What renters want, and why they may never buy again.
Opting to rent apartments instead of purchasing homes is gaining popularity this year according to economist Greg Willett of RealPage, Inc. Millennials and Gen Xers are choosing to rent over buying a home because they say it’s less costly when considering all-expense factors such as tax, maintenance, and utilities. According to Mr. Willett, 82% of renters say it’s more affordable to rent, but when choosing an apartment, the cost is not the only factor under consideration. Resident amenities are becoming equally important to location and rent rates.
A nicely designed unit is no longer enough for renters, they want perks. Quality of life, convenience, and social interaction can be enhanced through the amenities package offered on-site within the rental communities.
2019 Top Amenity Options for Renters
- Pet-Friendly
- Concierge Service
- Free WIFI
- Common Gathering Areas
- Fitness Center
- Business Center and Conference Rooms
- Pool or Beach Access
- Green or Natural Space
- Outdoor Dining with Grill Stations
- Enclosed Garages
- Pedestrian Paths
- Full-Service Spa
- Game Rooms and Small Theaters
- Car Charging Stations
- In-Building Retail and Food/Beverage Service
As the younger generations move toward renting, they are clearly looking for some extra bang for their buck to replace the benefit of building equity (or maybe backbreaking, weekend-consuming, first home fixer-uppers have lost their luster).
Here are a few apartment communities that offer desirable amenities….
RESIDENCES AT CASS LAKE
This lakefront development located in Keego Harbor, MI is setting a new standard for resident benefits. Common areas have been provided in various methods. It boasts over 31,000 Sq. Ft. of indoor amenity space for residents and includes direct access to 3 restaurants, an in-house full-service spa, dry cleaners, full residential concierge service, gym, yoga, and a game room.
Detailed exterior areas include over 28,000 Sq. Ft. of outdoor green space. This includes lawn and lake front areas, landscape islands and rooftop gardens.
In addition to the greenspace, over 24,000 Sq. Ft. of outdoor activity space has been provided. This includes pool and patio areas, outdoor restaurant seating areas, as well as private patios and balconies.
FERNDALEHAUS
Opened in 2019, Ferndalehaus is in the heart of popular, super-hip downtown Ferndale and is comprised of 106 loft-style studios, 1 and 2-bedroom apartments, and penthouses. This building offers a wide range of amenities although it sits upon a small 2-acre site.
- Tech Lounge and Business Center
- Rooftop Sky Park with lounge space, fire-pit and panoramic views of downtown Ferndale
- Shared WIFI
- Covered parking
- 24-hr Fithaus Athletic Club
- Car Charging Stations
- Bike storage
- In-Building Retail and Restaurants
TRIO
On occasion, apartment communities work within a larger neighborhood to augment the broader area of resident amenities. Trio is such a community. Filling a vacant 5-acre corner surrounded by a spectrum of commercial uses and residential types, this project will be a sort of keystone to the neighborhood, inviting the public through networks of new pedestrian paths and improved streets to engage the restaurants and businesses within the property.
- This Development provides 54,620 SF of open area, including a variety of newly landscaped areas, a pond, public art, and a gazebo.
- 381 new linear feet of the pedestrian walkway that allows safe pedestrian connection from surrounding residential areas to existing public schools, places of worship, and other businesses.
- Outdoor/sidewalk café style dining areas
- Variety of Live-Work apartments
- Upper-level professional offices for resident necessities such as doctors, dentists, accountants, etc.