We all have a dream. A dream that someday we’ll live in an apartment with a whirlpool tub and multiple shower heads. Or a penthouse unit with a breathtaking view of the city. Or even a place with a balcony big enough to set up a full furniture set.
While those dreams are not very realistic (at least in the near future), for now, a dream apartment may include some basic but coveted features, like a dishwasher, an easily accessible location, or a walk-in closet. But how much would you be willing to spend on an apartment rental with these basics?
According to a Rent.com survey of 1,000 millennial renters between the ages of 18 and 34, respondents are willing to spend, on average, $226 more per month on rent in order to stay in (or sign a lease for) an apartment they love. Here’s how much renters are willing to spend for a dream apartment rental:
How Much Are Millennials Willing to Spend?
The survey respondents were pretty clear about one thing: They were all willing to spend at least a little extra on an apartment they loved. Every one of the survey participants said they’d be OK spending at least $50 more on top of their current rent.
Despite the fact that rising rents prices are making even non-dream apartments expensive, six out of 10 respondents were willing to spend more than $100 extra to live in their dream apartment. Almost one out of eight renters were even willing to shell out an additional $550 or more!
Affordability vs. Amenities
These statistics come as a bit of a surprise based on the fact that a majority of the survey respondents (57%) ranked affordability as their No. 1 priority during an apartment search. What does this mean?
Well, affordability means something different to everyone, but for many renters, certain apartment features and amenities may outrank the price of rent when it comes to deciding where they want to live. In fact, tacking on extra rent for some amenities may be worth it when you consider each feature’s value (both financially and personally).
Here are some amenities that might be worth paying a little extra for:
As far as personal priorities go, safety should be at the top of the list when searching for an apartment rental. Other than a location in a safe neighborhood, there are a few specific apartment amenities that can add some security and may be worth shelling out extra for each month. These features include a doorman, an intercom system, or multiple locked entrances.
Proximity to Public Transit
I live in Chicago, and it’s common knowledge that apartments within close proximity to the “El” (our version of a subway or light-rail system) are more expensive than less transit-accessible places. This trend is true in most big cities with public transit. Living near public transportation can be considered an investment that’s worth a little extra in rent, especially for millennials who don’t own cars.
If your rent builds anything into the total price, especially utilities like water, heat, gas, electricity, Internet or cable, that higher rent price may be canceled out by your lower monthly bills. Check to see what’s included in rent during an apartment search.
If you aren’t sure if a certain apartment is a good deal, ask around about how much your friends are paying on average for their utilities. Then do a little math to see if your dream apartment rental is within budget if you account for the lesser monthly cost.
An In-Building Gym
Many people pay a great deal of money each month for a gym membership (and some don’t even use it often enough for it to be worth the expense). Four out of 10 renters surveyed are willing to pay between $50 and $100 extra each month for a great apartment, and that’s right around the range of most gym memberships.
So, if your apartment has a workout facility (sauna anyone?) you may be more likely to use than the gym a few blocks away (nobody likes having to walk to the gym during the winter), paying extra rent per month is likely worth it.
Apartments with enough storage for everything you own may be few and far between. So, if you can find a place with extra shelves and closets to keep all of your belongings, you may want to pay more for it.
This is especially true if you’re currently paying a monthly fee to keep some items in a storage unit– getting rid of that extra monthly cost could make the added rent more manageable.
In-building laundry facilities are valuable mainly for their convenience, but it’s a price worth paying for most people. Remember that in-unit washers and dryers, though even more convenient than a separate laundry room for everybody, can up your electricity and/or water bills, so they may be even more costly month by month.
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According to a Rent.com survey of 1,000 millennial renters between the ages of 18 and 34.