“The residents felt very strongly about having the free breakfast. [Recession or not,] it’s critical to have the proper amenities.”
– Sheilla Manigat-Levin, vice president at New York-based Prudential Douglas Elliman, on buyer and renter expectations for amenity access in new residential high-rises.
Homeowners and tenants who want access to their buildings’ amenities will face new surcharges in addition to their assessments and rent payments in coming years, according to a recent article from The Real Deal New York.
Although the article focuses solely on the New York market, the story should sound familiar: a decade’s-worth of new high-rises featuring rooftop decks, swimming pools, fitness centers, party rooms, dog runs, and storage spaces, all available to residents at no additional charge. But now, management companies at several apartment towers in New York are considering annual fees of $175 to $850 for access to these amenities. Condo boards are starting to implement transfer fees, leasing fees, moving fees, and a la carte fees to pay for amenity upkeep, all in an attempt to avoid levying special assessments or raising common charges.
Assuming we start seeing this locally, which typical on-site amenities would you pay a premium for, and which could you give up?