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August 2nd, 2016

Multi-Family Housing: Premium Unconventional Amentities

One of the top factors prospective renters consider when looking at apartments is the amenities it offers. There are several common, as well as unconventional amenities that renters are willing to pay extra for. Below are just some of the newest sought-after amenities renters are going crazy over:

Some of the highest rated premium amenities include: steam room, fitness instruction classes and walking trails. These are some of the most in-demand unconventional amenities that renters are willing to pay top dollar for. Amenities such as a pool, Jacuzzi and fitness centers have now come to be expected. These new offerings are influencing the type of amenities now being offered in apartment home communities.

Studies show that 18% of renters are more willing to pay an extra $5 on a monthly basis so that they can access such amenities and $10 more can be paid by 14% of renters. Taking the demographic perspective, it is evident that Millennials are more willing to pay more for the amenities as they see the worth in possessing the amenities. Even by keeping different generations in mind, the younger and older generations share a common amenity interest, fitness classes. The favorites among these are yoga, cardio and cycling.

In summary, offering different amenities not only make you stand out, it will attract new customers that are willing to spend more money for unconventional apartment luxuries.