Which Apartment Amenities Impact Rent Prices Most?

There are a lot of things to consider when searching for your new apartment, including which apartment amenities are most important to you. But how much will it cost to get all the extra perks on your wish list? To find out, our analysts examined hundreds of thousands of apartment listings nationwide and used a mathematical model to determine which apartment amenities raise rents most — and by how much.

Topping the list of priciest perks is garage parking, which our study shows can drive up rents by 8%, or $121/month based on the national median 1-bedroom rent of $1,510. Renters will also pay roughly 6% more (or $84 extra dollars a month) for a one-bed with an in-unit washer/dryer, which is one of the most coveted rental features.

While each may be associated with its own kind of luxury, a yard and a fitness center will each have a similar effect on rent; both drive up monthly prices by around 5% (or $78 and $73, respectively) when looking at national figures. However, on a state level, certain amenities pack a bigger punch. In New York, for example, a fitness center can raise the price of a one-bedroom apartment by about 12% or $398 a month. Meanwhile, in Texas, where many more properties have fitness centers, they only accounts for an extra $9 a month in rent.

Our study also reveals a handful of popular amenities that have surprisingly little effect on apartment rental prices. For example, dishwashers have a small price impact of only 1% (just $16 a month, when looking at the national median rent price for a one-bedroom apartment). In many markets, they are considered a staple rather than a luxury; we also found that they are one of the most common amenities across all states. The only amenity with a smaller impact on price was a garbage disposal, which only increases rent by about $10 a month.

If you are embarking on an apartment search, keep in mind that while location, number of bedrooms and bathrooms, and square footage have the greatest impact on apartment rents, some apartment amenities can also drive higher rents. The key is to define your must-have upgrades and determine what you can live without. Then, focus your online apartment search accordingly.

For this study, analysts at ApartmentAdvisor examined more than 250,000 apartments listed for rent 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 square footage, number of bedrooms and bathrooms, and location. The values of amenities were determined as a percentage of apartment 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 1- and 2-bedroom rent prices as reported in ApartmentAdvisor’s October National Rent Report.

For more information about this study, please contact pr@apartmentadvisor.com.