As the most crowded city in the United States, New York City is home to a wide variety of people from all walks of life. This diversity is one of the things that makes the city so great, but it also means that finding a place to rent with a top-tier amenity package can be a challenge.
If you’re looking to stand out in a competitive rental market like that of NYC, MD2 Property Group shares these NYC rental market trends for your property that can help attract and retain tenants.
Fitness Center
According to a 2017 report by the National Apartments Association, fitness, and wellness-related amenities were named as the top community benefit tenants would be ready to pay more for.
There are many reasons why you should add a fitness center as an amenity to your property. For one, it would provide your tenants with a great place to stay in shape and stay healthy. Additionally, it would be a great way to attract new tenants to your property. Many people are looking for apartments or homes that have a fitness center so that they don’t have to join a gym. Having a fitness center on-site would be a huge selling point for your property – especially as the cost of everything else continues to rise.
Pet-Friendly Amenities
A lot of modern apartments in NYC have pet-friendly spaces. While some NYC buildings only allow cats or have dog weight restrictions, many of them forbid pets altogether. However, certain rental properties include amenities that go beyond policies alone. An example of this is 101 Bedford, a rental in Williamsburg listed by Halcyon Management Group. This property offers pet spa services to its tenants, allowing them to pamper and treat their furry companions with care.
It’s good to learn from the best apartment rentals in NYC and make the most out of the tenant experience and their furry friends.
Parking and Transportation Amenities
Let’s face it: lugging your groceries or laundry up several flights of stairs is no fun. If your complex offers parking and transportation services, tenants can avoid all of that and enjoy the convenience of having their car close by. It’ll be especially appreciated considering a pricey area like NYC.
Offering an apartment complex that includes parking and transportation services is a major selling point and differentiates you from the rest.
Smart Homes, Smarter Money
According to a new report published by the property management company Entrata, the majority of renters are choosing new and evolving smart home amenities over traditional benefits provided to tenants. This lies in the fact that there is a need for security and awareness of one’s surroundings, alongside optimized living.
There are many different types of smart building technology, ranging from simple devices that help to regulate temperature to more complex systems that can control everything from lighting to security. Many property management companies are beginning to implement this technology in their buildings and there are several good reasons why.
Some popular additions in the realm of smart home gadgets:
- Smart thermostats
- Smart locks
Smart devices are at the forefront of modern apartments in NYC and property management companies should take advantage of the opportunity to digitize their properties.
Co-Working Space
With most leasing trends being made up of studio apartments due to housing affordability, NYC renters are looking for optimized space. One alternative to this can be co-working spaces.
Tenants who are looking for a co-working space are typically young, tech-savvy professionals who are looking for a more modern and flexible way to work. By offering co-working space as an amenity, you can be sure to attract and retain the best tenants for your property.
One of the best things about co-working spaces is that they foster a sense of community. When tenants co-work in the same space, they naturally build relationships and form connections. This can do wonders for your property’s sense of community and overall tenant satisfaction.
Last but not least, offering co-working space can help you boost your property’s bottom line. That’s because co-working space can be rented out at a higher rate than traditional office space. So, not only will you be able to attract and retain the best tenants, but you’ll also be able to generate more revenue for your property.
By keeping these things in mind, you’ll be well on your way to appealing to the discerning NYC renter and shortening their search for the best apartment rental in NYC.
Conclusion
In conclusion, navigating the New York City rental market can be a challenging yet rewarding experience. Whether you’re a long-time resident or a newcomer to the city that never sleeps, understanding the intricacies of the NYC renter’s journey is crucial. From finding the perfect neighborhood to deciphering lease agreements, staying informed about the ever-evolving real estate landscape is key. While the city’s rental market can be competitive and fast-paced, it also offers a wealth of opportunities and diverse living experiences. As you embark on your NYC renting adventure, remember that knowledge, preparation, and the guidance of experienced professionals like those at MD² Property Group can make all the difference in securing your dream apartment in the Big Apple.