In the Apartment Amenity Wars a Sense of Community is Most Important

Sam Chandan, NYU USPS Shack Institute of Real Estate Larry & Klara Silverstein Chair in real estate development & investment, and Laurie Golub, chief operating officer and senior managing director at Square Mile Capital and conference chair _©Olivo: Courtesy of NYU Photo Bureau

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NEW YORK CITY-Asset managers are packing on community-oriented amenities to compete for and retain tenants in their multifamily properties. This phenomenon has become an amenities arms race as landlords throw a kitchen sink of offerings at prospective tenants. However, what is capturing the crowd is the desire for belonging, according to panelists at the NYU Schack Institute of Real Estate’s Third National Symposium of Women in Real Estate.

“We have an amenity war occurring, that to attract tenants it’s ‘what can you do for me lately,’” said panel moderator Sherry Rexroad, managing director and senior product strategist at Blackrock.

For older properties, it’s difficult to compete against brand new shiny assets. The biggest one-up older units have over smaller units is more space and flexibility. Most new assets coming to market have smaller units, said Lesley Lisser, senior director of asset management at Invesco.