Rental Trends Suggest Landlords Should Add Amenities

The rentals market in Manhattan, Brooklyn, and Queens remain soft. Manhattan rents have been more or less static for the year, Brooklyn rents are down slightly, and Queens rents are seeing modest gains. These global trends are discernible when measuring rents on either a month-to-month or a year-over-year basis.

MNS Real Estate reports that January saw the average rent in Manhattan drop to $3,933.95 from $3,943.46. Year-over-year, the average rental saw a modest increase from $3,894.34, a 0.24 percent rise. Similarly, rents in Brooklyn declined 0.30 percent from December to January—from $2,790.68 to $2,782.29—and fell by 2.28 percent—from $2,718.82—from last January. Finally, Queens rents saw a modest increase of 0.33 percent between December and January—from $2,202.98 to $2,210.32—and a year-over-year increase of 1.64 percent—from $2,174.10.

Given that the rental market continues to favor tenants, landlords have three options if they want to adapt and be successful: You can offer concessions, you can cut rents, or you can offer amenities.

We recommend the third option. This is because adding amenities to your building can increase its resale value should you ever wish to sell the property. These amenities will also allow you to ask for more in rent once the market recovers.

Unfortunately, amenities tend to require significant capital investments, and not every landlord has millions in his or her war chest. However, what if you could add a major amenity to your building without depleting your rainy-day funds or having to take out a loan? What if someone would do it for you, for free? What if this amenity not only didn’t cost anything to install, but could be used to produce revenue for the building?

It’s not too good to be true. This is how Aces Laundry has come to be one of the most respected and popular laundry vendors in New York City real estate.

Aces will build out a laundry room in your building for free, they will install energy efficient machines that use less electricity and water than traditional washers and driers, they will maintain the washers and driers, and they will even cure any laundry-related violations you may receive from the city. All you have to do is agree to share the revenue generated by the machines. That’s it. They take care of the rest.

By working with @ACES Laundry, you are guaranteed a secondary revenue stream and the ability to ask more in rents. Furthermore, it doesn’t mean having to take on more responsibilities. Best of all, it won’t cost you a dime.

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