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 the on-site fitness center, which our study 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. Likewise, attached outdoor spaces, which became especially sought-after during the pandemic, also drive up monthly rent. You can expect to pay at least 7% more ($111/month) for a unit with a balcony and 5% more ($80/month) for a patio.
Meanwhile, our study reveals a handful of popular amenities that have surprisingly little effect on apartment rental prices. For example, dishwashers, garbage disposals and even air-conditioning have much less of price impact – just 2%. And we found that other extras such as pet-friendly rental policies, hardwood floors, basements and yards have even less impact (<1%) on price. Notably, a pet-friendly rental policy is the most sought-after feature among renters using our site. Most properties charge additional pet fees beyond the advertised rent for tenants renting with pets.
Which Apartment Amenities Drive Up Rents The Most?
% Effect on Rent Price
Estimated monthly cost (based on $1590 nat’l median 2-bed rent)
On-site fitness center
On-site swimming pool
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, 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 in metropolitan areas 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 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 email@example.com.