At Livable our mission is to add value to your business, even beyond utility management, here is some helpful insight into what amenities tenants are most excited about when looking for a rental!
According to a 2020 report from the listing site, Zumper “Outdoor space” searches were up 143% in 2020 topping the list of most-desired apartment amenities. “Roof deck”, “balcony”, “garden”, “deck” and “swimming pool” all showed major search increases over the year as well.
Having a garden was the most desired of these outdoor spaces, adding an average of $144 a month to a listing’s value. A roof deck only added an average of $68 and a balcony was only $35 more on average.
Continuing to trend since 2020 “Garage parking” search rates were up 73% and added an average of $149 to a listing. “In-unit laundry” searches were up 64% - even adding an average of $170 to a listing’s value. “With slashed interest rates at dealerships and public transportation to be avoided if possible in 2020, more people were likely to have bought cars in and would then need parking spaces” according to the Zumper report.
One of the top search terms in 2020 was one that wasn’t particularly popular pre-pandemic—storage. As people created impromptu offices at home, they may have needed to store other furniture, or they may have been looking to clear away clutter as they spent more time at home. In any case, “storage” saw a 92% increase in searches and added an average of $53 to a listing’s value.
For those in the 18-to-24-year-old age group, the storage search was even more specific. The Gen Xers really prioritized “walk-in closets” in their searches, as well as air conditioning and dishwashers. They were less interested in parking, however, as this age group is known to be the least likely to own their own cars. While all ages wanted outdoor space, Gen Xers were all about the pool.
25-to-40-year olds also really wanted walk-in closets—this search term was up 300% for this age group, making it the number-one amenity request. Millennials were also the only age group to prioritize hardwood floors.
Finally, 41-to-56-year-olds were uniquely interested in central heat and had the largest increase in “in-unit laundry” searches of all the age groups. Baby Boomers also wanted furnished apartments, maybe because they were downsizing from big family homes, according to Zumper.
Whether you are looking to invest in a new property or are renovating, along with adding any new amenity to your building come’s added utility costs. At Livable whether your property has multiple units varying in size, retail space, and/or common areas, we can customize allocation factors and billing frequency for your unique property and issue fair and accurate billing to each tenant. Book a call with a Livable professional today and find savings you can take to the bank—literally!
According to the EPA , depending on the region, homeowners use 30-70% of their water outdoors in the summer. Experts estimate that 50% of the water we use outdoors goes to waste from evaporation, wind, or runoff due to overwatering. Keep outdoor watering costs down by only watering grass and plants in the early morning or at dusk , so the water doesn’t evaporate in the summer heat