Is a Luxury Apartment Worth the Cost?
Is it worth it to rent a luxury apartment in today’s housing market? As rental costs continue to skyrocket across the United States, luxury apartments bring many amenities to the table that are often worth the price tag. Here’s what potential tenants can find in a luxury building they cannot find anywhere else.
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Luxury apartments often cost at least 50% more than non-luxury units, said Garrett Derderian, director of market intelligence at SERHANT. The additional cost is offset by several pros that come with renting a luxury apartment.
One such pro is added security measures. In New York City, Derderian said most luxury apartment complexes have a full-time doorman. From a safety perspective, this is the top draw to a high-end building. Renters in big cities prioritize safety as a top concern and luxury buildings have the ability to offer better security.
Tenants value the safety benefits that come from having a security checkpoint for your guests, safe arrival of packages in the mail and food deliveries, said Aysha Hackert, partner and director of professional development at Chicago-based Downtown Apartment Company. Security aside, residents also enjoy coming home to familiar, kind faces.
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Maintenance To Meet Your Needs
Renters who do not rent a luxury apartment may find themselves struggling to deal with their landlords if something in their home breaks or needs to be replaced.
Hackert said in a luxury apartment setting, management and maintenance are on-site to cater specifically to residents. On-site maintenance keeps residents from worrying about how they will find their own plumbers, contractors or landscapers and paying to resolve the issues.
Some luxury apartments might have already put in the hard work to mitigate maintenance issues. The level of finishes and appliances in luxury properties is top tier, said Joshua Young, executive vice president and managing director of sales and leasing at Brown Harris Stevens. Pair this with the level of maintenance staff and tenants are assured they will get value in their rent.
Convenience With a Side of Savings
Living in a luxury building is more than enjoying added security and on-call maintenance. These properties offer residents a wide range of amenities. Some may include, but are not limited to, the following:
Fitness centers or memberships to gyms or social clubs
Package rooms and concierge services
Dog grooming and dog walking services
Coworking spaces and common work areas
Common roof decks
Pools and hot tubs
Tutors for children
In-house chefs and grocery delivery services
Discounts on hotels, car rentals, restaurants and activities in the surrounding area
Hackert uses the example of a management company they work with in Chicago that offers a “Home Away” program. When you’re away from your unit on a vacation or trip, they will water your plants, water and feed your animals and deliver any packages directly into your unit.
All of these incentives allow tenants to enjoy safety and convenience where they live and work while saving money. Hackert said living in a luxury building can help cut costs for services and expenses if you find the building offers amenities that match your lifestyle needs. For example, if you move into a luxury apartment with a fitness center, you could save money by canceling your existing gym membership and use the facilities provided on-site.
Those who make the decision to rent a luxury apartment receive great flexibility in doing so. Nicole Beauchamp, NYRS and licensed associate real estate broker at Engel & Völkers New York City, said renters are only committing to a one- or two-year lease.
“If they decide it’s not ideally suited to them, an option is to move at the end of term or before,” said Beauchamp, adding that depending on the terms of the lease, you likely need to find a replacement.
The ‘Sky Is the Limit’ Appeal of Luxury Buildings
While there is a school of thought that one can use the money put toward luxury rent to buy a home in the surrounding areas, or suburbs, outside of a city, choosing to live in a luxury building affords residents with the best of everything their respective city has to offer.
“The location and convenience, access to the world’s best restaurants’, shopping, Broadway shows, sporting events and culture make living in [New York City] the most attractive choice for some,” Young said.
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This article originally appeared on GOBankingRates.com: Is a Luxury Apartment Worth the Cost?