Lavish amenities at luxury apartment complexes are a familiar concept that often include pools and community social areas. But the amenities war is getting more competitive as buildings are offering more ways to socialize and entertain their residents – expansive kitchens for cooking demonstrations, outdoor fire pits, parks, swimming pools, theaters, fitness centers, music practice rooms and game rooms.
As the puts it, “[these apartments] are like an extension of college dormitory living for graduates pursuing careers in cities.”
Here’s a look at some of the creative new ways apartment communities are trying to attract residents to keep vacancy rates at a minimum in spite of climbing rent prices.
This Colorado apartment complex boasts having the only lazy river in Denver, heated year round. The Veranda Highpointe offers studio apartments starting at $1,305 (and up to $2,250 for a studio) according to the company’s website.
Magellan Development Corp. is planning to fill a fairly unorthodox position at its newly opened 36-story building near downtown Chicago: live-in musician. The live-in musician is Magellan’s way of responding to the demands of young renters, who expect new buildings to offer entertainment and opportunities to socialize.
Magellan is seeking singers and other musicians who will be given free rent in exchange for the services they provide.
Yoga as an Amenity:
BonZai Yogo promotes their yoga classes to Apartments and Condominiums as a valuable amenity to offer residents. Their website entices apartment managers and owners by explaining, “What better way for apartment homes and condominiums to show how much they value their residents than by offering them complimentary onsite yoga classes!”
Onsite Massage Therapist:
The Metropolitan Apartments in Tacoma, WA boast an onsite massage therapist for residents. With floor plans starting at just $1125, this luxury apartment is one of the most affordable options in the amenities war.
Sky Pool – Glass Bottom Pool 42 Stories High
The Sky Pool is located on the 42nd floor of the Market Square Tower in Houston, Texas, this glass-bottom pool allows swimmers to feel like they are walking on thin air. The Plexiglas base, which extends 10 feet past the building’s edge, provides a bird’s-eye view of the street below.
In a video posted by the New York Post, “Apartments start at $1,805 a month… but overcoming your fear of heights is priceless.”
And one Amenity Flop – Trash Valet
An apartment complex in Washington D.C. introduced a Valet Trash Service to their residents. In a letter to tenants at Axiom at Capitol Yards said, “In order to help simplify your life, we’re adding Valet Waste to our great list of amenities. Valet Waste service means that we will pick up your trash and recycling 5 nights a week. No more dragging it down the hallways, no more stockpiling it until you have time to take care of it and no more unsightly trash piled up in the trash rooms!”
The resident perk generated some negative reactions from tenants, as reported by Huffington Post, “some expressed concern that trash waiting to be picked up outside apartment doors could constitute a fire hazard, and others worried about the icky ambience that trash might create in the building.”
Are Luxury Amenities Worth It?
When it comes to adding value to a property, standard community features appear to have the most impact on a property’s bottom-line.
In a 2017 report by the National Apartment Association, Overall, community-wide amenities garnered higher average rent increases of $77 per unit compared to $52 for unit-specific upgrades. Pet-friendly amenities had the greatest impact on rent increases, and with a relatively low cost to implement, clearly o er the best bang for the buck. Fitness centers, swimming pools, common areas for socializing and outdoor kitchens also played a role in adding value.
“Providing a wide range of amenity choices at all price points results in a win-win for both owners and residents.”