The amenity wars of the recent years have seen high-end apartment communities battle for renters on the basis of spectacular amenities.
Cue the arrival of dog spas, maker spaces, axe-throwing rooms, recording studios, Amazon lockers, game arcades, boxing gyms, rooftop community gardens, bowling alleys, golf simulators and more.
Of course, none of these come cheap. All are likely to add to the monthly rent payment. And therein lies the rub. Many renters’ paychecks are insufficient to pay even the cost of an average apartment shorn of amenities. For many renters of Gen Z, soon to make up much of the apartment resident cohort, renting by themselves is financially infeasible.
Jonathan Treble, WithMe company founder and CEO, believes many residents prefer practical as opposed to over-the-top luxury amenities. “While luxury amenities like movie theaters, crystal lagoons and spas are attractive and flashy, they often go underutilized,” he says.
“Residents prioritize features they can consistently use and benefit from, ensuring the investment in their apartment home is worthwhile. As hybrid and fully remote work models continue, amenities that promote productivity are essential in meeting residents’ evolving needs and supporting their work-from-home lifestyles. Transforming lobbies and shared spaces into one-stop shops with convenient and high-quality amenities, like printing and coffee machines, makes residents’ daily routines easier. It removes costs and the time it takes to get there, which ultimately increases resident satisfaction.”
In an era of unpredictable for-sale housing markets compelling more and more people to rent, many renters prize genuine value and cost savings, Treble says. Amenities that are, he says, “designed to seamlessly integrate with residents’ lifestyles and help them save money will help them decide to live in one community over another but will also increase the community’s overall value.”
