For example, amenities frequently offered by apartments or condominium complexes are swimming pools, fitness facilities, park areas, pet spaces, and playgrounds. Many apartment complexes also try to align their amenities with the tenants they hope to attract. If an apartment complex consists mainly of one-bedroom units catering to young professionals, they may offer amenities such as co-working spaces or fitness but fewer child-friendly spaces.
How Do Amenities Work?
Amenities are used to create market appeal and generate more value. However, for renters and owners, amenities mean higher costs.
Market Appeal
In an email interview with The Balance, Andrew Meditz, president of Elite Amenity Management based in New York, revealed some of the most desirable amenities. These include access to a private gym, fitness studio, and swimming pool. He also noted that work-from-home amenities, such as co-working spaces or common areas, have become very desirable. In an email interview with The Balance, Andrew Meditz, president of Elite Amenity Management based in New York, revealed some of the most desirable amenities. These include access to a private gym, fitness studio, and swimming pool. He also noted that work-from-home amenities, such as co-working spaces or common areas, have become very desirable. Smart technology is also becoming more attractive. In an email interview with The Balance, real estate broker Michael Dean said, “From state-of-the-art, highly efficient HVAC to integrated lighting systems and app-driven security systems, the more technologically adept your home is, the better your market appeal.”
Add Value
Amenities add value for owners and those living in the community. According to Alex Peña of RentHop in an email to The Balance, “A good rule of thumb is that anything that adds on to the amount of usable space (like a storage unit, parking spot, or balcony) or creates more efficiency (like washer and dryer in unit, dishwasher, or elevator) will be a sought-after amenity and increase the value of the apartment.”
Increase Upkeep Costs
Because many community amenities are shared among the housing complex or neighborhood, they may need professional management and maintenance. In an apartment complex, the upkeep of these facilities is often managed in-house. Residents have no role in the maintenance but pay for it through increased rent. However, in a condominium complex or planned community, owners are generally required to become members of a homeowners association (HOA) and agree to abide by the conditions, covenants, and restrictions (CC&Rs) upon purchasing the property. As a part of the CC&Rs, the homeowner agrees to pay fees for the HOA to hire management and maintain the amenities. Board members are elected for the HOA and then govern neighborhood decisions, amenities, common area maintenance, neighborhood appearance, and more.
Types of Amenities
Amenities generally can be classified into two categories: in-unit amenities and community amenities.
In-Unit Amenities
In-unit amenities are found within the residential unit itself. Some common examples of in-unit amenities include:
Washers and dryers Central air conditioning Forced air heating Balconies Smart-home features Wi-Fi High-speed internet Security High-end fixtures and finishes Renovated spaces Open floor plans Pet-friendly spaces Stainless steel appliances Closets or storage space Large windows and natural light
Community Amenities
Community amenities are shared by the residents of the apartment building, condominium complex, or HOA-governed neighborhood. Some examples include:
Swimming pools Clubhouses Tennis courts Fitness facilities Parking Covered parking Parks Common areas Pet areas Security Package lockers Bike storage Co-working spaces Electric car charging stations Kids’ play areas Barbeque areas Picnic tables Community garden spaces Green spaces Elevators
How Much Do Amenities Cost?
Here are a few examples of typical amenity fees when they’re not included in rent:
One-time: anywhere from $100 to $500 upon moving inMonthly: $30 per monthSwimming pool: $30 to $50 for the seasonBike storage: $10 to $20 per bike per monthOutdoor parking spaces: $10 to $400 per monthCovered parking spot: $50 to $600 per monthStorage: $50 to $200, depending on the size of the unitFitness centers: often included with rent, but some complexes where space is a premium can charge a feePackage lockers or management: $3 to $5 per month, sometimes with an activation fee of around $30
Charges and expectations for amenities vary widely in different parts of the country. In some areas, it is typical for amenities to be included in the price of rent, and tenants do not need to pay an additional fee. Some apartment complexes charge a one-time amenity fee, while others may charge them monthly.
