5 Apartment Amenities That Are Actually Worth the Extra Rent

Most renters overlook the amenity list as an afterthought – something that would be nice to have but not worth calculating into their budget. However, certain amenities are not just about luxury and comfort. They are in place of real, monthly costs, which means paying a higher base rent can end up saving you money.

The only catch – you need to do a quick cost-benefit analysis before you finalize the deal. Simply tally up the total you currently spend on amenity-related services that you would no longer need to pay for. If the rent difference comes out to be less than the total amount you would be spending externally, then you are not overspending!

Co-working spaces and community work lounges

Working remotely made a big difference in the cost here. An average hot desk at a commercial co-working site will typically cost $200 to $400 per month in most mid-to-large cities. Depending on how regularly you work from home – hopefully in a space that’s pleasant, quiet, properly equipped with Wi-Fi and a good chair – you may not need one at all.

This is something that https://www.therichmondapts.com/ highlights about the way a lot of modern apartment buildings are designed these days with the remote worker in mind, adding a community workspace to the mix instead of introducing it as a clunky afterthought. If you are working from home for three or four days a week, having a professional workplace just downstairs might be worth more than your actual apartment.

Make sure it’s not just an oversight. The availability of such a workspace in your building is great, but it also needs to be maintained well and treated as a professional necessity by both the tenants and management.

On-site fitness center

A good commercial gym membership can be quite expensive, ranging from $50 to over $150 a month depending on your location and the services provided. However, if you live in an apartment with a fitness center, this cost is eliminated.

You just need to do some math. If a unit that has a gym costs $75 more per month than one without, and you currently pay $90 for your membership, it’s a good deal. And don’t forget about the commuting costs to the gym – that’s extra time you can save.

The downside: check with the property manager to see how regularly equipment is monitored. A gym filled with broken machines and one set of dumbbells isn’t going to benefit you. Ask how old the equipment is and if it is checked regularly.

In-unit washer and dryer

In survey after survey, it’s the amenity that renters rate as most important. 92% of respondents to the National Multifamily Housing Council’s (NMHC) Renter Preferences Survey listed an in-unit washer and dryer as their most desired apartment amenity. Even more impressively, 57% were willing to pay more for this convenience, with a third willing to pay up to $55 more per month.

It’s easy to see why when you run the numbers. A single visit to the laundromat can cost from $10 to $20 (accounting for the cost of washing, drying, and detergent). Do two loads of laundry a week and you’re already spending $80 to $160 a month – before exhausting a couple of hours every visit including transit time that you could be spending on other pursuits.

Is your landlord asking for a $50 to $75 premium for in-unit laundry? Then bite the bullet and pay it. The only possible exception is if you do very little laundry and the building has immaculate, inexpensive shared machines on the premises.

Secure Parking

Having secure, covered parking is the most financially underappreciated amenity on any list. If you leave your car exposed in an unsecured lot or on the street in a densely populated area, you will eventually be a victim of theft or damage from the weather. Both of those have real costs – deductibles and higher insurance rates after claims, and out-of-pocket losses when items are stolen from your vehicle.

Some insurance companies offer lower rates for vehicles stored in a secure, covered garage. Check with your insurer before you eliminate a unit with a parking surcharge. In some cases, the insurance savings alone will make up for part or all of the additional rent.

Smart lock systems and controlled building access help to eliminate low-level property crime in and around a building. It’s hard to put a value on that, but it does affect your quality of life in ways that will eventually become apparent.

Smart home integrations that lower utility bills

Although smart thermostats may seem uninteresting, they are among the few conveniences that have a direct impact on your utility expenses. A properly programmed smart thermostat can reduce annual heating and cooling costs by a meaningful amount as it learns your habits and makes automatic adjustments for you.

If you combine this with energy-efficient equipment and good insulation, the savings on utilities can cover part of the additional monthly rent. If you are hesitating between two locations, find out how utilities are charged. In buildings that use submetering, each unit is billed based on actual consumption, which means that efficient systems will have a direct impact on your expenses and will not be "lost" in the average cost of the building.

Before you commit: ask about upkeep

An amenity provides no return on investment if it’s broken. The most impressive amenity package imaginable means nothing if the pool is always closed and the package lockers have been out of commission for months. Find out from the property manager when amenities were last updated or serviced, how repairs are addressed, and what the typical turnaround is.

The amenities worth paying for are the ones you’ll actually use consistently and the ones that replace costs you’re already carrying. Run the math. The answer is usually clearer than it looks.