What Makes a Great Luxury Apartment
For most people, homeownership is a key part of economic well-being. But some people – despite their ability to afford a home – choose not to. They prefer to have everything taken care of for them, rather than dealing with the burdens of homeownership and maintenance.
The housing industry caters to these prosperous individuals by offering luxury apartments.
Of course, everyone’s definition of luxury is different, but there are some things that most people agree define the luxury living experience.
Luxury starts with quality. Everything in a luxury apartment – cabinets, light fixtures, windows, and floor coverings – should be high quality.
The kitchen should have upgraded, top-of-the-line appliances, all-wood cabinets, and natural stone (granite, marble, quartz) countertops.
But luxury goes well beyond the cost and quality of the apartment fixtures.
A luxury apartment should feel spacious and stylish. Jane Weynock, an interior designer in Los Angeles, characterizes what people look for in high-end accommodations: “Clients are looking for an open, airy feel. They want lots of light. Floor-to-ceiling windows have become a standard feature. They also like open floorplans. Large open spaces can be divided up in different ways; you’re not stuck with the layout that the architect envisioned.”
But Weynock adds that the COVID-19 pandemic is changing the criteria for selecting apartments, as more and more people are working from home. “Now they’re looking for separate areas. It can be very hard for working couples when both are working from home; ideally, they each want their own office. So we’re seeing a demand for more private spaces, even if the rooms are smaller. I have one client in San Diego who has converted her balcony into a workspace!”
Outdoor space is also important, especially in warm and moderate climates. Large balconies and wide sliding doorways allow renters to extend their living and working space.
Luxury apartments are often characterized by great locations and great views. Waterfront locations are particularly prized. Studies have shown that living on the waterfront can improve both mental and physical health and well-being.
Other important things to consider include access to transit, and “walkability.” Great locations should be near parks, cafes and restaurants, and shopping areas.
Security is important to most people, but especially to “high-income” residents. Security features should include, at a minimum:
(1) Restricted (card key) access to buildings and parking structures
(2) Security cameras at all entries, in parking structures, and all public areas
In addition, luxury apartments may offer 24-hour security monitoring, security patrols, and in-apartment security systems.
Service and Amenities
A luxury apartment should include 24×7 staffing, next-day response to service requests, and concierge services.
Additional services may include things like dry-cleaning and laundry pickup and drop-off, delivery receiving, bicycle and scooter loans, and even dog-walking.
Amenities and facilities vary widely, and each prospective tenant will have different priorities. Well-equipped fitness centers, meeting spaces, and business facilities have become standard.
Other facilities may include swimming pools and spas, large outdoor areas with tables and grills, rooftop decks, and even movie theaters and media centers!
In a competitive market, luxury apartments are pushing the envelope in terms of facilities and services. But everyone’s definition of luxury is different. As a renter, don’t be afraid to set a high bar and look for the features that are important to you!