The Top 5 most desirable amenities for rental properties in New York City

In 2019, location alone, even in high demand apartment rental areas like Carroll Garden in Brooklyn, is not enough to attract new tenants. Smart homes, communal spaces, fitness centers are amongst the top amenities in NYC. Once upon a time, any New York City apartment, even devoid of all bells and whistles, would have been snatched off the market in no time. Competition for rental apartments is legendary in the Big Apple, after all. 

High-income renters make up for the fastest-growing segment of the tenant population in the United States. More households making over $150,000 per year are renting in NYC than ever before. Owners and developers are competing to meet this new demand. Millennials make up for a large part of these new renters, and they bring with them new exigences to reach compared to previous generations. The New York real estate rental market is changing quickly. Improving and adding modern amenities to your New York City property will make it more attractive for prospective tenants. Here are some of the elements that are on top of their wish list.

 

“Many tenants rely on countless providers that make their lives easier, from dry-cleaners delivery and cleaning crews to pet-sitters and other assistants.”

 

 

Smart homes are taking over the rental market

Technology has taken over our lives in more ways than ever before. Most services are available at our fingertips, especially in large urban centers like New York. Therefore, Millennials have come to expect their homes to reflect these changes in lifestyle. An apartment should be pre-wired for smart home living to attract high-end renters. Voice-controlled virtual assistants, such as the Amazon Echo, Google Home, and so on, are a must. Prospective tenants also appreciate access to smart appliances thanks to which they can control the temperature, lightening, shades, etc. in their apartment even while they are away. Many of this new generation of tenants are young professionals who often work long hours and are away on business a good part of the week. For them, being able to walk into a comfortable home is a highly desirable feature. Finally, buildings with door attendants have always been in high demand. Many tenants rely on countless providers that make their lives easier, from dry-cleaners delivery and cleaning crews to pet-sitters and other assistants. Smart locks, which allow the residents to control access to their apartment on their own terms, are the next big thing. Some apartment buildings also offer a dedicated, temperature-controlled locker space to accommodate grocery and meal-delivery services until the resident gets home.

 

High-end fitness facilities

Gyms and pools have become an expected feature in many high-end residences. However, the new generation of renters wants more from their fitness facilities than a couple of treadmills or free weights in a windowless basement. Foresighted developers are now offering more interactive amenities, such as on-site classes. Basic equipment can also be upgraded to machines compatible with high-tech, on-demand programs like Peloton. The workout rooms are relocated to the higher levels to allow beautiful views and daylight to be part of the residents’ workout regimen. 

 

Luxurious community spaces

Many renters are moving to New York City for the first time and are eager to create a community in their new town despite their often busy lifestyle. In-person connections are a high priority on millennials wish list, despite their heavy reliance on technology in their daily life. Therefore, they favor properties that cater to these aspirations. Offering community classes on-site allow tenants to get to know each other while learning new skills. Property management companies also don’t hesitate to hire outside companies to organize events catering exclusively to residents. Communal spaces that enable inhabitants to share experience and knowledge, such as community kitchens, communal gardens, and maker spaces are also in growing demand. Many apartments in New York City are too small to host large gatherings. Therefore, renters also appreciate the presence in the building of comfortable community spaces such as dining rooms and lounge areas, which can be privatized as needed. 

 

Outdoor living areas

The downside of living in a large urban area like New York City is the lack of access to green spaces. Renters often choose their housing based on how easy it is to access all the amenities big city living has to offer. Their priorities range from coffee shops and restaurants to art galleries and public transportation for an easy commute. However, they still appreciate the exclusive use of outdoor spaces while in the heart of it all. If you want to attract high-end renters, give particular attention to the urban oasis you can create in your buildings. It can take many forms, including landscaped private gardens, patio, courtyards, rooftop areas, and balconies.

 

Children-oriented services

More and more affluent young families choose to rent in NYC rather than to buy a property and move to the suburbs. For many, the choice comes down to the location. Indeed, the neighborhood in which the property is located dictates which public school the children can attend. Some parents want their children to take part in a specific program, such as the bilingual French education as offered in the P.S.58 Carroll School in Brooklyn. Therefore, being a resident of the associated school district is a priority. However, others opt for a private education for their children. In that case, location is not such a determining factor and amenities geared toward the youngest residents can make all the difference. Nanny-sharing services and family-friendly communal rooms, for young children or teenagers, are sought after amenities.

Improving a rental property and making it more attractive to a new generation of tenants can be a tricky business. As a landlord, property manager, or developer, you must often rely on limited resources and local regulations to make the best choices. At de Tilly Real Estate, our services include an experienced team who will be happy to guide you. Our goal is to help you select the best options for developing your property and ensure maximum returns on the long and short term. Let us know how we can help.