What amenities provide the greatest return on investment?

One of the things Milhaus seeks with every project is the inclusion of new, space-efficient amenities that renters actually desire in their building or community. Some buildings boast a “state-of-the-art” workout facility or a rooftop terrace with “spectacular views,” when in reality they may offer little more than a single treadmill and a fire escape with roof access. While amenities may not be the sole item affecting a prospective tenant's decision on where to live, the quality of the amenities that are provided will have an impact. Understanding what specific amenities your target market might be looking for is crucial to achieving target rents and maintaining strong occupancy numbers.

Jessica Fiur, a blogger for Multi-Housing News, says that apartment amenities must be current with today's technology and lifestyle. What are some of the most overrated amenities in today's communities? 1) Screening rooms, when most apartment units have tenants with giant flat-screen TV's; 2) Billiards table, especially when of cheap, poor quality; 3) WiFi lounge, because practically every tenant either has wireless internet or a smartphone in his or her apartment; 4) Rooftop access with nothing to access; and 5) A “fitness center” that only includes a treadmill and a 12-in-one weight machine.

What are some of the most sought after amenities? Among the top of the list include a quality workout facility with an extensive assortment of equipment, a grocery store, community garden, and functional outdoor spaces.

After accepting an opportunity to stay with Milhaus after graduation, I began to do some apartment shopping of my own. Because our office is located Downtown, which happens to be where many of the city’s best attractions are located, my biggest priority was to live close to where I would work and play. Some of my other major wish-list items? Building character, in-unit laundry, abundant sources of natural light, and an updated kitchen with plenty of usable counter space. I was not so much worried the amenities offered and size of the unit as much as the finishes that were inside. If a place doesn’t feel nice and comfortable, what’s the point of it being huge with every amenity imaginable?

The summary: tenants care about quality of their units and amenities, not quantity. The best way to ensure return on this investment is the efficient use of space and budget to provide the highest quality amenities and units we can.