Consider The Amenities (PDF)

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					Consider the Amenities

The amenities on a rental property can often be the deciding factor for many renters. The available amenities
may make a less affordable property seem more appealing. Conversely a property which is more expensive
may be considered worthwhile if the amenities offered are considered valuable enough to compensate for
the higher price. When making this decision, homeowners should consider their own personal preferences as
well as their budgetary constraints to make an informed decision. Before making a decision to rent a
property, the renter should carefully consider which amenities are necessary, which amenities are optional
but highly desired and how much the renter is willing to pay for these amenities.

What Amenities Do You Really Need?

Although many of the amenities offered by rental properties are not exactly necessary to live, there are some
amenities which some renters would not consider renting a property without. An exercise room is one such
example. While this is certainly not necessary, many renters prefer having this option. Without an onsite
exercise facility, many renters would have to consider joining a gym for their exercise needs. This will likely
increase the monthly expenses significantly and, depending on the location, may also make it inconvenient
for the renter to visit the gym. An onsite exercise is significantly more convenient than traveling to a gym in
another location. For this reason many renters consider the added expense associated with an onsite exercise
facility to be worthwhile.

Some renters may even consider only renting an apartment in a facility that has a pool. Although this is not a
necessity some renters, especially in warm climates, might only consider living in a rental property where
there is access to a pool especially if the majority of rental properties include this amenity.

What Amenities Do You Really Want?

In addition to the amenities a renter feels he needs, there are some amenities which may be desired as
opposed to necessary. A movie theater may be an example of this type of amenity. Renters may not decide
against a rental property which does not have this feature but may be more inclined to select a property that
has this feature as opposed to one that does not as long as the price is comparable.

A meeting space may be another example of an amenity which may not be required but that many renters
are willing to pay extra to have. Renters who entertain frequently may enjoy this type of amenity because it
affords them extra space for entertaining. They may be able to easily invite eight or more people over for a
dinner party if there is meeting space available but this might not be possible if the renter were confined to
their apartment.

Are You Paying Too Much for Amenities?

While some amenities may be viewed as necessary and others may merely be viewed as worthwhile and still
others may be viewed as superfluous, the most important decision renters will have to make is how much
they are willing to pay for these amenities. Comparison shopping may be the best way to determine whether
or not certain amenities are financially worthwhile.

Renters who are considering apartments of similar size in the same geographic region should consider the
amenities offered as well as the price of the apartment. Apartments of similar size in the same area should be
fairly close in price. However, an apartment which offers more advanced amenities might be significantly
higher in price. Renters should list the available amenities and use this information in making cost
comparisons. This information can be used to determine whether or not the renter is willing to pay a higher
price for such amenities. Renters who conclude the additional cost is not warranted have determined that the
prices of the amenities are not worthwhile to them and they are likely to choose the more affordable
apartment which features fewer amenities.


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