Which Amenity Is Worth the Most to Renters?
March 27, 2017
Sure, bedrooms and bathrooms are the two largest factors that can affect apartment rent. But a new study also finds several amenities that renters are willing to pay more of a premium to get.
Read more: Multifamily Amenities Grow Up
A study by RentHop, an apartment search website, finds that some of the amenities that have the greatest impact on price in the 10 largest metro areas are: an elevator, doorman, in-unit washer and dryer, fitness center, “pets allowed” policy, and dedicated parking space.
Here’s how a few of those amenities can impact rental costs:
- Doorman: In New York, renters pay a $260 premium for the service, followed by premiums paid in Los Angeles at $150 and Miami at $140.
- Laundry in unit: New York renters pay $80 for the amenity, followed by $65 in Philadelphia and $60 in Boston.
- Fitness center: New Yorkers pay $90 to have this amenity, followed by premiums of $75 in Boston and $60 in Chicago.
- “Pets allowed” policy: Los Angeles renters pay $50 more to have such an amenity, followed by $40 in Chicago and $35 in New York City.
- A dedicated parking space: New Yorkers pay $50 more for this luxury, followed by $40 in Boston and $30 in Chicago.
Source: “Which Amenities Raise Rents Most?” New York Times (March 24, 2017)
Updated: October 18, 2019