Property Managers are Benchmarking Amenities to Determine Their True Price
Surveys reveal apartment residents’ favorite amenities, but the exact value is hard to determine for managers. Studies show that community features can add up to $80 in rent monthly, which is hard to ignore. It’s therefore essential that managers benchmark their property’s features to better understand their prices. Conventional prices were determined based on the amenity’s initial investment and payoff time, but that could lead to overvaluation. High rents may lead to apartments that are well-equipped but empty. Finding reliable pricing data is the first step to optimizing prices for multifamily operators.