Which amenities will “pack in the prospects” and ultimately make a real difference to the bottom line? For Paladin Realty Partners LLC, an apartment investor, amenities provide the “wow” factor that brings in apartment prospects.
“The challenge is to make the properties stand out. Like any retailer, you try to get the customer into the store. Once they come in, you want to make the sale,” says Bill Dunbar, managing director at Paladin Realty.
The common list of amenities, it seems, has become a standard requirement in Class A and Class B apartments in this day and age, and many of them may not necessarily generate extra rents or increase property value. However, because your competition has them, you’d better have them, too. Pools, fitness centers, recreation rooms and decks in urban properties may be the minimum amenities that all top-echelon apartments are required to offer.
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