7 Best Amenities for Luxury Apartment Complexes in 2020
March 19, 2020
When the Great Recession finally hit Austin, TX, new apartment construction came to an abrupt halt. Financing was extremely difficult to obtain or basically did not exist, and projects could not move forward.
This situation led to an extreme apartment shortage because as the recession ended, people came to Austin in greater numbers. There were more newcomers and less apartments, so rents increased, and vacant apartments disappeared from the market in days as hungry new Austin residents quickly rented them.
Best High-End Luxury Apartment Complex Amenities
- Pet Space
- Food Delivery
- Wi-Fi and Cable
- Co-Working Space
- Electric Vehicle Charging
Then, around 2013, a load of new apartments came online and Community Impact, a local Austin newspaper recently said, “‘For the last two years, the city of Austin has seen an increase in the number of new apartment units coming online, totaling about 11,000 per year in 2016 and 2017, but construction is showing no signs of slowing down,’ said Bruce McClenny, president of Houston-based ApartmentData.com, a site that tracks occupancy and rates of apartments in major Texas and U.S. cities.”
Our point is that with increased competition in the retail apartment space, you need to think of the amenities that will put your development on top of the would-be renters’ list. Finding new renters is hard, and prospective tenants are going to consult rent reports like this from ABODO before locking in a new place, but they also want to know what the complex can do for them. Not to mention the impact it has on resident retention rates and overall community satisfaction.
Give your residents a dining amenity built for multifamily living.
Create a room-service menu for your properties – prepared by local restaurants, with unlimited free delivery and weekly food popups hosted in your building.
7 Best Luxury Amenities for High-End Residential Apartment Buildings
1. Dog Run or Park
You don’t have to be reminded that a pet-friendly vibe is a requirement for many renters. And pet-friendly doesn’t merely mean fencing off an outside area and calling it dog park.
Pet owners love indoor pet facilities such as a dog run where they can walk their dog in inclement weather and if you have the room, partner with a pet spa to provide in-complex services.
2. Dining Amenities
Your parents remember when the only restaurant food delivered was pizza, and things have certainly changed rapidly in the past couple of years. Third-party food delivery systems have radically altered the way restaurants get their food to customers, and with a click on an app, an almost endless variety of food can be sent to an apartment dweller’s location.
If you as a building owner can streamline this process for your tenants, you’ll be on the cutting edge of a very important amenity. Think of constructing a dedicated spot in the lobby for the delivery of food from third party services. Savvy landlords will take this one step further and partner with a PropTech startup like 2nd Kitchen that can actually provide concierge-type room service programs and daily-rotating food delivery options for apartment tenants.
3. Wi-Fi and Cable
In your parents’ days, when it was time to move, they had to call the electric company, the gas provider, the water utility and the phone company to establish service. Now, there is one more puzzle piece to connect and that is Internet service. Although the scene is changing, renters usually don’t have much choice when it comes to electric, water or gas service. Internet connectivity is another issue, however, because there are varied providers and different methods of receiving an Internet signal.
When the question asked is, “What do I do for Internet and cable?” you should be able to provide the answer, “It’s in the building and all you have to do is plug in.”
And complex-wide Wi-Fi is a great free amenity that you can provide for your tenants. When tenants’ friends visit, it’s a very nice perk to be able to instantly connect with a strong Wi-Fi signal, and if you can make this happen, you’ll be able to better compete in what’s become a crowded marketplace.
In 2020, the best option for multifamily residential buildings is to work with a managed WiFi provider.
4. Co-Working Space
Even with WeWork’s well-publicized recent problems, co-working is still a big deal, and apartment residents really like a dedicated place to get their work done on-site. Think of the business centers that hotels provide, and you’ll have a basic idea of this valuable amenity.
Don’t just equip your co-working space with a computer and a printer however because the best apartment co-working spaces include at least an upscale coffeemaker along with some free snacks.
Rooftop pools are great if done correctly. Just make sure that the only available rooftop view includes more than a look at kitchen vent fans and HVAC units. Also, if your rooftop space can accommodate private parties and is equipped with outdoor cooking equipment and a bar area, you’ll have an excellent upscale amenity.
Adding a workable rooftop space well after initial construction can cause some logistical issues so try to ensure that your rooftop design includes easy elevator access. And finally, if you are located in a colder climate, built-in gas heaters can make the space usable for many extra months.
Some people like making the trip to the gym and will only use inferior apartment workout rooms if they are desperate. The fix for this is to construct a great-looking and user-friendly workout area. This is one place where you definitely need to consult with a professional gym designer because you will want to be on the cutting edge of the latest fitness trends.
Do be sure to check with your legal team about gym-type liability issues and ascertain if your tenants and their guests will need to sign any kind of waivers before they use the facilities.
7. Electric Vehicle Charging
It may take decades for electric vehicles to surpass the number of gas-powered cars on the road, but that day is coming, and smart landlords/apartment managers carve out space now for electric car charging stations.
In fact, CNBC recently said, “Electric vehicles will grow from 3 million to 125 million by 2030, International Energy Agency forecasts.” And, since the “national average for installing a standard 240V electric vehicle charging station ranges between $435 and $983, while the median cost is $704 for a single one,” according to homeadvisor.com, this is one amenity you can install rather inexpensively.
Additional Resources for Property Managers & Landlords
Keeping Your Luxury Apartment Building at the Top
In a non-competitive apartment marketplace, you can get away with the status quo for a while, but if numerous apartment units are about to become available in your city, try implementing at least some of the tips we have described above in order to get your unique property to the top of prospective renters’ lists.
Sam is the content manager at ABODO – a marketplace to help renters find apartments.
Add a Room Service Amenity to Your Multifamily Properties
With 2ndKitchen, create a room-service menu prepared by local restaurants – with unlimited free delivery and weekly food popups in your building.
Join the conversation with thousands of customers and partners talking about the future of food service.
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