Shifting Preferences and the Rise of Amenities

As New Yorkers with access to high-paying jobs sought refuge from COVID-19 lockdown by purchasing homes in suburban areas, many were seeking amenities they had once shunned.

Amenities aren’t simply luxurious features; they provide essential elements that increase property value and support a modern lifestyle.

Outdoor Space

Multifamily buildings typically charge a premium for multifamily properties featuring outdoor space (balconies, terraces and verandahs), but during the COVID-19 pandemic its demand skyrocketed even more so than usual – renters were willing to pay more for apartments with garden-like outdoor areas such as balconies or verandahs and this preference will likely continue even as markets return to normal.

According to SERHANT’s newly released report, Manhattan apartments with private outdoor spaces experienced 31% higher sales prices compared to those without. Brooklyn saw similar results; condos and co-ops with outdoor space command a 14% premium over units without them pre-COVID but only 5% post-COVID.

Outdoor amenities provide an added boost for sustainability initiatives in buildings, as many tenants consider environmental concerns when making leasing decisions. An outstanding example can be seen at 1000 Continental, where we have included beehives as an outdoor amenity for tenants to watch the bees work while giving them access to local honey from jars on display in our common spaces.

As people returned to NYC after the coronavirus pandemic ended and people began enjoying parks and public lands again, parks became popular spots for recreation. Yet, equitable access remains an issue – however our partners at Open Spaces for All are working to change that by advocating inclusive public recreation both here and nationally.

In-Building Amenities

As luxury apartment amenities continue to evolve, developers are seeking ways to distinguish their buildings. As rents in Manhattan continue to skyrocket, landlords need to offer incentives beyond rooftop pools or wine fridges in order to attract renters with disposable income. Some new developments even let tenants grow terrariums onsite or host weekly happy hours featuring Brooklyn-brewed beverages!

Some apartment building amenities may seem unnecessary or even silly; others are highly desired by tenants. Energy-saving appliances have become highly sought after among tenants who not only benefit from them but can reduce utility bills in turn saving them money on utility costs.

As part of an attractive amenity package for potential tenants, offering retail space or services is also an attractive feature. This may range from offering coffee shops or a grocery store within their building to providing residents with one-stop solutions for daily needs like hair salons or grocery stores. Other popular amenities such as car charging stations can help those with electric vehicles.

Property technology has become an essential amenity in apartments across the nation, with numerous providers introducing innovative products that enhance security or improve convenience – for instance, smart access control systems allow renters to quickly unlock their apartment with just a tap of a finger while remotely monitoring their home.

Entertainment Amenities

After the pandemic hit NYC and work had moved back home for extended periods, residents needing an escape have taken to leaving their apartments more often, prompting property owners to provide specialized amenities that provide both an escape from boredom and social interactions with fellow residents. While many such perks were already popular before, property owners are taking these perks to new heights now that residents are looking for community. Elite Amenity Management organizes lifestyle events such as paint-and-sip classes or rooftop jazz nights while building rooms such as theater rooms or demonstration kitchens so residents can use them frequently.

Sports is also an attraction of building living, with many buildings now featuring indoor courts where residents can practice basketball, squash or tennis – or whatever sport is their passion!

Flexible Workspaces and Business Amenities

As joblessness falls and NYC experiences historic levels of job creation, demand for amenities that facilitate work-from-home and hybrid work strategies has skyrocketed. No longer can developers meet this basic requirement by simply offering convenient subway stations or bike storage; now developers must also offer healthy work environments, enhanced ventilation systems and adaptable designs features as standard requirements.

Due to these trends, developers are increasingly offering workspaces and coworking spaces in luxury multifamily communities. “Previously, amenities were mostly scattered about like lounges or rooftop gardens which residents could utilize individually,” according to McLuskey. Now however, large, shared spaces that accommodate large groups are increasingly used as workspaces by residents themselves.

One new NYC multifamily property plans to feature a conference room that can be rented out hourly or daily by tenants who require it, while Boston-based developer is expanding on this idea by creating a small convenience market in their complex for residents to use during a pandemic; their goal is to make living easier and enhance engagement among their residents.