There is no denying renters today prefer upgraded units with an array of amenities. Multifamily amenities have steadily become more important for property owners to increase rent premiums and attract and retain tenants. According to data from CoStar, nearly 9,000 Class A apartments have been absorbed since 2020 in the Baltimore MSA.
Baltimore property owners in downtown areas who have made upgrades to units and added amenities have seen rents increase by $100 to $300 per unit. Here are some of the top upgrades to properties:
TECHNOLOGY
Many property owners are starting to implement more smart home technology, such as home security systems, keyless fobs, automated lighting, and much more. While appealing to tenants, these amenities can decrease maintenance costs.
816 Park Pl in Mount Vernon was sold in April 2022. Chasen Companies renovated all 10 units, each equipped with an Alexa Smart Home System.*
OUTDOOR SPACE
Outdoor space can be challenging to come by, especially in the city. Rooftop decks, courtyards, gardens, and grilling areas can create a sense of community within the building. With many renters working from home, these outdoor areas help retain tenants.
411 N Charles, located in historic Downtown, consists of 9 gut-renovated units, including 8 apartments and 1 commercial space. The property is currently under contract.*
COMMON AREAS
In the aftermath of the pandemic, common areas have been a focus for upgrades as more tenants stay home to work. Owners can focus on supplying co-working space, high-speed internet, and other features like entertainment rooms, billiards rooms, and coffee stations.
The Portland, located at 613 Portland Street in the Ridgely’s Delight neighborhood, sold for $5.73M or $184,839 per unit in September of last year.*
FITNESS OPTIONS
Fitness centers and gyms have been a top amenity desired by renters for years. Many tenants search for a convenient and affordable option to stay active and healthy. While space is often an issue, several property owners have offered renters a peloton or a smart fitness mirror upon signing a lease.
The Chatham, located at 1720 St Paul St., features 18 units in Station North. The property sold this past December for $1,710,000 or $95,000 per unit.*
*Denotes HSA Transaction