Convincing a renter to pay for a luxury apartment is just one part of the equation. To keep customers happy and engaged, operators must also provide an experience that the renter values when searching for their next home. In this article, we will explore what today's luxury renters value most when looking for a new place to call home.
1. Top-Notch Building Amenities
A luxury apartment needs to offer a host of on-site amenities that increase convenience and generate additional value. Going above and beyond creates a sense of exclusivity, which is why luxury apartments demand higher rents than their less prestigious counterparts.
Luxury renters expect certain amenities, and to remain competitive for this desirable cohort. Operators will have to match or exceed the other luxury properties in your area. Find out what your competitors offer and take it a step further. This could mean additional features, better quality, or even services related to each amenity.
Many Millennials and that offer a degree of location flexibility. Coworking spaces can serve as a great amenity for renters who work . It provides a change of scenery without having to leave the apartment to go into the office or to a coffee shop. Coworking spaces should provide ample tables and chairs that allow for both individual and team collaboration. That means open space for collaboration as well as private conference rooms with large monitors for easy connectivity and a comfortable working environment.
These areas should also have access to high speed Wi-Fi, power outlets, and other necessary features for productivity. Additionally, providing access to free espresso bars, snacks, and other refreshments can make coworking spaces feel more like a WeWork (or equivalent) without the additional cost.
A luxury apartment building with a modern on-site fitness center will stand out to residents that like to work out and stay active. It provides the convenience of working out without leaving the building. In addition, this builds in additional value that saves residents money on costly gym memberships. These facilities often feature high-end equipment such as treadmills, ellipticals, weight machines, and free weights, allowing residents to easily incorporate exercise into their daily lives. Furthermore, some luxury apartments may even offer classes or personal trainers to give their renters a more tailored workout experience.
Spas or Pools
Luxury apartment buildings often have amenities that go beyond the basics of a gym, such as spas and pools. An on-site spa could provide services such as massages, manicures, and pedicures, allowing residents to relax and pamper themselves in the comfort of their own building. Additionally, an outdoor pool can give renters a place to cool off on hot days and can even feature amenities such as a slide, diving boards, and hot tubs for added fun.
Game Rooms and Common Areas
Game rooms and common areas can provide a place for renters to gather and socialize. Common areas should be designed to accommodate both large and small groups of people with comfortable seating and ample space. These could include features like pool tables, foosball, or air hockey for an enjoyable recreational experience.
2. A Sense of Community
By creating opportunities for social interaction, residents are more likely to stay longer in the space. makes them feel connected and supported by those around them. This can also lead to positive word-of-mouth publicity that attracts new residents. Here’s how to create a sense of community.
Networking events, such as happy hours and brunches, provide a perfect opportunity for renters to meet one another and build relationships over time. By hosting these , operators can help create connections between people who may have never met in the first place.
A Safe and Secure Environment
People don’t want to think twice about safety–especially when paying luxury prices. To make people feel more secure, operators can implement a range of safety measures such as:
Installing security cameras
Keeping around the clock front desk and security staff who can patrol the premises
Using fobs and key codes that limit outsiders from entering the building
Not only will these measures help to ensure the safety of residents, but they may also serve as a deterrent to any potential criminals.
Many operators are now taking steps to make their properties . This means making sure that there are areas where pets can run and play, providing access to pet-friendly amenities such as dog runs / parks, and offering a range of services for pet owners. This can include special dog walkers, pet sitters, grooming services, and more. By making the environment more welcoming to pets, operators can attract a larger pool of potential renters who may be looking specifically for an apartment that is pet friendly. Additionally, pets can provide a sense of companionship and security for renters, making them feel more at home.
3. High-End, High Tech Apartments
Younger renters are increasingly looking for properties that are equipped with the latest in high-tech features that are also environmentally-friendly.
In-Unit Washer and Dryer
Offering a washer and dryer within the unit can be a great incentive for potential renters. Many younger renters like having an in-unit washer and dryer. This eliminates the need to carry heavy loads of laundry up and down stairs or pay for expensive off-site laundry services. In addition to being convenient, it can also save renters money in the long run–especially if water or utilities are included in their rent.
Smart Tech and a Sleek Appearance
Smart technology is becoming increasingly popular in rental units, as this provides renters with more control over their environment and helps them save energy. A wide variety of smart home solutions are available on the market, such as thermostats, lighting systems, and more. Offering some of these features can be a great advantage when trying to attract renters.
In addition to smart home tech, having sleek modern appliances and decor will make your rental unit more appealing. From stainless steel kitchen appliances to trendy furniture pieces, having an updated look can help you stand out and make your unit more desirable.To take this a step further, you can also give the option of furnished units, which come at a higher price to the renter.
4. Additional Value-Adds
There are a variety of additional ways to stay competitive and attract luxury renters. Here's a list of additional ideas for value adds that benefit your potential residents and help improve your business at the same time.
Drop the Security Deposit
As an operator, this has two key benefits. The obvious one is that you’ll be able to protect yourself from default and fill vacancies faster. In addition, you’ll be able to market your property to renters as a deposit-free community.
The best form of marketing is word of mouth. Your residents will promote your property for you if they’re enjoying their experience. To sweeten the pot, you can also create a referral program that gives renters a month of free rent or other perks for sending over new leads. This saves on marketing costs and can help retain existing residents.
There are many individuals from other countries that are moving to the United States that will pay a premium for luxury accommodations. The problem is that they typically lack a U.S. credit history and social security number. A lease guarantee allows you to cater to this valuable demographic without carrying the financial risk of tenant default. We act as the renter’s guarantor, so in the event that a resident stops paying rent, all you have to do is file a claim with us. Our easy claims process ensures you'll be able to recover the lost income painlessly.