Five Valuable Features That Are Driving Renter Decisions in the New Decade
When looking for an apartment, the first things renters look at are size and price in their desired location. While these play a substantial role in the initial rental search, the final decision is increasingly relying on amenities and how they can get the most value out of their future rental property. The quality of amenities can also play a large part in how much rent tenants are willing to pay. With a seemingly endless pool of potential amenity options, we’ve rounded up a list of ones that are most important to renters in 2020.
While many buildings have had some version of a gym for years now, the features that renters are asking from this amenity have truly transformed beyond your traditional treadmill and weights setup. Today, gym-goers expect more from the facility in their building, with features like steam rooms, saunas, juice bars, and more. In addition, having to travel to work out is one of the biggest roadblocks to maintaining a consistent fitness routine. Putting the gym at their fingertips provides another way to save time and appeal to residents’ desire to exercise.
Today, it is safe to assume that many people have more stuff than they have space to store it. With apartments getting smaller and the cost of a larger place creating a barrier, providing extra storage within the building outside of the apartment is an excellent perk for those who don’t want (or simply don’t have the room) to keep their winter coats, bikes, old college textbooks, or grandparents’ heirlooms in their units. Extra storage space within the building also keeps tenants around longer, as running out of space is a key reason people relocate.
In cities like Los Angeles that are blessed with favorable weather nearly year-round, having somewhere to soak it all in, entertain, and enjoy the view is a big plus that renters will continue to look for in 2020. Renters with smaller apartments view this common space as an extension of their own, making it a place residents want to show off when friends and family come to visit. Rooftops and outdoor spaces also provide a casual way for residents to meet each other and develop a stronger sense of community in the building.
Younger renters are increasingly looking for modern, high-end finishes that not only make their lives easier but also help them to feel proud of where they live. While stainless steel appliances are no longer as expensive as they used to be to install, they are still in demand by renters and provide a sign of perceived luxury. Granite countertops and upgraded kitchen cabinets have a similar effect. Additional in-unit features that will help attract potential residents in 2020 include built-in washer and dryers, walk-in closets, and real hardwood floors.
In 2020, the number of households that own a pet is projected to continue to increase. If your property is not pet-friendly, you are likely missing out on a large segment of the rental market that views this as a necessity as opposed to an amenity. Beyond simply allowing pets, there are a number of extra-mile steps a building can take to appeal to pet owners, including a designated dog park, dog walking services, and even grooming services on site.
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