As they say, the devil is in the details. Given recent rental trends in luxury real estate, you may want to consider introducing a few luxury amenities. Namely, in recent years, renting out property due to luxury amenities has been on the rise, particularly since the Covid-19 pandemic when many people switched to remote working. We can help you choose the best luxury apartment amenities renters will love.
In most cases, people are willing to pay way over the standard rental markup for properties with the best amenities outside the standard offer. Hence, nowadays, luxury rental amenities go beyond onsite laundry and parking. Furthermore, the flexibility renting allows means that people want to enjoy various luxury amenities, just as if living in a hotel. In that sense, luxury amenities in rental properties are almost becoming a given in some real estate markets. But first…
Why should I invest in luxury apartment amenities?
The number one reason why you should consider introducing luxury amenities boils down to appealing to affluent demographics. The number and quality of amenities might be decisive factors for some renters. People’s lifestyles have become increasingly demanding as well as comfort-oriented. So, it makes sense to accommodate the changing needs of potential renters to the highest possible degree. Furthermore, with better conditions in your rental, you will be able to raise rent and increase your ROI.
For example, you want your offer to be all-inclusive to appeal to the high-paying renters. In that sense, attracting a pet-owning clientele can only happen if your rental is pet-friendly. They will use this criterion to narrow down their search.
However, some amenities are simply overkilling, even in the luxury rental market. Even though swimming pools are synonymous with luxury living, they are really far from a necessity. In fact, some renters think that pools are dangerous, especially retired or people with small children. In some cases, your decision to include an amenity will be driven simply by its potential in comparison to the price of its installation and maintenance. So, let’s see what luxury amenities are most preferred by renters.
For most people, their pets are like their family members. Because of this, luxury rental units that accept pets make for an attractive rental opportunity. In some cases, it can be risky to make your rental pet-friendly. This can be due to damage to floors and furniture, noise, or neighbors’ reaction. However, you can compensate for the downsides by attracting greater interest in your property. As a possible way to mitigate risks, you can ask the renters to pay a “pet deposit.”
If you decide to include this luxury amenity, the best way to complete the experience is to build a pet-friendly park or recreational area. Otherwise, you can offer free pet doggy bags as a perk. Also, if you consider renovating the rental units, you should introduce luxury scratch-resistant laminate or tiling instead of parquet.
Smart features are all the rage in the luxury rental market because advanced technology is almost a given in the highly-demanding, fast contemporary lives. Because of this, cutting-edge smart features are a major deciding factor when people search for luxury rentals. If your rental units do not keep up with the demands of tech-savvy renters, you might miss out on a particular niche of tenants. Start small by implementing a smart virtual assistant such as Alexa or security systems such as Ring.
Although unexpected, storage space can be a great way to instigate tenants to rent your apartment for a longer period of time. Most renters are reluctant to compromise on the number of belongings they bring with them when they move. Experienced storage companies such as NYC Mini Storage note that providing convenient storage services separates genuine luxury rentals from run-of-the-mill ones based on their customer polls.
This is because luxury in this day and age does not just entail that you provide merely exciting perks. The true luxury rental experience guarantees tenants that their living there is not just luxurious but also extremely comfortable and seamless. As a result, you should strive to anticipate all needs as a precondition to marketing your rental units as luxury.
Hence, you can optimize or expand the amount of living space by providing smart self-storage to keep extra furniture out of the way. In this way, you can ensure that tenants have enough space for all of their belongings as well as a pleasant, spacious living space.
Stainless steel appliances
Stainless steel appliances make for a luxury amenity because they are extremely durable and appealing to the eye. In that sense, you are furnishing the apartment with appliances that will look good and stand the continuous wear and tear. Furthermore, they have a futuristic, sleek appeal to them.
If your rentals are located in the city, partnering up with an around-the-clock car-sharing service is an amenity that sets you apart from the competition. This is an attractive offer for a variety of different tenants. For instance, environmentally conscious tenants will be able to use the cars as needed. In this way, you are enabling them to live comfortably without owning a car.
Furthermore, car-sharing services are among the luxury apartment amenities renters will love because they can have guests come over for a visit and stay mobile. Hence, you will be able to generate interest in your rental as you provide the full, all-encompassing luxury experience in which every single need of the tenant is satisfied.