Amenities are mainly seen as a way to set an apartment community apart from the crowd, attract potential residents, and get current residents to stay. But with so many options, it can be tricky to prioritize which amenities will be best for the community and for business. A recent study conducted by the NAA (National Apartment Association) highlights the amenities that have been found to add the most value to apartment communities.
Top 3 Amenity Upgrades:
This first category focuses on the top 3 amenities based on upgrades added since 2014. When it comes to community amenity upgrades, the following three top the list:
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Fitness Center
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Business Center
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Clubhouse
In fact, this NAA Research Study found that “half of the top 10 amenities…involve bringing people together.”
Following is a list of the top 3 unit-specific amenities:
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In-Unit Washer/Dryer
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High-End Kitchen Appliances
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Hardwood Floors
Top 3 Revenue Boosters:
This category contains the top 3 amenities based on the amount of increased revenue certain upgrades provide. It also contains the percentage of rent increase that comes from each amenity. Here are the top 3 community-wide revenue boosters:
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Pet Friendly Amenities – 17%
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Fitness Center – 13%
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Swimming Pool – 11%
Interestingly, while Pet Friendly Amenities add the highest revenue to a community, they are also among the lowest cost to implement.
The top 3 unit-specific revenue boosters follow:
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Energy Efficient Appliances – 16%
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High-End Kitchen Appliances – 16%
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In-Unit Washer/Dryer – 15%
Which of these amenities have you already upgraded in your community? Which amenities have your renters loved the most? Share your thoughts with us!
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Taylor Fish
Taylor is a staff writer for Multihousing Friends and a student at Brigham Young University.