Managing a luxury apartment property is hard work. It’s essential to have property management data to help you make key decisions to attract and retain tenants in these high-priced communities. There is a lot of market activity going on throughout the country right now, so let’s get into some of the property management data that may help your luxury apartment complex.
Property Management Data for Luxury Apartment Units
One critical thing to know about luxury apartment units is that demand is incredibly high, with few units available in key markets. This has led to a surge in price for these units. Therefore, it’s essential to use multifamily data research to properly price your available apartments. This helps you increase profits and optimize pricing to attract the right tenants. Be wary of pricing your community too low. In apartment communities geared toward the general public, this can be a positive, but low pricing for luxury communities often has the opposite effect. It can push many high-end tenants away. Many see luxury apartment pricing as “getting what you pay for,” rather than looking for the lowest price.
Of course, with higher price points come higher expectations from luxury tenants. In many cases, your competitors are actively investing in things that will attract upper class tenants to their communities. It’s critical for any luxury apartment property manager to stay up with the trends and offer the individualized, concierge-style service that luxury apartment renters crave.
Current Luxury Apartment Trends
Some things never change. Luxury apartments need to be ultra-convenient and high quality, from the building materials down to the doorman’s uniform. However, the pandemic has changed a lot of things about 2022 luxury apartment living.
The types of amenities in demand at luxury communities have changed somewhat due to COVID-19. For instance, more and more people want close access to exclusive outdoor space. Many tenants are also looking for larger units that allow for a dedicated workspace right in their home due to remote and hybrid work schedules. This is in addition to the more resort-like amenities that have always been popular in luxury communities. Therefore, it’s important for property managers to keep up.
Also, it’s essential to look specifically at apartment market data in your area. For instance, in areas where snow and ice are a concern in the winter, some of the hottest amenities that luxury renters are looking for include heated driveways and walkways. This localized market information can prove to be crucial when planning for upgrades to properties, amenities, and management activities.
Multifamily Data Research from Apartment Data Services
Data is critical for successfully managing a multifamily property. That’s why we offer the most accurate and up-to-date data reports for multifamily communities across the nation. We provide you with continuously updated information that you need for pricing, optimizing occupancy, and creating marketing strategies. Our custom solutions are designed to help you quickly and easily get the data you need at your fingertips and analyze your property with confidence. Contact us now to request a free demonstration of our data services.