Survey participants who consider an apartment feature or community amenity to be a very high priority are asked to estimate the additional amount of monthly rent, also known as the rent premium, that renters in their area would be willing to pay for it. In 2022, there were five apartment features and four community amenities that were highly popular and perceived as valuable. They received above- average rates of very high priority responses and were associated with larger-than-average estimated rent premiums. These attributes are widely regarded as top priorities and probably contribute to higher occupancy rates in communities that offer them. Survey respondents stated that residents are willing to pay significant extra rent for these features and amenities. The five apartment features are additional soundproofing , hardwood-like floors , living room balconies , premium washers and dryers , and stainless-steel appliances . The four community amenities are pools , reserved parking , rooftop amenity space , and secured community access . Interestingly, the features and amenities that commanded the highest rent premiums in 2022 were not popular among survey respondents. Most participants either considered them of low priority or had a neutral opinion. However, the small percentage of respondents who did prioritize these features believed that renters would be willing to pay a substantial premium to live in a community that offers them. Out of all the features and amenities in the survey, valet parking received the highest estimated rent premium in 2022. On average, survey participants estimated that renters would pay an additional $88 per month to live in a community with valet parking. However, only four percent of respondents indicated that valet parking is
LILIA Honolulu, HI
would pay an extra $80 in rent to live in an apartment with this feature. This was the third-highest estimated premium in 2022. Like valet parking and floor-to-ceiling windows, most respondents did not prioritize bedroom balconies when searching for an apartment. Only nine percent of respondents considered the feature to be of very high importance, and an additional 16 percent considered it a high priority.
stated that renters would pay $87 in extra rent to live in an apartment with floor-to-ceiling windows. Nineteen percent of respondents rated floor-to-ceiling windows as a very high priority, and an additional 30 percent considered them a high priority, making a total of 49 percent, which was below the average for apartment features in 2022. On average, respondents who assigned bedroom balconies a very high priority estimated that renters
of very high importance, and an additional five percent considered it a high priority. When combining the rates of high and very high priority responses, valet parking ranked as the least important feature or amenity in the survey, with a combined response rate of only nine percent. Floor-to-ceiling windows were assigned the second- highest rent premium in 2022. On average, respondents
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