and the types of amenities offered, you could be paying a rent of anywhere from $1,500 to $3,500 a month.

A top-of-the-line three-bedroom apartment will be in the higher part of the range, while one-bedroom units with fewer amenities will sit on the low end. However, the prices don’t scare away customers who can afford it and who prioritize a luxurious living experience.

[Median Apartment Rental Rates in 20 Major Cites]

Amenities You Might See

So what exactly should you expect to find in one of these ultra-extravagant apartments? It depends where you look, but many places have pools, bars and fitness centers. You may also find complexes that include bowling alleys, spas, pet-boarding facilities, in-house stores and on-call massage therapists.

Some apartment buildings will even cater to various types of professionals. For example, young business types could find their dream unit in a complex that has private meeting rooms and free Wi-Fi access throughout the building. Health-minded individuals could look for gyms and spas.

The apartment amenity wars could even lead to an era of living where people seek apartments that fit their lifestyle. What do you think?

[Image: Vintage at Hollywood Hills - Rent.com]

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