|
Apartment market researchers say by year's end many renters' markets will yield to landlords as the economy improves, occupancy rises and rents begin to rebound.
During the slow years, however, property owners put into place a host of amenities to attract tenants and even as the market improves for landlords, rents rise and concessions disappear, renters can bank on rental homes in communities offering more than just an apartment.
The National Real Estate Investor recently surveyed what's hot and what's not reflecting revamped approaches to old amenities.
Here's what to look for when you can't negotiate for cheaper rent.
- Cafes with broadband or wireless Internet connections. An improvement over stodgy business centers, the new socializing centers where residents can bring their laptops, PDAs and multi-function cell phones and tap into the Internet, conduct business, or just meet over a double espresso. Under any name, coffee bars, cyber cafes, or more specifically, Starbucks, the hang outs come with overstuffed sofas and flat screen TVs in addition to copiers and fax machines.
- Upgraded Fitness Centers. Universal in top of the line apartment communities, fitness centers often have the look of full fledged health clubs. Hot tubs, Jacuzzi's and tanning tables are less common, replaced with high-end electronic treadmills that pair television monitors with pulse and heart rate monitors. Others have added mirrors, ballet rails and yoga classes. Sports courts for basketball, racquetball and the like also double as meeting spaces.
- Off-site Services. The fitness centers and cafe's may or may not be offsite, but many developers include ground floor retail space for Starbucks, Quiznos, Subway, Blockbuster, dry cleaners, sports bars, restaurants and mini-markets offering everything from groceries and ready-made meals to floral arrangements. The retailers often offer discounts to residents. Other communities arrange for discounts at off-site health clubs and other facilities.
- Discounted Packages. To make life easier, some communities offer through venders discounted packages of broadband Internet access along with telephone and cable television services. Others offer streamlined access to residential services including change of address, utility connections, newspaper or magazine subscriptions, appliance rental or renter's insurance. Tenants can tap the services at their leisure, 24 hours a day.
- Lease Equity. Aware that many tenants are likely to become homeowners, some communities partner with home builders and real estate brokers to offer limited lease-equity programs that offer a rent refund toward the purchase of a home when the lease is up.
- Unit Amenities. New rental housing complexes are more and more often outfitted with granite countertops, hardwood floors, stainless steel appliances and other "wow" factors to get tenants in the door.
|