Property owners should aim to strike a balance between the cost of the finishes and amenities and the potential increase in rent revenue. Conducting market research and analyzing the competition can help property owners determine what finishes and amenities will be most attractive to renters and justify a higher rent. Additionally, it's important for property owners to consider ongoing maintenance and upkeep costs for these features to ensure they remain attractive to renters over the long term.
When it comes to maximizing rent for luxury apartment buildings, the finishes of the units and community amenities are key considerations for property owners. In-unit finishes such as high-end appliances, marble or quartz countertops, hardwood or tile flooring, and designer lighting can greatly increase the perceived value of a property and justify a higher rent. Other desirable in-unit features may include large windows, balconies or outdoor spaces, custom cabinetry, and smart home technology.
In addition to in-unit finishes, community amenities can also play a significant role in attracting renters and justifying a higher rent. Popular community amenities at luxury apartment buildings may include a rooftop pool and lounge area, fitness center, game room, movie theater, and pet spa. Outdoor amenities such as grilling areas, gardens, and walking paths can also be appealing to renters.
Again, the key here is knowing what amenities matter to your ideal renter and can help increase your income while ensuring that those investments are worth the upkeep long-term or will go out of fashion.