logo

ApartmentAdvisor Study Reveals the Apartment Amenities That Raise Rents Most


Cambridge, MA., November 30, 2021 – ApartmentAdvisor (www.apartmentadvisor.com), an online apartment search platform, today released a study examining popular apartment amenities and their impact on rent prices. The research suggests that apartment renters can find substantial savings by forgoing some key amenities when searching for their next place, while features with less price effect may be worth keeping on their wish lists.

So, which amenities have the biggest impact on rent prices? Topping the list of priciest perks is the on-site fitness center, which study data shows can drive up rents by nearly 10%, or $159/month based on the national median 2-bedroom rent of $1590. Renters will also pay roughly 8% more for a place with an in-unit washer-dryer, which is one of the most coveted rental features according to ApartmentAdvisor search data. Likewise, attached outdoor spaces, which became especially sought-after during the pandemic, also drive prices up. Renters can expect to pay at least 7% more ($111/month) for a unit with a balcony and 5% more ($80/month) for a patio. At the other extreme, popular features such as dishwashers, garbage disposals and even air-conditioning have much less of price impact – around 2%. Other extras such as pet-friendly rental policies, hardwood floors, basements and yards were found to have negligible effects (<1%) on price in this study. Notably, a pet-friendly rental policy is the most sought-after feature among renters according to ApartmentAdvisor search data. Most properties charge additional pet fees beyond the advertised rent for tenants renting with pets.

__Which Apartment Amenities Drive Up Rents The Most? __

Amenity% Effect on Rent PriceEstimated monthly cost (based on $1590 nat’l median 2-bed rent)
On-site fitness center10%$159
Washer-Dryer8%$127
On-site swimming pool8%$127
Elevator7%$111
Balcony7%$111
Garage6%$95
Patio5%$80
Dishwasher2%$32
Garbage disposal2%$32
Air conditioning2%$32
Hardwood floors<1%N/A
Basement<1%N/A
Yard<1%N/A

For this study, the company analyzed more than 250,000 apartment listings available for rent nationwide. Analysts used a linear regression model to calculate the effect of the most common non-essential property features, controlling for the effect of unit size and location, which are the primary drivers of rent prices.

“While location and unit size are the biggest drivers of rent, our research shows that some amenities have more of an impact on price than you might expect,” said Tom Gilmore, co-founder and CEO of ApartmentAdvisor.com. “The key for renters searching for their next place is to define their must-haves and determine what they can live without, and then focus their online search accordingly.”

Methodology

For this study, analysts at ApartmentAdvisor examined more than 250,000 apartments listed for rent in locations nationwide, then used a mathematic linear regression model to determine the average price effect of the most common apartment amenities, controlling for the effect of size and location. The values of amenities were determined as a percentage of rent based on that amenity alone compared to like-units without that amenity. Often, units have more than one of these amenities and in such cases, the overall total effect would be less than the sum of each of the values noted. Analysts also note that availability of some amenities varies based on location, and the building’s class and age. The percentage calculations represent a nationwide average; specific valuation percentages may vary slightly from location to location. The estimated dollar amounts noted in association with each amenity were extrapolated from the national median 2-bedroom rent ($1590/month) as reported in ApartmentAdvisor’s October National Rent Report. Percentages in the chart above were rounded up to the nearest whole number. For more information about this study, please contact pr@apartmentadvisor.com.

About ApartmentAdvisor

ApartmentAdvisor (www.apartmentadvisor.com) helps renters easily find the right apartment at the right price. The company is building a rental search platform that combines rigorous rent price analytics with neighborhood insights, empowering renters with a more transparent way to compare prices, features and locations of available apartments.

ApartmentAdvisor was founded in December 2020 by a team of founders and engineers from Tripadvisor and CarGurus, including Langley Steinert (also co-founder of Tripadvisor and founder and executive chairman at CarGurus); Tom Gilmore (founder and former CEO of VacationHomeRentals, sold to Tripadvisor); Josh Arnold (former engineering lead at Tripadvisor and former director of data science for MineralTree); and Oliver Chrzan (former CTO at CarGurus). The company is based in Harvard Square in Cambridge, MA.

Press Contact:

Amy Mueller amy.mueller@apartmentadvisor.com

We rate and sort every listing based on fair market rent.

Start your search

Top metro areas

Atlanta Apartments

741 apartments starting at $550/month

Austin Apartments

933 apartments starting at $625/month

Baltimore Apartments

592 apartments starting at $450/month

Birmingham Apartments

209 apartments starting at $550/month

Boston Apartments

3,322 apartments starting at $700/month

Buffalo Apartments

108 apartments starting at $750/month

Charlotte Apartments

674 apartments starting at $605/month

Chicago Apartments

3,710 apartments starting at $400/month

Cincinnati Apartments

322 apartments starting at $600/month

Cleveland Apartments

440 apartments starting at $499/month

Columbus Apartments

867 apartments starting at $500/month

Dallas Apartments

1,189 apartments starting at $600/month

Denver Apartments

635 apartments starting at $500/month

Detroit Apartments

477 apartments starting at $525/month

Grand Rapids Apartments

226 apartments starting at $560/month

Hartford Apartments

72 apartments starting at $795/month

Houston Apartments

598 apartments starting at $649/month

Indianapolis Apartments

528 apartments starting at $400/month

Jacksonville Apartments

917 apartments starting at $448/month

Kansas City Apartments

499 apartments starting at $500/month

Las Vegas Apartments

798 apartments starting at $600/month

Los Angeles Apartments

3,429 apartments starting at $600/month

Louisville Apartments

292 apartments starting at $594/month

Memphis Apartments

702 apartments starting at $475/month

Miami Apartments

597 apartments starting at $1,300/month

Milwaukee Apartments

507 apartments starting at $465/month

Minneapolis Apartments

666 apartments starting at $625/month

Nashville Apartments

346 apartments starting at $875/month

New Orleans Apartments

437 apartments starting at $595/month

New York City Apartments

1,811 apartments starting at $850/month

Oklahoma City Apartments

557 apartments starting at $549/month

Orlando Apartments

400 apartments starting at $650/month

Philadelphia Apartments

1,671 apartments starting at $400/month

Phoenix Apartments

1,054 apartments starting at $600/month

Pittsburgh Apartments

733 apartments starting at $600/month

Portland Apartments

853 apartments starting at $415/month

Providence Apartments

149 apartments starting at $799/month

Raleigh Apartments

400 apartments starting at $600/month

Richmond Apartments

451 apartments starting at $650/month

Riverside Apartments

106 apartments starting at $590/month

Sacramento Apartments

344 apartments starting at $811/month

Salt Lake City Apartments

178 apartments starting at $550/month

San Antonio Apartments

724 apartments starting at $410/month

San Diego Apartments

936 apartments starting at $795/month

San Francisco Apartments

757 apartments starting at $775/month

San Jose Apartments

208 apartments starting at $1,000/month

Seattle Apartments

898 apartments starting at $600/month

St. Louis Apartments

371 apartments starting at $525/month

Tampa Apartments

389 apartments starting at $800/month

Virginia Beach Apartments

208 apartments starting at $595/month

Washington DC Apartments

522 apartments starting at $828/month