NAA Report Explores Effects of Value Added Amenities

A report recently released by the National Apartment Association explores which amenities are most widely offered at both the community-wide and unit level and the impact those amenities have on rent and occupancy rates. Titled Adding Value in the Age of Amenities Wars the report details which amenities are most commonly offered and explores which are most effective in raising average rents.

Here’s a sample of some of the findings:

  • Top community-wide amenity: Fitness Centers
  • Top unit-level amenity: Washer/Dryer in unit
  • Percent of residents willing to pay a premium ($75) for hardwood floors: 49%
  • Percent of residents willing to pay a premium ($30) for granite countertops: 39%
  • Percent of residents willing to pay a premium for fitness classes: 46%

Finally, towards the end of the report is a graphic showing the impact of renovations on occupancy, broken down by apartment class:

Class A – Occupancy increased from 92.0% to 92.8%
Class B – Occupancy increased from 92.7% to 94.3%
Class C – Occupancy increased from 88.6% to 91.0%

You can read the entire report here.