The amenities in a rental property can often be the deciding factor for many apartment hunters. A rental property with a lower price point may be lacking in some of the amenities that you may see in other housing options. Conversely, a property sitting at the higher end of market rent may offer some quality amenities that you may find enticing and possibly worth shelling out a little more money each month.
When making the decision on your future rental, tenants should consider their own personal preferences vs what they can afford. Don’t jump the gun with a shiny amenity – make an informed decision or else you’ll find yourself in over your head financially. You don’t want that and your property manager doesn’t want that!
3 Questions to ask yourself… What amenities do you need? What amenities do you want? And are these amenities worth the additional monthly rent?
What Amenities Do You Really Need?
Although some amenities offered in a rental property are not exactly necessary to live, there are some amenities that some people would not consider renting without. In-suite laundry is a great example. Most apartment hunters have this on their list. While you search, you may find that those rental units with this luxury have a higher price point. The added expense associated with in-suite laundry may be worthwhile to some while others have no issue with a weekly visit to a laundry mat to save money on their rent. Determine the amenities you need and then check to see what’s available. The price may be attainable or you may need to revisit your want list.
What Amenities Do You Really Want?
In addition to the amenities a renter feels they need, there are some amenities that may be desired as opposed to necessary. A dishwasher is a great example. Who doesn’t love tossing their cereal bowl into a magical cleaning machine? While this is desirable to most, there are a lot of people that don’t mind the old hand washing technic or don’t see the need for one. If you are someone who doesn’t mind getting their hands wet to throw down some elbow grease on that casserole dish, forgoing a dishwasher from your list will help keep your options open to more budget-friendly rental units.
A meeting space or common room is another example of an amenity that some tenants have at the top of their list, and one that some renters are willing to pay extra to have. Tenants who entertain frequently may enjoy this type of amenity because it affords them extra space for entertaining or gathering with their apartment community. A unique amenity like a common room usually comes with a price tag. You can expect these properties to be sitting at the higher end of the market rent scale.
Are these amenities worth it?
For the amenities that you want, you’ll need to compare the value of the amenity is worth the additional cost. Will you use that common room enough to justify spending extra dollars each month? Or does it make more sense financially to search for an apartment community without this feature and book a community center for the twice a year gatherings you host?
At the end of the day, apartment hunters will all see the trend of fewer amenities = lower rent. Make a list of what you absolutely need vs what you would like (but could live without). If you find a rental that checks all the boxes for amenities and is in your price point, the next question you need to ask is: When can I move in?